The Bank of Canada unveiled a new vertical 20 dollar polymer banknote featuring King Charles III in Ottawa on 3 September 2026. The note will enter circulation in late February 2027 and replaces the portrait of the late Queen Elizabeth II. Canada has thus become the first Commonwealth country outside the United Kingdom to place King Charles III on a banknote.
What Does the New 20 Dollar Note Look Like?
The Bank of Canada has printed the new note on polymer, which is a smooth and durable plastic film that lasts at least 2.5 times longer than paper and is harder to copy. The Bank of Canada has also changed the layout from horizontal to vertical. The new 20 dollar note is the second entry in the vertical series after the 10 dollar note featuring Viola Desmond, the civil rights pioneer and businesswoman, which entered circulation in 2018.
The front of the note carries a portrait of King Charles III. Around the portrait, the Bank of Canada has placed the floral emblems of all 13 provinces and territories, with the name of each province and territory written in small type. The stems and leaves that join the flowers are based on the designs in the Books of Remembrance housed on Parliament Hill in Ottawa. A circular transparent window on the front shows four plants of cultural importance to Indigenous Peoples, which are wild strawberries, western red cedar, braided sweetgrass and Arctic cotton. The Bank of Canada developed this window with its Indigenous Advisory Circle.
The back of the note retains the Canadian National Vimy Memorial in France. The memorial stands on the site of the Battle of Vimy Ridge of April 1917 and honours Canadians who served in the First World War. The design also uses the red poppy as a symbol of remembrance and the maple leaf as a national symbol. Bank of Canada Governor Tiff Macklem presented the note with Governor General Louise Arbour and Secretary of State Wayne Long at the Ottawa unveiling. The Bank of Canada said the design process cost $6 million and followed direction from the government in 2023 to feature the King.
Is King Charles King of Canada and Head of State?
Yes. King Charles III is King of Canada and Canada’s Head of State under Canada’s constitutional monarchy. He automatically became Sovereign on 8 September 2022 after the death of Queen Elizabeth II. His constitutional duties in Canada are carried out by the Governor General.
Canada is a constitutional monarchy, which means the Sovereign is the Head of State but does not rule or take part in day to day politics. The Head of State holds a non partisan constitutional role, while the Head of Government, the Prime Minister, leads the elected government. In Canada, Prime Minister Mark Carney heads the government, and the King embodies the Crown on whose behalf power is exercised.
The King’s separate Canadian title dates to the Royal Style and Titles Act of 1953, under which Queen Elizabeth II was proclaimed separately as Queen of Canada. The change confirmed that the role of the monarch in Canada is independent of the role in the United Kingdom and other Commonwealth realms. King Charles III was born as Charles Philip Arthur George on 14 November 1948 and acceded to the throne on the death of his mother, who reigned for 70 years.
The Governor General represents the King in Canada and is appointed by the King on the advice of the Prime Minister. The Governor General carries out duties such as summoning Parliament, giving assent to laws and serving as commander in chief. Louise Arbour serves as Canada’s 31st Governor General and is the first Governor General appointed by King Charles III.
Banknote Series and Issuing Authority
The Bank of Canada is Canada’s central bank. Parliament created the Bank of Canada through the Bank of Canada Act, which received assent on 3 July 1934. The Bank of Canada opened on 11 March 1935 and became a federal Crown corporation in 1938. The Bank of Canada is headquartered at 234 Wellington Street in Ottawa and is led by Governor Tiff Macklem, the tenth Governor, who took charge on 3 June 2020 for a seven year term. The Bank of Canada keeps inflation low and stable, sets the policy interest rate and manages the supply and security of currency.
The Bank of Canada alone issues banknotes in Canada. Coins are issued by the Royal Canadian Mint, a separate Crown corporation. The Royal Canadian Mint has produced coins carrying King Charles III since 2023, while banknotes have taken longer because of design, security testing and machine upgrades.
