On May 6, 2023, the Government of Canada announced that the next $20 bank note will continue to feature a portrait of the reigning monarch, King Charles III. Learn what we know so far, and what’s next.
At the coronation of His Majesty King Charles III, the Government of Canada announced that the next $20 bank note will continue to feature a portrait of the reigning monarch.
The Minister of Finance has now also confirmed that the Canadian National Vimy Memorial will remain on the back of the note.
We’ve since started the design process for the next $20. This includes historical and visual research and talking to experts and the Bank’s Indigenous Advisory Circle.
What we know
- The new note will be polymer, predominantly green and vertical in orientation.
- It will feature a portrait of King Charles III on the front.
- The back will continue to feature the Canadian National Vimy Memorial.
- Cash remains an important payment method for Canadians and the $20 is our highest circulating note. As such, we’ll be integrating new and enhanced security features to continue supplying Canadians with notes they can use with confidence.
What happens next
- The process of designing a new bank note involves several stages: research and development, design, and production. A key element of this process is the testing of enhanced security features that are easy to check and hard to counterfeit.
- Once the preliminary design is approved by the Minister of Finance, in accordance with the Bank of Canada Act, it is developed and tested before moving to production.
- We’ll then unveil the new $20 note several months before it begins circulating to raise awareness and educate the public, retailers, law enforcement agencies, financial institutions and others about its design and security features.
- We expect the new $20 note to begin circulating in early 2027. In the meantime, our current $20 note featuring Queen Elizabeth will continue to circulate.