In a historic moment marking the first update to Canadian royal banknote imagery in over seven decades, the Bank of Canada has officially unveiled a new vertical polymer $20 banknote bearing the portrait of King Charles III, following the death of Queen Elizabeth II in 2022. The reveal took place at a formal Bank of Canada event Thursday, with central bank Governor Tiff Macklem describing the occasion as a very special milestone for the country.
What sets this new banknote apart from Canada’s previous circulating currency is its vertical design orientation, a format that has grown in popularity for modern currency production. While the front centers the official portrait of King Charles III, it also incorporates an intricate floral and leafy tapestry pattern crafted to honor the King’s long-standing public commitment to environmental stewardship, according to the Bank of Canada’s official description. The reverse side of the note features a detailed image of the Vimy Ridge Memorial located in France, a lasting tribute to Canada’s critical military contributions during the First World War. In a nod to inclusive consultation, the central bank confirmed that several design elements of the new banknote were selected following input from an Indigenous advisory council.
This new $20 note marks only the second vertical banknote released into Canadian circulation. The first was the $10 bill honoring Black Canadian civil rights advocate Viola Desmond, a design that earned international acclaim when it was named Bank Note of the Year by the International Bank Note Society in 2018. The new King Charles III $20 note is scheduled to enter general circulation across Canada early next year, Macklem confirmed.
With this launch, Canada becomes the first Commonwealth country outside of the United Kingdom to place King Charles III on its circulating banknote since his ascension to the throne following Queen Elizabeth II’s 2022 passing. Other Commonwealth nations have taken different approaches to updating their currency: both New Zealand and Australia have introduced coins featuring the new monarch, but Australia has announced plans to skip placing the King on banknotes entirely. Instead, Australia will release a new $5 banknote celebrating the culture and history of Indigenous Australians, replacing the current Queen Elizabeth II design.
Speaking at the unveiling ceremony, Liberal MP Wayne Long, who serves as Secretary of State for the Canada Revenue Agency, noted that the symbolic elements on the new banknote serve as a powerful reminder of Canadian national identity and core values.
The launch comes amid ongoing domestic debate about Canada’s constitutional ties to the British monarchy. Public opinion polling consistently shows that a majority of Canadians support cutting formal ties to the monarchy, with support for republicanism particularly strong in the majority French-speaking province of Quebec. That said, the monarchy saw a small uptick in popularity in recent years amid rising trade and political tensions between Canada and the United States, including the lingering US-Canada trade dispute and former President Donald Trump’s provocative comments about potentially absorbing Canada as the 51st US state.
Most recently, Canadian Prime Minister Mark Carney invited King Charles III to open the Canadian Parliament in May, a visit Carney framed at the time as a clear demonstration of Canada’s national sovereignty. Per Canada’s constitutional structure, King Charles III remains the country’s formal head of state, represented domestically by Governor General Louise Arbour.