King Charles III to be on Canada’s ‘workhorse’ banknote by 2027

Canada’s ‘workhorse’ $20 banknote will feature a portrait of King Charles III by early 2027. On the first anniversary of King Charles III’s coronation, the Bank of Canada released an update on the design process for the new $20 banknote.

Initially announced during the coronation, the note will feature a portrait of King Charles III. Its reverse will continue to showcase the Canadian National Vimy Memorial. This new $20 will be vertical and green, similar to the current $10 note, and made from polymer, the Bank confirmed May 6.

“The $20 bank note is Canada’s workhorse note – more than a billion are circulating in pockets, cash registers and ATMs across the country,” said Bank of Canada Governor Tiff Macklem. “Cash remains an important payment method, and we’re looking forward to issuing a new $20 note that Canadians can continue to use with confidence.”

The development and release of the note involve multiple phases, including research and development, integrating security enhancements, and manufacturing. The Bank expects to issue the new $20 note by early 2027. Meanwhile, the current Frontiers Series $20 note, featuring Queen Elizabeth II and first issued in 2012, will remain in use. A commemorative version of the $20 marking Queen Elizabeth II’s historic reign was issued in 2015.

According to the Bank, the $20 note is the denomination with the highest circulation volume. There were over one billion $20 notes in circulation at the end of 2023. Since the Bank of Canada assumed responsibility for issuing the country’s banknotes in 1935, Canada’s Head of State has been featured in every series of banknotes.