A new $5 note with the same security features as larger denomination banknotes will go into circulation on November 15, the Bank of Canada announced today.

The upgraded features – already incorporated in $10, $20, $50 and $100 bills in the Canadian Journey series – include a metallic holographic stripe, a watermark portrait, a windowed colour-shifting thread woven into the paper, a see-through number and enhanced fluorescence under ultraviolet lighting.

The bank said the new notes will make it easier for consumers and cash handlers to detect counterfeits. Typically, counterfeiters prefer larger denomination bills, with $5 notes representing just three per cent of the fake bills in circulation.

To ensure the smooth introduction of the new $5 bill, the bank said it will provide manufacturers of automated banking machines, change machines and automated ticket dispensers, with the information they’ll need to modify their equipment.

“This will ensure that Canadians have the most secure notes as quickly as possible to reduce opportunities for counterfeiters,” the banks said in a release. “Older versions of the $5 note will, however, remain legal tender.”