Bank of Canada unveils new vertical $20 bill featuring King Charles

Canada's new $20 bill was unveiled Thursday by the Bank of Canada.

Photo: La Presse canadienne / Justin Tang

Natalie Stechyson (new window) · CBC News

It's official — Canada has a new $20 bill.

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 (new window), 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 (new window) featured King George on most of its bills. By 1954, with its landscape series (new window), 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.

WATCH | Tiff Macklem unveils new $20 bill:

Bank of Canada governor unveils new $20 bill

Governor of the Bank of Canada Tiff Macklem calls the new vertical $20 bill featuring King Charles 'visually stunning and more secure than ever.'

In a news release (new window), 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.

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.

The Bank of Canada (new window) 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 won the coveted Bank Note of the Year Award (new window) for 2018, beating out top designs from places like Switzerland, Norway, Russia and the Solomon Islands.

The government announced that King Charles would replace his mother on Canada's currency during his coronation celebration in 2023. (new window) The first Canadian coins bearing the image of the King began circulating that December.