The Reserve Bank of Australia is in discussions with the government on whether or not King Charles III will replace his mother on the $5 note.

Queen Elizabeth II first appeared on Australia’s $5 note in 1992 and prior to that on the one pound note and $1 note.

Her death on September 8 did not have any effect on the $5 note with the RBA declaring the money still legal tender.

But now RBA’s governor Dr Philip Lowe is in discussions with the government to see if the tradition of having a monarch on Australia’s banknotes will end.

“We recognise that this is an issue that is of national interest and there is a long tradition of the monarch being on Australia’s banknotes,” he said.

“Indeed, the monarch has been on at least one of Australia’s banknotes since 1923 and was on all our notes until 1953.

“Given this tradition and the national significance of the issue, the bank is consulting with the Australian government regarding whether or not the new $5 banknote should include a portrait of King Charles III.

“We will make a decision after this consultation with the government is complete.”

Assistant Minister for Treasury Andrew Leigh has previously confirmed that King Charles will replace his mother on the back of Australia’s coins.

Image: Shutterstock

This article first appeared on OverSixty.