Pocket Portraits Of The Queen

So, quite a few people in Commonwealth Countries around the globe are apparently concerned, or at least journalists are claiming such concern, about the status of their banknotes and coins with the Queen Elizabeth II's image on them.

The short answer:  No worries, it is all still fully legal tender and remains so even with a new monarch and upon the passing of her majesty.

The Detroit News: Queen Elizabeth is featured on several currencies. Now what?

Longer answer:   The banknotes and coins will continue to circulate and eventually be retired as they go through their respective banking systems. As the current notes and coins get worn out,  new notes with the new monarch's visage enter circulation - which is going to take quite a lot of time.

In fact, even much older series notes from many years ago can still be used or exchanged with your central bank (and often your local bank accepts them) for new notes. 

But, those older series notes likely have a higher numismatic value than their face value if in excellent condition as a collectible at this point.  So, you may not want to turn in your crisp and shiny old banknotes just now. However, the recent dated crumpled up notes in your pocket with her portrait likely won't bring much of a premium over face value now or in the immediate future.

Many Canadian Banknotes Going Bye-Bye After December 31.

2020 has been quite a year.  In addition to everything else. it's a mark of an end of an era as it will lead for the first time to the end of many Canadian banknotes as legal tender.

The Bank of Canada: Upcoming changes to legal tender status for older bank notes

The Canadian government effective January1, 2021 is pulling the legal tender states of the  $1, $2, $25, $500 and $1,000 notes.

The 1,000 dollar note was such a pretty rose color:

Never had one myself, but saw someone once deposit them ahead of me when I was in line, and I was rather impressed when he coolly deposited a stack of them having never seen them before.

This puts my "In Case of Financial Emergency, Break Glass" plan in jeopardy:

All the notes will, at least for now, not lose their value. But, holders will not be able to spend them anywhere they wish, but will need to tender them to the Bank of Canada or other banks that may accept them to get them changed into legal tender.