New currency marks a historic transition from Queen Elizabeth II and will be the first Canadian banknote to feature King Charles III
OTTAWA — September 3, 2026 — Canada is set to unveil a redesigned $20 banknote featuring King Charles III, marking another significant change to the country’s currency following the death of Queen Elizabeth II.
The Bank of Canada is expected to reveal the new note Thursday, giving Canadians their first look at paper currency bearing the portrait of the country’s current monarch.
The new $20 bill will replace the portrait of Queen Elizabeth II, whose image has appeared on Canadian $20 notes for decades.
The change represents an important moment in Canadian monetary history. The reigning monarch has appeared on Canadian banknotes since the Bank of Canada began issuing its own notes in 1935.
King Charles III became Canada’s monarch in September 2022 following the death of his mother, Queen Elizabeth II, at the age of 96. Her historic reign lasted more than 70 years.
The federal government under former prime minister Justin Trudeau had directed the Bank of Canada to include King Charles III during the next redesign of the $20 note.
King Charles Already Appearing on Canadian Coins
While the new $20 note will be the King’s first appearance on Canadian paper currency, Canadians have already begun seeing his portrait on coins.
The Royal Canadian Mint began producing circulation coins featuring King Charles III in 2023, replacing the familiar portrait of Queen Elizabeth II.
The transition has been gradual, meaning coins bearing the portraits of both monarchs continue to circulate across Canada.
The same is expected with the $20 banknote. Existing notes featuring Queen Elizabeth II will not suddenly become invalid simply because a redesigned note featuring King Charles is introduced.
A Historic Change Canadians Will Notice
The $20 bill is among Canada’s most recognizable banknotes, and the replacement of Queen Elizabeth II’s portrait represents more than a routine currency redesign.
For generations of Canadians, the Queen’s image was a familiar presence on the country’s money. The introduction of King Charles III therefore marks a visible transition to a new royal era.
The unveiling will also give Canadians a closer look at the overall design of the new note, including how the King’s portrait has been incorporated and what other visual and security elements have been introduced.
Further details about the redesigned $20 bill and when Canadians can expect to see it in regular circulation are expected to accompany the Bank of Canada’s official unveiling.