King Charles won't be gracing the $20 bill in Canada for quite some time, with the Bank of Canada (BoC) saying it'll be years before it happens.

The nation's central bank said on its website Monday that on the first anniversary of the coronation of His Majesty King Charles III, it would like to give a progress update on designing the new $20 bank note.

The note, which will feature King Charles III as the portrait subject, will continue to keep the same back, which features 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 BoC said in its news release.

It added that it will incorporate enhanced security features into the redesigned $20 note, which "will keep Canada one step ahead of counterfeiting threats."

BoC Governor Tiff Macklem said that the $20 note is "Canada's workhorse note with more than a billion circulating in pockets, cash registers and ATMs across the country."

"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," Macklem added.

The process of issuing new notes involves several steps: research and development, design – including security features – and, finally, production.

The BoC says Canadians can expect the new $20 note to be issued in early 2027, thanks to the process of issuing new notes involving several steps like research and development, design – including security features – and, finally, production.

In the meantime, the current $20 note, which was first issued in 2012 and features the portrait of Queen Elizabeth II, will continue to circulate.

Late last year, the Royal Canadian Mint revealed the design of King Charles that replaced Queen Elizabeth's effigy on the head side of all Canadian coins.