20 Kroner - Margrethe II 5th portrait

Denmark's 20 krone denomination has cycled through multiple portrait updates of Margrethe II since her accession in 1972, each revision prompted less by circulation wear than by the queen's age and the monarchy's preference for current likenesses. This fifth portrait, introduced in 2011, was sculpted by Annelise Knudsen, who also produced earlier versions in the series.

The aluminium bronze alloy used throughout this denomination's modern run has proven prone to surface spotting in humid storage conditions — a known issue with Danish circulation coinage from this period.