On the first anniversary of King Charles III’s coronation, the Bank of Canada has provided an update on the upcoming redesign of the $20 bill, which will not see its release until 2027. While King Charles III is set to be the new face of the note, the design process involves extensive steps to ensure the currency’s security and functionality.
The $20 bill, often referred to as Canada’s “workhorse note” due to its widespread use, will feature a vertical design similar to the current $10 note and continue to be green in color. Made from polymer, the note will include sophisticated security features aimed at maintaining a step ahead of counterfeiting threats.
“The design and production of a new bank note are complex and take time,” stated BoC Governor Tiff Macklem. “We aim to introduce a $20 note that not only celebrates our monarchy but also meets the high standards of security and durability Canadians expect.”
The back of the new $20 will continue to showcase the Canadian National Vimy Memorial, maintaining a link with historical commemoration even as the portrait changes from Queen Elizabeth II to King Charles III.
The current $20 note featuring Queen Elizabeth II, first issued in 2012, will remain in circulation until the new notes are released. This phased approach ensures that the transition will be seamless for the public and financial institutions across the country.
The Bank of Canada’s proactive communication underscores their commitment to transparency and public engagement in the currency design process, ensuring that the new $20 bill meets practical needs while celebrating a new era under King Charles III.