First of the new banknotes enters circulation from Monday

9 October 2015

The first of the new banknotes enters circulation from Monday

New $5 and $10 banknotes will be in public circulation from Monday, the first day that banks and retailers can dispense, the Reserve Bank said today.

“Approximately 345,000 of the new Series 7 banknotes have been dispatched to banks to meet their orders. This compares with about 45,000,000 Series 6 $5 and $10 notes currently in circulation,” Head of Currency Brian Hayr said.

Mr Hayr said that the public might not get to see a new note for some weeks.

“This is because the Reserve Bank distributes banknotes only when it receives orders from banks. Orders for replacement of $5 and $10 notes come in less frequently than other denominations as they tend to circulate much more between retailers and consumers.”

The Reserve Bank expects more orders to come in from retail banks over the next few months as they gradually replace old notes.

Both Series 6 and the new Series 7 notes will circulate together, and both will be legal tender. This means the public can make payment with either the old or the new banknotes.

Find out about the features of our new banknotes by taking the $5 and $10 for a spin at www.brightermoney.co.nz

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