The reigning monarch has appeared on Canadian banknotes since the first Bank of Canada series of 1935. King Charles III is the fourth monarch to appear on a Canadian note after King George V, King George VI and Queen Elizabeth II. Queen Elizabeth II appeared on 18 different Canadian banknotes, first as Princess and later as Sovereign. The new note is the first to carry King Charles III and the first time in more than 70 years that a new monarch has appeared on the 20 dollar denomination.
| Series or Note | Period | Key Feature |
|---|---|---|
| First Bank of Canada series | 1935 onward | Reigning monarch appears on Canadian notes |
| Canadian Journey and Frontiers series | 2001 to 2013 | Shift to polymer, 20 dollar polymer issued in 2012 with Vimy Memorial and Queen Elizabeth II |
| Vertical 10 dollar note | Issued 2018 | First vertical polymer note, features Viola Desmond |
| New vertical 20 dollar note | Circulation from late February 2027 | First note with King Charles III, vertical polymer with Vimy Memorial |
| Next vertical 5 dollar note | Announced 16 December 2024 | Will feature Terry Fox |
The 20 dollar note is Canada’s most used denomination and accounts for about half of all banknotes in circulation. The old Queen Elizabeth II notes will remain legal tender and will co circulate with the new King Charles III notes. Vending machines, automated teller machines and authentication systems will need upgrades before February 2027.
How the New Note Improves Security and Accessibility
The Bank of Canada has added security features that have never been used on Canadian currency. The most visible change is a purple security stripe placed below the King’s portrait. When the note is tilted, the stripe shows movement. Dark bands on the poppy petals appear to spin, a maple leaf shifts from light to dark, and small 20s change into maple leaves. A bubble in the stripe creates a three dimensional effect and magnifies the pattern of 20s inside it.
The Bank of Canada said these features are easy to check and hard to copy. Governor Tiff Macklem described them as part of a continuous effort against counterfeiting. Each new note will cost $0.35 to print, which is $0.05 more than the present note because of the new features. The Bank of Canada plans outreach to retailers, banks, equipment makers and law enforcement so cash handling machines can accept the vertical design in time.
The new note also retains accessibility features developed with the Canadian National Institute for the Blind. Raised ink can be felt on the King’s portrait, the large number 20 and the word Canada. A series of raised dots helps blind and partially sighted users identify the value. Distinct colours, large high contrast numbers and machine readable codes further help users and note readers.
Canada Dollar Value and Exchange Context
The currency of Canada is the Canadian dollar, which uses the symbol $ and the international code CAD. The Bank of Canada issues Canadian dollar banknotes in denominations of 5, 10, 20, 50 and 100 dollars, while coins are known as cents and dollars. The value of the Canadian dollar against other currencies such as the Indian Rupee or the United States Dollar changes daily with the foreign exchange market.
A 20 Canadian dollar note therefore does not have a fixed value in Indian Rupees. Its rupee value on any day depends on the prevailing CAD to INR exchange rate published by banks and the foreign exchange market. Readers who see references to 20 dollars in Indian Rupees should check the rate for the relevant date rather than treating any single conversion as permanent.
Why This Launch Matters Beyond Canada
Canada is the first Commonwealth country outside the United Kingdom to feature King Charles III on a banknote. The Commonwealth is a voluntary group of 56 member countries, most of which have historic ties to Britain, and 15 of these countries, known as Commonwealth realms, retain the British monarch as Head of State. Canada’s move is therefore watched as an early signal of how other realms handle currency imagery after the end of Queen Elizabeth II’s 70 year reign.
The British approach has been different in design but similar in continuity. The Bank of England, the central bank of the United Kingdom, placed King Charles III on existing designs of 5, 10, 20 and 50 pound polymer notes, which entered circulation on 5 June 2024. Queen Elizabeth II notes remain legal tender in Britain and co circulate with the new notes, with new printing limited mainly to replacement of worn notes.
| Feature | Canada New 20 Dollar Note | United Kingdom Charles Notes |
|---|---|---|
| Issuing authority | Bank of Canada | Bank of England |
| Date unveiled or issued | Unveiled 3 September 2026, circulation from late February 2027 | Issued 5 June 2024 |
| Design approach | New vertical polymer design with Vimy Memorial and Indigenous plants | Existing designs retained, only portrait changed to King Charles III |
| Legal status of old notes | Queen Elizabeth II notes remain legal tender and co circulate | Queen Elizabeth II notes remain legal tender and co circulate |
Key Takeaways
- The Bank of Canada unveiled a vertical 20 dollar note with King Charles III on 3 September 2026 for circulation from late February 2027.
- Canada is the first Commonwealth country outside the United Kingdom to feature King Charles III on a banknote.
- King Charles III became King of Canada and Head of State on 8 September 2022 after the death of Queen Elizabeth II.
- The Bank of Canada was created under the Bank of Canada Act of 1934, opened in 1935 and is headquartered in Ottawa.
- The back of the note retains the Canadian National Vimy Memorial linked to the Battle of Vimy Ridge of 1917.
- The Bank of England placed King Charles III on 5, 10, 20 and 50 pound notes from 5 June 2024, with old notes continuing as legal tender.
