Canada is ready to update its currency with the image of its current head of state.

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 US$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 $20 banknote is worth about US$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.