King Charles III is now the fourth monarch to appear on a Canadian banknote after the Bank of Canada unveiled the final design for a new $20 bill that will go into circulation early next year.
This is the first Canadian banknote to feature Charles, whose image replaces that of the late Queen Elizabeth II.
The central bank was directed by former prime minister Justin Trudeau's government back in 2023 to feature the King in its next redesign process.
Bank of Canada officials said Thursday the design process cost $6 million and each note will cost an additional $0.05 to print because of a raft of new security features, bringing the cost up to $0.35 per bill.
"Bank note security is critical for Canadian consumers and businesses and for the integrity of our currency system," Bank of Canada governor Tiff Macklem said at an unveiling event in Ottawa on Thursday.
Macklem said the security features are part of the central bank's "relentless fight against counterfeiting."
A first-of-its-kind security strip, positioned below the King's portrait, shifts as the note moves and has elements that appear to be 3D. Dark bands on the petals of a poppy appear to spin, a maple leaf changes from light to dark, and a series of small 20s shift to become maple leaves as the note is tilted back and forth.
Bank of Canada officials said they plan to do outreach in the coming months to ensure that retailers and law enforcement are aware of the changes.
Four online content creators were invited to Thursday's event and paid to produce videos raising awareness of the new bills. The Bank of Canada said its budget for that pilot project is $25,000.
Things like vending machines and ATMs that accept or dispense cash, along with some online applications that authenticate cash, will need to be upgraded. Bank officials said advance images of the new notes are being provided to ensure the transition is smooth.
Both the current $20 bill and the new note feature an image of Canada's National Vimy Memorial in France, a monument to all Canadians who fought in the First World War.
Macklem said the tribute is particularly meaningful to him because his grandfather, who was also named Tiff Macklem, fought in the war and was injured in the Battle of Passchendaele. The central banker said he visited the memorial earlier this summer.
"The memorial is also a symbol for Canadian sovereignty on the world stage. The Battle of Vimy Ridge is widely viewed as a coming-of-age moment in Canada's development," he said.
The new bill also features design elements chosen in consultation with Indigenous Peoples. A small window on the lower part of the note contains culturally significant plants, including cedar, sweetgrass, wild strawberries and Arctic cotton.
All 13 provincial and territorial flowers are also included in the design, with the names of each province and territory set in small type.
Both the old and new bills have accessibility features, including a series of raised dots, which were developed with groups like the Canadian National Institute for the Blind.
The new bills are made of the same polymer as the previous round of banknotes, but each design is now going to be vertical rather than horizontal. The $10 vertical notes are already in circulation with an image of human rights activist Viola Desmond on the front.
The next bank note to be redesigned is the $5 bill, which will feature an image of Terry Fox and is expected to be released in 2028.
The King ascended to the throne in September 2022 after the death of his 96-year-old mother, who reigned for 70 years. Her image first appeared on the Bank of Canada's $20 note in 1935 when she was eight-year-old Princess Elizabeth.
The reigning monarch has been featured on Canadian bills since 1935.
The Royal Canadian Mint has produced coins featuring King Charles since 2023.
This report by The Canadian Press was first published Sept. 3, 2026.
