The banknote, which features late United Nations Secretary General Dag Hammarskjöld, was found to potentially breach copyright laws and was therefore ditched by the national bank.
"From the legal point of view, it can often be difficult to determine whether copyright remains for an image that has been processed, or whether the processed image has become a new independent work," officials from the bank said in a statement.
The Swedish principle of "verkshöjd" in some cases protects derivative work if it is deemed original enough to constitute a work of art.
The bank also announced that new mini- and microtexts will be interwoven with the banknotes' motifs, which will also function as extra security features.
The 20-krona note, which features an image of Swedish author Astrid Lindgren, will feature a text with a short passage from her cherished children's classic Pippi Longstocking.
The notes were designed by Göran Österlund, whose colourful "Journey of Culture" (Kulturresan) design was selected from among eight finalists in April last year.
The new banknotes will be released into circulation in early October 2015.