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Bank website promotes 'Change for the better'

3 April 2006

Reserve Bank website promotes 'Change for the better'

'Change for the better' is the message on the new Reserve Bank website. The website (www.newcoins.govt.nz) is dedicated to explaining the forthcoming changes to New Zealand's silver-coloured coins.

On 31 July 2006 the current 50, 20, and 10 cent coins will be replaced with smaller and lighter coins, and the 5 cent coin will begin to be phased out. The coins will retain the same designs but the 10 cent coin will be copper-coloured. The $1 and $2 coins will not change.

Brian Lang Reserve Bank Currency Manager says the new website contains comprehensive information about the coin changes, provides answers to commonly-asked questions, and enables resources to be downloaded.

"As the website says, our smaller, lighter coins really will be a 'change for the better' - they will take up less room and be easier to handle. However, individuals and businesses may have a number of questions about the changes. The website acts as a one-stop-shop for anyone wanting further information."

There will be a transition period of three months, from 31 July 2006 to 31 October 2006. During this period the existing and the new coins can be used. From 1 November 2006 the current 50, 20 and 10 cent coins, including the 5 cent coin will no longer be 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.

As 31 July draws closer, the Reserve Bank is encouraging people to locate any 5, 10, 20 or 50 cent coins that they may have stored away and take them to their bank.

"By locating these coins now and taking them to your bank, you'll be beating the rush, and saving yourself a job later in the year", Brian Lang said.

ENDS

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