Prime Minister John Key with the new $5 and $10 bank notes. Photo / Mark Mitchell
Prime Minister John Key with the new $5 and $10 bank notes. Photo / Mark Mitchell
New Zealand's new banknotes will be released into circulation today, but might not be in peoples pockets for some time.
The design of the new $5 and $10 notes were shown to the public in September.
The new notes feature brighter colours, but the same famous faces and flora andfauna design features.
Head of Currency at the Reserve Bank Brian Hayr said banks and retailers have been given the sign off to dispense the new notes 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," Mr Hayr said.
New Zealand's new $5 note will be in circulation from October. Photo / RBNZ
The back of the new $5 banknote. Photo / RBNZ
However, the public might not get to see a new note for some weeks, he said.
"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 new $10 banknote. Photo / Mark Mitchell
The back of the new $10 banknote. Photo / Mark Mitchell
The Reserve Bank expects more orders to come in from retail banks over the next few months as they gradually replace old notes.
The old notes will still be legal tender and people can pay with either the new or old bank notes.
The brighter colours are not the only new feature to the notes. They also contain more sophisticated security features, including:
• A large clear window that contains a hologram featuring a fern, map of New Zealand, and the same bird that features on the left-hand side of the note.
• When the note is tilted a rolling bar, that changes colour, flashes across the bird. On the reverse of the note, in the same position, a similar effect can be seen in the fern window.
• If the notes are held up to the light, coloured irregular shapes on the front and back combine like puzzle pieces to show the note's denomination.
• Raised ink features on both sides of the notes, including the words "Reserve Bank of New Zealand Te Putea Matua" and "New Zealand Aotearoa".
