Bank of Canada Governor Tiff Macklem unveiled the new, vertical bill featuring a portrait of King Charles on Thursday in Ottawa.
It’s the first Canadian bank note to feature Charles, whose image replaces that of the late Queen Elizabeth II.
In a news conference, Macklem called the unveiling “historic.” It’s been more than 70 years since a new monarch appeared on a Canadian bank note. The late Queen Elizabeth II first appeared on the Bank’s inaugural $20 note in 1935 as a young princess, Macklem added.
Two years later, in 1937, the bank’s bilingual series featured King George on most of its bills. By 1954, with its landscape series, every note carried the portrait of Queen Elizabeth II, until now.
The new bill is also historic because it “features security technologies never before used on a Canadian bank note,” he said.
“Our new $20 note is both visually stunning and more secure than ever.”
The new note is polymer, predominantly green and vertical in orientation. The Canadian National Vimy Memorial remains on the back. Charles is centred on the front.
The new note will gradually enter circulation in late February 2027.
Governor of the Bank of Canada Tiff Macklem calls the new vertical $20 bill featuring King Charles ‘visually stunning and more secure than ever.’
About the design
In a news release, the bank explained that the portrait of Charles is surrounded by a floral and leafy tapestry “inspired by the King’s lifetime dedication to the environment.”
Also on the front are provincial and territorial floral emblems representing the 13 provinces and territories. A circular window, which the bank explains is visible from both sides of the note, “features plants that are culturally significant to Indigenous Peoples in Canada.”
As for security features, the note has a purple security stripe which includes elements that “spin, transform and pulse” when the note is moved, the bank explained. This makes the bill “easy to check and hard to counterfeit.”
A graphic of a $20 bill, with instructions on how to check if it’s fake. Numbered callouts identify seven security features: the polymer texture, raised ink, gold maple leaves that appear to pulse when tilted, and a purple security strip.
This handout image from the Bank of Canada explains the security features on the new $20 bill. (Bank of Canada)
“The new $20 note reflects important parts of who we are as Canadians, honouring our Commonwealth roots and our ties with international allies,” Finance Minister François-Philippe Champagne said in the news release.
“It honours our constitutional traditions through the portrait of His Majesty King Charles III and recognizes the service and sacrifice of Canadians through the Vimy Memorial, a symbol that continues to resonate across generations.”
2nd vertical note, after $10
The Bank of Canada has previously noted that the $20 bill is its most-circulated currency.
This is also the second bank note in the bank’s vertical series. The first, the $10 note, features civil rights pioneer and businesswoman Viola Desmond. That bill won the coveted Bank Note of the Year Award for 2018, beating out top designs from places like Switzerland, Norway, Russia and the Solomon Islands.
