On September 3, 2026, the Bank of Canada officially presented the design of the new $20 banknote — the second in the so-called "vertical series" of Canadian currency. The event took place in Ottawa with the participation of Bank of Canada Governor Tiff Macklem, Governor General of Canada Louise Arbour, and Secretary of State for the Canada Revenue Agency and Financial Institutions Wayne Long.

First Banknote Featuring a Portrait of Charles III

The main historical feature of the new twenty-dollar bill is the portrait of His Majesty King Charles III, appearing on Canadian cash for the first time. The last time a new monarch debuted on a Canadian banknote was over 70 years ago. The portrait replaces the image of the late Queen Elizabeth II, who adorned Canadian banknotes starting in 1935 — back then as eight-year-old Princess Elizabeth on the Bank of Canada's first twenty. Work on the design of the new banknote began immediately after the coronation of Charles III in May 2023. The engraving of the King's portrait was executed by Canadian engraver Jorge Rodrigo Peral based on a 2024 photograph taken by British photographer Andrew Parsons. The twenty-dollar bill is the second in the Bank of Canada's vertical series. The first was the $10 banknote featuring civil rights activist Viola Desmond — the first Canadian-born woman honored on a regular circulation banknote.

Design Description

The new banknote is made of polymer, dominated by the green color characteristic of Canadian twenties, and features a vertical orientation. Front side. The King's portrait is framed by a floral-foliage pattern symbolizing his long-standing commitment to environmental issues. To the left of the portrait are the official floral emblems of all 13 Canadian provinces and territories, connected by stems and leaves stylized after illustrations from the Books of Remembrance on Parliament Hill. A separate round transparent window visible from both sides of the banknote depicts four plants of special cultural significance to Canada's Indigenous peoples: wild strawberry, western red cedar, Arctic cotton, and one more plant selected by the Bank of Canada's Indigenous Advisory Council, which participated in developing this design element. Back side. As on the previous horizontal banknote, the image of the Canadian National Vimy Memorial in France is preserved — a tribute to Canadians who died or went missing during World War I. The memorial is complemented by poppies — a symbol of remembrance for fallen soldiers. According to the Bank of Canada, about 3,600 Canadians died in the Battle of Vimy Ridge, and more than 11,000 soldiers who died in France during WWI have no known graves; their names are carved into the memorial itself.

Next-Generation Security Features

The Bank of Canada states that the twenty received security technologies never before used on Canadian cash. The key element is a purple security stripe (for the first time in this color for this denomination), on which several images "come to life" simultaneously when tilting the note:

  • a 3D bubble magnifying the pattern with "20" numerals;

  • a maple leaf pulsing while changing shades of purple;

  • a poppy with "spinning" (rotating) petal-stripes;

  • background "20" numerals turning into maple leaves.

Traditional elements for Canadian polymer banknotes are also retained — raised ink print, transparent windows with a metallic portrait, as well as tactile marks and high-contrast large numerals for visually impaired individuals, developed in cooperation with organizations representing the interests of blind and low-vision Canadians.

When to Expect the Banknote in Circulation

According to the Bank of Canada, the new vertical twenty will gradually enter circulation at the end of February 2027. Until then, the bank will test the bill in cash handling equipment and conduct outreach work with retailers, law enforcement agencies, and financial institutions regarding the new security elements. Next in line for the vertical series will be the $5 banknote featuring Terry Fox — its release is planned for 2028.

What This Means for Collectors

For paper money collectors, the new note is interesting for several reasons at once: it is the first Canadian banknote featuring a living male monarch in many decades, the first instance of using a purple security stripe on this denomination, and another step in Canada's transition to a fully vertical series design. Together with the previously issued vertical ten, it forms the foundation of a new line that will completely replace the previous generation's horizontal banknotes in the coming years.