Background information
Timeframes
1 November 2006
The current 50, 20 and 10 cent coins,
including the 5 cent coin are no longer legal tender, which means that retailers
do not have to accept them for payment of goods. The Reserve Bank will always
redeem the existing coins.
31 July 2006 - 31 October 2006
Both old and new coins
will be accepted, with the old coins being progressively taken out of
circulation.
31 July 2006
New coins issued into general circulation,
and 5-cent coin starts to be taken out of circulation.
Common Questions and Answers
What should I do if I have any old coins?
The Reserve Bank will always pay face value for currency that has been legally issued for use in New Zealand. In order to obtain value, old coins should be returned to the Reserve Bank in Wellington.
We are aware that some trading banks have elected to no longer accept old coins and that old coins should now be returned to the following address:-
Reserve Bank of New Zealand
PO Box 2498
2 The Terrace
Wellington
New Zealand
Attn Mr D Blake
Why did the Reserve Bank decide to make the coins smaller?
New Zealand’s old silver coins are among the heaviest in the world. The 20 and 50 cent coins are inconvenient in people's wallets and pockets. Because the new coins are lighter, it will be much easier to carry them about and to use them. The new coins will be a lot easier to manage for people involved in handling coins.
Research
In January 2004, the Reserve Bank commissioned AC Nielson to survey people’s reactions to the proposed changes to the silver coinage.
Reactions to proposed changes:
Summary
Reactions to proposed
changes: Full report (PDF 879KB)
In February 2005, after a 3 month consultation period with individual people and interested organisations, the analysis of the submissions were presented.
Analysis of public submissions:
Summary
Analysis of public
submissions: Full report (PDF 207KB)