Monday May 6, 2024 | NATIONAL NEWS from Victoria, BC [Updated May 7, 2024 – 12:50 pm]
by Mary P Brooke | Island Social Trends
Canada’s new $20 bill featuring King Charles III as the portrait subject will be vertical (like the current $10 note), made of polymer and be primarily green in colour.
Coming in early 2027, the new note will have enhanced security features, says the Bank of Canada today.
In the meantime, the current $20 note, which was first issued in 2012 and which features the portrait of Queen Elizabeth II, will continue to circulate.
Coronation anniversary:
This is the first anniversary of the coronation of His Majesty King Charles III which took place on May 6, 2023.
As announced by the government at the coronation, the new note will feature King Charles III as the portrait subject. The back will continue to feature the Canadian National Vimy Memorial. The new note will be vertical like the current $10 note, made of polymer and primarily green in colour, the Bank said today.
Enhanced security features:
The Bank will incorporate enhanced security features into the redesigned $20 note, which the bank says “will keep Canada one step ahead of counterfeiting threats”.
Cash still important:
“The $20 bank note is Canada’s workhorse note—more than a billion are circulating in pockets, cash registers and ATMs across the country,” said Bank of Canada Governor Tiff Macklem.
“Cash remains an important payment method, and we’re looking forward to issuing a new $20 note that Canadians can continue to use with confidence.”
Coming early 2027:
The process of issuing new notes involves several steps: research and development, design – including security features – and, finally, production. The Bank expects the new $20 note to be issued in early 2027.
There is no indication as to any change to the production of the $20 note bearing the image of King Charles III if there were to be any change in the monarchy prior to 2027.
Canada’s Head of State has appeared in every series of bank notes since the Bank took on responsibility for issuing the country’s bank notes in 1935.
How notes are designed:
According to the Bank of Canada this week, under the Bank of Canada Act the Minister of Finance makes decisions as to design (‘form and material’) of any new bank note, including the portrait subject.
“We’re proceeding with the redesign of the $20. The current Frontiers Series note was issued in 2012 and this is an opportune time to redesign the note and include enhanced security features,” said a Bank of Canada spokesperson in a statement to Island Social Trends.
Background:
- The current Frontiers Series $20 note featuring Queen Elizabeth II was issued on November 7, 2012. A commemorative version of the $20 marking Queen Elizabeth II’s historic reign was issued on September 9, 2015.
- The $20 is the denomination with the highest circulation volume. There were over 1 billion $20 notes in circulation at the end of 2023.
- Queen Elizabeth II first appeared on Canadian currency as 8-year-old Princess Elizabeth on the First Series $20 note, in 1935.
