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New $20 not expected until 2027

By Randy Thoms May 7, 2024 | 4:23 PM

It will be at least three years before King Charles III appears on a new Canadian $20 bill.

The Bank of Canada is working on a redesign of the bank note.

It will feature a portrait of the King with the back continuing an image of the Canadian National Vimy Memorial.

It will also be vertical, similar to the $10 note, made of polymer and green as its primary colour.

Enhanced security features that are found on other notes will be included.

In an update, the Bank of Canada says because of the process required to make changes and issue new notes, it will be early 2027 before the new $20 comes into circulation.

In the meantime, the current $20 note, issued in 2012 and features the portrait of the late Queen Elizabeth II, will continue to circulate.

She first appeared on Canadian currency in 1935 as 8-year-old Princess Elizabeth on the $20 note.

The Bank says as of the end of last year, there were more than one billion $20 bills in circulation.