Ottawa/IBNS: Amid celebrations marking the UK King’s coronation Canada's federal government announced that the country's $20 banknote and coins will feature King Charles III.

Following the historic coronation on Saturday, the Bank of Canada was reported saying that its next design process will replace Queen Elizabeth II's portrait with King Charles' on the $20 bill.

The federal government has ordered the Bank of Canada and the Royal Canadian Mint to take on the redesign, Prime Minister Justin Trudeau said in a news release. 

The government has also tasked the Royal Canadian Mint to design and place an effigy of His Majesty King Charles III on Canadian circulation coins.

Late Queen Elizabeth II’s portrait on the $20 bank note will be replaced by that of King Charles III during the next design process. The reigning monarch has appeared on Canadian bank notes since the Bank of Canada began production in 1935.

In keeping up with the century-old tradition of having the reigning monarch appear on Canadian coins, the Royal Canadian Mint would also reportedly redesign Canadian coins to feature an effigy of the King.

Details regarding when the redesign process would take place were still not available, but the federal government was reported saying that Canadians should expect to see the design of the new coin effigy “in the coming months.”

Meanwhile, updates to the $20 bill will likely “take a few years.”

(Reportingby Asha Bajaj)