The Bank of Canada unveiled a new vertical $20 bill in Ottawa, featuring the portrait of King Charles III, which is set to gradually enter circulation in late February 2027. This marks the first appearance of the current king on the country's banknotes and the first change of monarch for the $20 denomination in over seventy years.

Governor Tiff Macklem, along with Governor General Louise Arbour and Secretary of State Wayne Long, jointly unveiled the bill. Surrounding the portrait are floral patterns reflecting the king's long-standing environmental advocacy; on the left side are floral emblems representing the thirteen provinces and territories. The transparent window features four plants of cultural significance to Indigenous peoples. The reverse side retains the French Vimy Memorial, commemorating military contributions and sacrifices. This bill is the second in the vertical series, following the $10 bill featuring Viola Desmond. The anti-counterfeiting features are described as dynamic characteristics not previously seen in Canada, with verification cues including touch, sight, tilt, and flip: polymer texture, portrait and large numbers with "CANADA" embossed, a purple security strip, and moving images when tilted. Accessibility features include tactile markings, high-contrast large numbers, the continuation of the $20 green color, and contrasting purple strips. Old bills will still be accepted, and new bills will be replaced as needed rather than being withdrawn all at once.

Who is buying and who is selling: The event is driven by sovereign symbols and anti-counterfeiting iterations, not exchange rate policies. Buyers are the retail cash registers and ATM upgrade cycles, while sellers are the central bank's printing operations and anti-counterfeiting patent suppliers. Beneficiaries include the polymer and dynamic optics supply chains, while those under pressure are the cash verification machines still calibrated for horizontal bills. Funds are shifting from circulation replacement budgets to equipment upgrades, and the portrait change itself does not alter the fundamental money supply.

Source: Public Information