Canada's $20 banknote and coins will be getting a new look featuring King Charles III, the federal government announced amid celebrations marking the King鈥檚 coronation.

Following the historic coronation on Saturday, the Bank of Canada said its next design process will replace Queen Elizabeth II's portrait with King Charles' on the $20 bill. Additionally, the Royal Canadian Mint will redesign Canadian coins to feature an effigy of the King, keeping up with the century-old tradition of having the reigning monarch appear on Canadian coins.

No details were given regarding when the redesign process would take place, but the federal government says Canadians should expect to see the design of the new coin effigy 鈥渋n the coming months.鈥� Meanwhile, updates to the $20 bill will likely 鈥渢ake a few years.鈥�

The announcements came as members of the Royal Family, invited guests and millions worldwide witnessed King Charles鈥� coronation, the first to take place since his mother鈥檚 in 1953.

the federal government has ordered the Bank of Canada and the Royal Canadian Mint to take on the redesign.

In the meantime, existing coins and $20 banknotes featuring Queen Elizabeth II鈥檚 portrait will continue to be legal tender.

The Bank of England has already revealed the new design for its 5, 10, 20, and 50-pound banknotes featuring the King. While Canada's redesign will need to be approved by the King, royal experts say it won't be the same imagery used by the Bank of England.

Among other Commonwealth nations, there have been varying opinions on the use of King Charles' portrait on their banknotes. The Reserve Bank of New Zealand said it will be replacing the late queen's imagery with King Charles. In Australia however, Queen Elizabeth II's imagery on their $5 banknote will be replaced with an Indigenous design to honour the culture and history of the First Australians,

Many Caribbean nations aren't entertaining the idea of updating their money to feature the King, as discussions of the monarchy's role within each country continue to be questioned. The governor of the Eastern Caribbean Central Bank reportedly said they had "no appetite" for a redesign.

In Canada, the reigning monarch has appeared on Canadian coins since 1908 and paper money since 1935.

With files from The Canadian Press and CTVNews.ca's Jennifer Ferreira