After the dust settled from Queen Elizabeth II's passing last September at the age of 96, the lingering question circling the minds of Canadians was, "What will our money look like?"

The Bank of Canada says that Canadians will likely have to wait a few more years before new coins are minted and banknotes printed bearing the visage of King Charles III; however, the public is now getting a first taste of what future currency may look like.

In advance of his May 6 coronation, King Charles III has approved a pair of medallion designs for collectors.

Though not legal tender, the medallions — revealed in a Tuesday press release — feature designs engraved by retired Royal Canadian Mint senior engraver Susan Taylor.

Such collectible medallions and medals have been used to commemorate the coronation of new monarchs for over five centuries.

The latest version is being produced in both bronze and silver. The 1 oz. fine silver version bears an image of the new King wearing the Imperial State Crown together with the Royal Cypher, while the bronze medallion features overlaid effigies of King Charles III and Queen Consort Camilla.

The silver medallion — which is being struck by the Canadian Heritage Mint in a limited mintage of 3,500 pieces — probably offers the best idea of what Canada can expect on the obverse side of future coinage.

The coins will not be in circulation or given a fixed monetary value, instead offered through Canada's largest coin dealer, Canadian Coin & Currency. However, they will still mark the first instance of coins struck in Canada bearing the new monarch's image.

The topic has been on the minds of Canadians since Queen Elizabeth II's passing. In the immediate aftermath of the announcement, many Canadians came up with their own creative currency designs to replace the fallen monarch.

Other nations born from the former British Empire aren't racing to mint new King Charles III banknotes and coins.

Australia has notably opted out of including King Charles' likeness on its new $5 bill, possibly setting a precedent for other Commonwealth nations seeking to divest from the monarchy.