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The Bank of Canada unveiled a new $20 note featuring Charles III.
Economy
Bank of Canada Governor Tiff Macklem unveiled the new vertical $20 note featuring King Charles III in Ottawa on Thursday.
This note became the first Canadian banknote to feature Charles, replacing the late Queen Elizabeth II.
Macklem called the unveiling a historic event at a press conference. More than 70 years have passed since a new monarch appeared on Canadian currency. Queen Elizabeth II first appeared on the Bank of Canada's first $20 note in 1935, when she was still a young princess.
According to Macklem, the new note incorporates security technologies never before used on Canadian banknotes. The note is made of polymer, predominantly in green tones, and is oriented vertically. The back features the Canadian National Vimy Memorial, while the front features a portrait of Charles III centered in the center.
The banknote features a purple security strip with elements that rotate, transform, and pulsate as the banknote moves. According to the bank, this makes the note easy to verify and difficult to counterfeit.
Finance Minister François-Philippe Champagne noted that the new $20 note reflects important aspects of Canada's identity, honoring its Commonwealth roots and ties to international allies.
The new note will gradually enter circulation in late February 2027. It is the second note in the Bank of Canada's vertical series, following the $10 note featuring civil rights activist Viola Desmond.
The $20 note is the Bank of Canada's most widely issued note. The government announced that the image of Charles III will replace the Queen Mother on Canadian currency during his coronation celebrations in 2023.