Effigy to debut on the 2024 proof currency set
The Reserve Bank has announced the upcoming introduction of King Charles III’s effigy on circulating and commemorative coins.
Royal approval for new coinage effigy
Ian Woolford (pictured above), director of money and cash at RBNZ, revealed that King Charles III has recently approved the use of his Commonwealth effigy, designed by Dan Thorne for the Royal Mint, on New Zealand’s coins.
The king faces to the left, adhering to the tradition of changing the direction between sovereigns. The new coins will retain the physical characteristics of those bearing Queen Elizabeth II’s image, ensuring a seamless transition.
Introduction timeline for the new New Zealand coins
Though the new effigy won’t appear in everyday transactions until 2027, it will debut on the 2024 proof currency set produced by NZ Post.
“The first circulating coin to bear the new effigy will likely be the 10-cent piece, with an expected minting date of 2025,” Woolford said. “The first mintings of the other four denominations with the new image are likely to be in 2027.”
He said the expected release dates for the new coins are determined by usual demand and stock levels, maintained adequately to address any sudden increases in demand or supply chain disruptions.
Legal tender status, transition for smooth circulation
Existing coins will remain in circulation and legal tender, with no plans for withdrawal.
RBNZ will collaborate with cash handling machine manufacturers to ensure the new coins are readily accepted, aiming for a smooth transition to the updated currency.
“We will update on circulation dates as the time nears, and we’ll also work with cash handling machine manufacturers to confirm that there are no glitches with acceptance of the new coins,” Woolford said.
Additionally, an interim New Zealand effigy of King Charles III, created by Wellingtonian Stephen Fuller, has received royal approval for use on 10 commemorative coin issues by NZ Post under Reserve Bank licence, bridging the gap until the new circulating coins are released.
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