Reserve Bank of New Zealand

News Release

20 February 2006

New Zealand's new coins introduced on 31 July 2006

The Reserve Bank announced today that New Zealand's new 50, 20 and 10 cent coins will be introduced on 31 July 2006.

The new coins will be smaller and lighter than the existing coins. The coins will retain the same designs, and the 10 cent coin will be copper-coloured. The $1 and $2 coins will not change.

"There will be a transition period of three months, from 31 July 2006 to 31 October 2006; during which time both old and new coins can be used. From 1 November 2006 you will not be able to use the old coins, including the 5 cent coin, but you will always be able to redeem them at the Reserve Bank," commented Brian Lang, Reserve Bank Currency Manager.

The Reserve Bank has been working closely with banks, security companies, vending machine suppliers, retailers and community groups over the last year to ensure a smooth transition to the new coins.

Brian Lang said these are important changes that will affect everyone in New Zealand. They will bring major benefits to all New Zealanders, especially businesses involved in handling coins.

ENDS

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