Monday, July 31, 2006

Today New Zealand’s new coins have been released. The new coins replace the 10, 20 and 50 cent coins, while the 5-cent coin is being removed from circulation for good.

The new coins retain the same design as before but the 10-cent coin is now copper coloured. All coins except the 10-cent are now made from plated steel and nickel, making them lighter and cheaper to produce. The 10-cent coin is made from plated steel and copper.

Brian Lang, Reserve Bank of New Zealand Currency Manager, said: “The introduction of smaller, lighter coins is one of New Zealand’s biggest currency changes since the introduction of decimal currency on 10 July 1967.”

The Reserve Bank reports that they have issued 1,037 million coins since the introduction of decimal currency.

However, people can still use their old change between now and 1 November 2006, when the old coins will cease being legal tender.

A survey conducted by ACNielsen, on behalf of the Reserve Bank, in January 2004 shows that 51% liked the idea of the new coins initially.

The ANZ Bank are asking for people to donate their old 5-cent coins to Plunket in their ‘5s for under fives’ appeal.