Similar to the process offered to Canadians to vote for which historical figure would appear on the Bank of Canada's revamped (and vertical) $10 bank note released in 2018, public consultations will soon be launched to decide who should appear on a new $5 bank note.

The newly designed $10 bank note, featuring Black Nova Scotian civil rights pioneer Viola Desmond, went on to be awarded Bank Note of the Year for 2018. So to say there will be some high expectations for the new $5 bank note may be an understatement.

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Current Governor of the Bank of Canada Stephen Poloz announced that the Bank will be "asking all Canadians to nominate any historic Canadian—someone who is truly banknote-able." Not only will the new note design replace Sir Wilfred Laurier, who has been on the bill since 1972, it will also be made with the latest security features, including raised ink, polymer, 3-D and transparent aspects, as well as metallic symbols and images.

"An ongoing priority for us at the Bank is providing Canadians with bank notes that include the latest security features so that they can continue to use them with confidence."

So, who will end up being immortalized on Canada's newest legal tender? It's anyone's guess right now, but given the glass ceiling Desmond broke through by becoming both the first woman and the first person of colour to be featured on one of our permanent bills, the voting field may finally be wide open.

Personal Finance