King Charles won't be featured on $20 bills until 2027, Bank of Canada says

New $20 billsfeaturing the face of King Charles won't be in circulation for another few years, the Bank of Canada said Monday.

The government is working on a new design for Canada's most commonly circulated bank note but it won't be ready for circulation until 2027.

"The process of issuing new notes involves several steps: research and development, design including security features and, finally, production," a news release from the Bank of Canada said.

While it will still feature a picture of the Vimy Ridge memorial, the new note will be vertical like the recently redesigned $10 bill.

The government announced that King Charles would replace his mother, the late Queen Elizabeth II, on Canada's currency during his coronation celebration last year.

The first Canadian coins bearing the image of King Charles were unveiled in November and began circulating in December. All Canadian coins still in circulation with the Queen's imageremain legal tender.