Reserve Bank of New Zealand

News Release

Royal Canadian Mint selected to mint coins

The Reserve Bank announced today that it has selected the Royal Canadian Mint to mint New Zealand's new low-value coins.

"After a rigorous tender process the Bank is confident that the Royal Canadian Mint will be able to manufacture high quality coins for New Zealand," commented Brian Lang, Reserve Bank Currency Manager.

"The Canadian Mint impressed the Bank with their quality of coins, in particular their durability and their electromagnetic signature, which is important for the vending industry. The Mint has an excellent reputation and extensive experience in making plated steel coins for Canada."

On 31 March 2005, the Reserve Bank announced its decision to modernise New Zealand's silver coloured coins. The decisions are to make the current 50, 20, 10 cents coins smaller and of lighter, lower cost plated-steel, and to remove the 5 cent coin from circulation. The $1 and $2 coins will be retained, as will the existing images on the 50, 20 and 10 cent coins, including that of the Queen.

"The changes to New Zealand's silver coins will give New Zealand a coherent and logical set of coins that will be more convenient for the public, easier for those handling coin in bulk, such as banks and security firms, and less costly to manufacture, saving the taxpayer approximately $2 million annually," commented Brian Lang.

"These are important changes that will affect everyone in New Zealand. They will bring major benefits to the users of coins - the general public - as well as businesses involved in handling cash and their staff."

The Reserve Bank plans to issue the new coins in July 2006. The Reserve Bank is working closely with banks, security companies, vending machine suppliers, retailers and community groups to ensure a smooth transition.

ENDS

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