Central Bank reveals plans
Following the death of Queen Elizabeth II, there is no immediate impact on New Zealand’s banknote, coins designs and cash used as a result of a change in sovereign.
The Reserve Bank of New Zealand has revealed all existing coins and $20 banknotes in circulation featuring Her Majesty will remain legal tender. It will be several years before coins featuring King Charles III will be introduced and longer until stocks of $20 notes are exhausted.
“All banknotes and coins issued by the Reserve Bank of New Zealand bearing images of the Queen continue to have exactly the same status and value as before,” said an RBNZ spokesperson.
“All coin stock for a denomination showing the Queen will be issued before new stock goes out with her successor’s image. This is a few years away.”
The spokesperson said banks, retailers, individuals and others using or handling cash would not need to do anything differently when introducing new coins bearing the image of the King.
“We will let everyone know when new coins are due to enter circulation.”
The Queen is likely to remain on $20 banknotes issued from existing stock for many years to come.
“We manufacture these notes infrequently and do not plan to destroy stock or shorten the life of existing banknotes just because they show the Queen. This would be wasteful and poor environmental practice,” the spokesperson said.
“We will prepare to change out the image on coins for one approved by King Charles working in conjunction with our mints who produce for multiple Commonwealth countries.”
Coins bearing the King’s image will have the same physical characteristics as those showing the Queen. The spokesperson said the RBNZ would work with industry to help ensure machines such as self-service checkouts, vending and change machines can accept and issue them alongside the old ones and there would be no need to separate coins of the same denomination with different Sovereigns on them.
“The transition to new imagery will take several years because we always hold sufficient stock to ensure that our ability to issue cash will not be affected by supply chain disruptions, a sudden increase in demand, or loss of access to vaults or stock for any reason,” the spokesperson said.
“We also take advantage of the most cost-effective pricing and supply arrangements from the mints and printers we use in the United Kingdom and Canada.”