On the first anniversary of King Charles III’s coronation, the Bank of Canada provided an update on the new $20 bank note, which will feature the monarch’s portrait.
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This note, which will also display the Canadian National Vimy Memorial on its reverse, is scheduled for release in early 2027.
The design shift includes transitioning the note to a vertical format, similar to the current $10 bill, and it will remain predominantly green.
The redesign incorporates advanced security features to combat counterfeiting.
“The $20 bank note is Canada’s workhorse note—more than a billion are circulating in pockets, cash registers and ATMs across the country,” said Bank of Canada Governor Tiff Macklem in the update.
“Cash remains an important payment method, and we’re looking forward to issuing a new $20 note that Canadians can continue to use with confidence.”
The current $20 note, introduced in 2012 and featuring Queen Elizabeth II, will remain in circulation until the new currency is issued. This note replaced an earlier version that also depicted Queen Elizabeth II, marking her historic reign with a special commemorative issue in 2015.
Each series of Canadian bank notes has featured the country’s head of state since the Bank of Canada took over the responsibility of issuing currency in 1935, beginning with an 8-year-old Princess Elizabeth in 1935. The design and material of the bank notes are approved under the Bank of Canada Act, overseen by the Minister of Finance.
Coins featuring King’s effigy are now in circulation.