Business editor at large Liam Dann discusses latest Monetary Policy Statement and what it means. Video \ Jason Dorday
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Business editor at large Liam Dann discusses latest Monetary Policy Statement and what it means. Video \ Jason Dorday
NOW PLAYING • Reserve Bank rate cut call
Business editor at large Liam Dann discusses latest Monetary Policy Statement and what it means. Video \ Jason Dorday
A new 10c coin with a portrait of King Charles III has been approved and will enter circulation about 2027, the Reserve Bank has announced.
The Reserve Bank released photographs of the new coin today, the first time the public has been able to see the new generation of currency.
The bank’s director of money and cash Ian Woolford said quality checks had been completed and the coin was ready to go into full production.
“We received pre-production samples of the coin to check and approve before starting the full production run. We check the coins for quality, weight, size and security properties, and that they match the design we ordered,” Woolford said.
The Reserve Bank of New Zealand has released the first images of the new King Charles III effigy on the 10c coin. Photo / Reserve Bank of New Zealand
The effigy of the King chosen for the coin was designed for the Royal Mint by illustrator and designer Dan Thorne. The design will be used on all of New Zealand’s new coinage.
King Charles III is facing to the left, in keeping with a convention that the direction changes between sovereigns.
The 10c coins will be stamped with the year 2024, which was the year the Reserve Bank placed the order with the Royal Canadian Mint.
“The reverse, or tails, side of the 10c coin still features an image of a koruru – the carved face on the gable of a meeting house – designed by James Berry as a part of the 1967 decimal coin series,” Woolford said.
Existing coins with Queen Elizabeth II’s image, along with the $20 note, will continue to be legal tender.
“We order notes and coins infrequently and do not plan to destroy stock or withdraw them early from circulation as this would be wasteful and poor environmental practice,” Woolford said.
A new 20c, 50c, $1 and $2 coin with King Charles III’s image were likely to be minted in 2027, and they were expected to enter circulation in 2029 as it “typically” takes two years after production.
“We will let everyone know when the KCIII coins are due to enter circulation as the time nears,” Woolford said.
King Charles III and Queen Camilla acceded to the throne in 2022. Photo / Millie Pilkington
“Updating our currency with the new sovereign takes several years because we always hold sufficient stock to deal with demand spikes or supply issues. We make enough coins and banknotes just in case – not just in time.”
He said consumers, retailers, banks and anyone else using and handling cash “will not need to do anything differently” when the new coins are introduced.
The Reserve Bank would work with the cash industry to ensure there were no glitches with cash-handling machines, such as self-serve checkouts, vending machines or change machines, accepting and issuing new and old coins, he said.
Raphael Franks is an Auckland-based reporter who covers business, breaking news and local stories from Tāmaki Makaurau. He joined the Herald as a Te Rito cadet in 2022.
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