Canada to Put King Charles on Its ‘Workhorse’ Banknotes by 2027

(Bloomberg) -- Canada is ready to update its currency with the image of its current head of state.

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The Bank of Canada plans to issue a twenty-dollar bill in early 2027 that will feature King Charles III, according to a progress report published Monday. The existing note features the late Queen Elizabeth II, as do most of the country’s coins.

“The $20 banknote is Canada’s workhorse note — more than a billion are circulating in pockets, cash registers and ATMs across the country,” Governor Tiff Macklem said in the news release.

Canada, a former British colony, is a constitutional monarchy. Its C$20 banknote is worth about $14.65.

The minister of finance is ultimately responsible for approving the “form and material” of banknotes in Canada, including images, the central bank said.

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