The Bank of Canada has unveiled a new vertical $20 bank note featuring King Charles III, marking a major change in Canada’s currency design.

The new polymer note is the first Canadian banknote to feature a portrait of King Charles III. It is also the first time in more than 70 years that a new monarch has appeared on the $20 denomination.

Bank of Canada Governor Tiff Macklem unveiled the design in Ottawa alongside Governor General Louise Arbour and federal officials.

The new note continues Canada's vertical banknote format and incorporates security features designed to help Canadians authenticate the currency and protect against counterfeiting.

The Bank of Canada says the new $20 note will eventually replace the current $20 banknote featuring Queen Elizabeth II. Existing $20 notes will remain legal tender, meaning Canadians do not need to exchange their current notes immediately.

The new design represents another step in the Bank of Canada’s ongoing modernization of Canadian currency while reflecting the country’s constitutional relationship with the Crown.