The Bank of Canada unveiled the redesigned $20 bank note on Thursday, introducing a vertical polymer bill that combines a portrait of King Charles III with new security technology and imagery representing Canada’s history, environment and Indigenous cultures.
The new note is expected to begin entering circulation gradually in late February 2027.
It marks the first time King Charles III will appear on a Canadian bank note and the first change of monarch on the $20 denomination in more than seven decades. Queen Elizabeth II has appeared on the current version of the bill.
Bank of Canada Governor Tiff Macklem described the redesigned currency as both a security upgrade and a reflection of Canadian identity.
“This new $20 bank note is striking, symbolic and secure,” Macklem said. “The note’s advanced and dynamic security features are combined with images that reflect Canada’s beauty and its history.”
The front of the note features a portrait of King Charles III surrounded by floral and leafy imagery inspired by the monarch’s longstanding interest in environmental issues.
Floral emblems representing all 10 provinces and three territories are also incorporated into the design.
Another prominent feature is a circular transparent window that can be viewed from either side of the note. It contains depictions of plants with cultural significance to Indigenous Peoples in Canada.
According to the Bank, its Indigenous Advisory Circle participated in developing the design of the window.
The reverse side retains the Canadian National Vimy Memorial in France, which also appears on the current $20 note. The memorial commemorates Canadians who served and died during the First World War, including those associated with the Battle of Vimy Ridge in 1917.
The Bank consulted Canadians and several organizations while developing the design, including accessibility groups, government partners and organizations connected with the Vimy memorial.
Beyond its visual changes, the new $20 includes security features that have not previously appeared on Canadian currency.
A purple security stripe contains elements designed to appear to spin, change and pulse as the bill is moved.
The Bank says the technology is intended to make the note easier for consumers and businesses to authenticate while increasing the difficulty of producing convincing counterfeits.
Security is particularly significant for the $20 denomination because it is among the most commonly encountered Canadian bank notes. The central bank has previously said the $20 is its highest-circulating denomination.
The new bill will remain predominantly green and will be printed on polymer.
The redesigned $20 becomes the second denomination in Canada’s vertical bank note series.
The $10 note featuring Viola Desmond, the Black Nova Scotian businesswoman and civil rights figure who challenged racial segregation in 1946, was the first Canadian bank note designed primarily in a vertical format.
The introduction of Charles on the $20 continues Canada’s tradition of placing the reigning monarch on the denomination while changing several other elements surrounding the portrait.
Finance Minister François-Philippe Champagne said the note connects Canada’s constitutional traditions with the country’s military history.
“The new $20 note reflects important parts of who we are as Canadians, honouring our Commonwealth roots and our ties with international allies,” Champagne said.
Secretary of State Wayne Long described the design as telling “a distinctly Canadian story” through its references to the country’s landscape, history and international relationships.
Canadians should not expect the existing Queen Elizabeth II $20 bills to disappear when the new currency arrives.
The transition will happen gradually as the new notes are introduced into the cash system beginning in February.
Ahead of the rollout, the Bank of Canada says it will work with financial institutions, retailers, law enforcement agencies, cash-handling businesses and equipment manufacturers to prepare for the new bill.
Businesses using automated equipment to accept, count or process cash may need to ensure their machines can recognize the redesigned note.
The change comes as Canadians increasingly use electronic payments, but cash continues to play a role in the country’s payment system. The Bank has maintained that it intends to continue supplying physical currency while strengthening the security of Canadian bank notes.
The new $20 is also part of a broader renewal of Canada’s currency. A future $5 bank note is expected to feature Canadian humanitarian and athlete Terry Fox.
For now, the existing $20 note remains usable, meaning Canadians will eventually see both versions circulating alongside each other as the new King Charles III bill makes its way into wallets and cash registers across the country.
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