Bank of Canada updates progress on new $20 note

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Bank of Canada updates progress on new $20 note

FOR IMMEDIATE RELEASE
Media Relations
Ottawa, Ontario
May 6, 2024

On the first anniversary of the coronation of His Majesty King Charles III, the Bank of Canada issued a progress update on designing a new $20 bank note.

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.

The Bank will incorporate enhanced security features into the redesigned $20 note, which will keep Canada one step ahead of counterfeiting threats.

“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.”

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.

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.

For the latest updates on the process, follow us on Twitter/X, LinkedIn, Facebook and Instagram.

Additional information

• 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.
  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.
  Under the Bank of Canada Act, the Minister of Finance approves the ‘form and material’ of bank notes, including the portrait subject and other images.

https://www.bankofcanada.ca/2024/05/bank-of-canada-updates-progress-on-new-20-note/

Bank of Canada updates progress on new $20 note
The Bank expects the new $20 note to be issued in early 2027.

On the one hand, a totally ridiculous time frame. One shouldn't be surprised if King Charles' portrait has to be removed in order for a King William portrait. (Having said that: ''Long live the King!'')
On the other hand, the BoC upgrades the $20 note. So, I can understand the BoC needs a bit more time than the Bank of England which merely changed the portrait on their banknotes from QEII to KCIII. Still...

Thanks for sharing suretteda.

On the one hand, a totally ridiculous time frame. ...
On the other hand, the BoC upgrades the $20 note

I am not a monarchist so I could care less about when they actually update the $20 & the time frame doesn't surprise me: we have only seen 50 odd new "Lane Macklem" prefixes (no FZT but a few FZZ, 1 FLA & 1 FZV). There's still likely "Rogers Macklem" $20 to arrive so 2027 seems about right (esp considering how long these polymers hold up/ our lack of cash use). Any time I take out a bundle of Twenties, I'm bound to get 60-80% of the old original 2012 prefixes (starting with BI_/BS & FS_, FI).

Then look what happened to the updated $5.00 (never happened) so these guys move about as fast as a doped up sloth (& its no wonder since CDNS no longer use cash much).

And at the bottom of the Bank of Canada's Vertical $5 page, they've added this under "Current status:"


The Bank is implementing the Government of Canada's plans and is proceeding with the redesign of the $20 note. As such, work on redesigning the $5 note has stopped.

Whoa, whoa, whoa... I must have missed Graphic Design class the day they taught the one-item-at-a-time rule.


2027 for the $20 note... so 2030 for the $5? By the time they get around to the $50 and the $100 perhaps the $10 will already have moved on the next next series.

On the one hand, a totally ridiculous time frame. One shouldn't be surprised if King Charles' portrait has to be removed in order for a King William portrait. (Having said that: ''Long live the King!'')
On the other hand, the BoC upgrades the $20 note. So, I can understand the BoC needs a bit more time than the Bank of England which merely changed the portrait on their banknotes from QEII to KCIII. Still...

To add to that, a large quantity of QEII twenties with Lane-Macklem signatures is yet to be circulated. We know of at least 7 prefixes (FZT-FLA), but the actual number is likely much higher, probably 20 prefixes or so, as twenties are always produced in larger quantities.

The Bank is implementing the Government of Canada's plans and is proceeding with the redesign of the $20 note. As such, work on redesigning the $5 note has stopped.

Read between the lines – the Bank is different than the Government of Canada.

Our forum has pointed out before that the Bank of Canada designs new bank notes under the direction of politicians, namely the Minister of Finance.  This minister’s office is where the final $5 bank note design has sat for a long time.

The Bank of Canada prepares new designs of bank notes incorporating the latest security features and materials.  It makes essays of one or more designs following government instructions.  The final decision rests with government.

I believe the Bank can prepare both the $5 and $20 bank notes when directions (decisions) are received from the Minister of Finance.  Good luck!

Hey JBNs,

the Minister of Finance.  This minister’s office is where the final $5 bank note design has sat for a long time.

Who is on the final design sitting at the MOF's office for approval?

Thanks B

Who is on the final design sitting at the MOF's office for approval?

(Oops - I misread your question Breanna72 - my reply below commented on the MOF's decision making process.  The current $5 design has 8 portrait finalists awaiting a decision from the Minister of Finance.)

It doesn’t matter because the responsibility and accountability rests with the Minister of Finance.

The minister can make the decision process as simple or as complicated as they want.  As we have seen and previously discussed on CPMF, the new $5 bank note design has become a long and convoluted process.  Unfortunately, the consequences of this process were predictable and no decision appears to be preferable to any decision for the next $5 note.

The new $20 is, thankfully, simpler.  The portrait shall be the reigning monarch and the back will continue to feature our Vimy Memorial.  Done!

A reminder - the first Vertical Issue bank note, Viola Desmond’s $10, entered circulation in November 2018 – five and a half years ago!

JBN

Thanks JBNs,

I have seen the shortlist for candidates for the new five dollar note and to be honest, I'm not impressed with the process for submissions, or the resulting short list.

I'm getting tired of the cancel culture of our historical figures, and can understand if the MOF isn't himself impressed with the short list.  Terry Fox has been done and the rest, while they have earned a spotlight on what they have done for the country, don't 'rise' to the significance of warranting being depicted on our national currency.  Sorry that's my opinion.

Personally I like Laurier, and think they should keep him, but putting Charles on a banknote would also be protocol at this point since he is the new reigning monarch and his predecessor is staying on the $20.  Elizabeth had not died when the planning of the new $5 note was first started and I think putting Charles on the five would be appropriate, and would understand the MOF's decision if he did this instead of the options he has been provided.

Cheers,
Breanna