Changes are coming to Canadian money as the country is set to get a new $20 bill!
The Bank of Canada recently revealed new details about the banknote that will King Charles — including when you'll be able to get it.
May 6, 2024, marked the one-year anniversary of the coronation of King Charles III.
So, the Bank of Canada gave an update about the progress of designing a new $20 banknote to reflect Canada's reigning monarch.
The new bill will feature a portrait of King Charles instead of Queen Elizabeth II, who has been on the Canadian $20 bill for 70 years.
Another new design for the $20 banknote is the orientation — it will be vertical instead of the traditional horizontal design, just like the current $10 bill in Canada.
Like the current $20 banknote, the new bill will made of polymer, be mostly green in colour, and include the Canadian National Vimy Memorial on the back.
According to the Bank of Canada, the process of issuing new bills involves research and development, design, and production.
Canada's Minister of Finance — currently Chrystia Freeland — approves the "form and material" of all new banknotes including whose portrait is used.
It's expected that the new $20 bill featuring King Charles will go into circulation in early 2027.
"The $20 banknote is Canada’s workhorse note—more than a billion are circulating in pockets, cash registers and ATMs across the country," said Tiff Macklem, the Bank of Canada Governor.
"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," Macklem continued.
Canada’s Head of State has been in every series of banknotes since the Bank of Canada started issuing the country’s banknotes in 1935!
While the Bank of Canada works on the new $20 bill that will be issued in 2027, the current $20 banknote featuring Queen Elizabeth II will continue to circulate.
The Bank of Canada told Narcity after Queen Elizabeth died that the current $20 bill "is intended to circulate for years to come."
That means you can still use bills with Queen Elizabeth on them even though the banknote is changing.
The Royal Canadian Mint, which issues Canada's coins, has already started minting and circulating King Charles coins that feature the monarch's portrait on the obverse side.
You can still use Canadian coins with the queen's effigy.
Legal tender status of existing circulation coins doesn't change when the monarch changes, the Mint told Narcity.
This article's cover image was used for illustrative purposes only.
Coin with black rhodium plating and a silver maple leaf from the Royal Canadian Mint.
Coin with black rhodium plating and a silver effigy of Queen Elizabeth II from the Royal Canadian Mint.