Sir Wilfrid Laurier will remain featured on the $5 bill for the time being.
Approximately three years ago, the Bank of Canada unveiled a proposal to eliminate the likeness of Sir Wilfrid Laurier, the sole French-Canadian prime minister featured on the $5 bill, and substitute it with another notable figure from Canadian history.
However, the endeavor to replace one of the most significant leaders in Canadian history with a relatively lesser-known individual from a diverse pool of eight potential candidates has encountered obstacles along the way.
The Bank of Canada, an autonomous central bank, initiated a consultation process to compile the shortlist. According to legislation, the ultimate decision regarding the individuals featured on Canada’s physical currency rests with the federal finance minister.
On the other hand, the process of removing Sir John A. Macdonald from the $10 bill and introducing Nova Scotia-born civil rights activist Viola Desmond in his place unfolded within a span of one year.
In 2016, the Bank of Canada conducted a nationwide survey to gauge public opinion on the exclusion of the first prime minister from the banknote. The input received from the public was taken into consideration, and an independent advisory council was appointed to assist in narrowing down the options.
Bill Morneau, who held the position of finance minister at the time, granted approval for Macdonald’s replacement. In December, Desmond’s name was revealed as the chosen candidate, and the new banknotes were introduced to circulation in 2018.
During this transition, the Bank of Canada also stated that Macdonald and Laurier might eventually be featured on “banknotes of higher denominations” when they undergo redesign in the future.
The Bank of Canada’s selection of candidates representing diverse ethnic and racial backgrounds to succeed Laurier on the $5 bill encompasses a range of notable individuals.
Pitseolak Ashoona, an Inuit printmaker.
Robertine Barry, a journalist.
Binaaswi (Francis Pegahmagabow), an advocate for Indigenous rights and a hero of the First World War.
Won Alexander Cumyow, a Chinese-Canadian activist.
Terry Fox, a renowned national icon and athlete.
Lotta Hitschmanova, a humanitarian originally from Czechoslovakia
Issapomahksika (Crowfoot), a chief from the Siksika nation, and Onondeyoh (Frederick Ogilvie Loft), a Mohawk leader and soldier.
While acknowledging the Bank of Canada’s commendable objective of promoting diversity on the country’s currency, it has been expressed that this pursuit should not be achieved at the cost of disregarding the contributions of Canada’s founding figures.
