Canada is the first Commonwealth country to put the King on its banknotes outside of Britain since his ascension to the throne.
In addition, it also depicts a floral and leafy tapestry “inspired by the King’s lifetime dedication to the environment”, according to the Bank of Canada.
Wayne Long, a Liberal MP and secretary of state for the Canada Revenue Agency, said at the unveiling that the symbols on the banknote “serve as a powerful reminder of who we are as a nation and what we value.”
Some elements of it were chosen in consultation with an Indigenous advisory council, the central bank added.
It is the second vertical banknote issued in Canada. The first is the $10 bill, depicting Black civil rights advocate Viola Desmond. Its design went on to be selected as best in the world in 2018 by the International Bank Note Society.
The new $20 banknote will enter circulation early next year, said Macklem.
Polling suggests that many Canadians believe the country should end its formal ties to the British monarchy, particularly in the French-speaking province of Quebec.
But the monarchy’s popularity received a small bump, external as tensions rose between Canada and the US, including the ongoing US-Canada trade war and US President Donald Trump’s comments about making Canada the “51st state”.
Prime Minister Mark Carney invited the King to open Canada’s parliament in May – a visit that Carney at the time said “clearly underscores the sovereignty of our country”.
The King is Canada’s head of state and is represented in Canada by its Governor General Mary Simon.