Printed by the Canadian Bank Note Company, each orange and brown $5 note displays a map of New Zealand in a polymer window along with a variety of upgraded security features.
The face features legendary New Zealand mountain climber Sir Edmund Hillary and Mount Cook (Aoraki). A colour changing yellow-eyed (hoiho) penguin completes the face design.
Watch: Prime Minister John Key at the unveiling of new banknotes last year:
Reserve Bank of New Zealand Deputy Governor Geoff Bascand said the award was "testament to the hard work and innovation by the Bank and its partners that has gone into developing the note."
"We are proud of all of New Zealand's new banknotes, but to have our $5 note recognised internationally is very special. The note incorporates some of the world's most advanced security features, yet still beautifully showcases New Zealand's history, culture and heritage," he said.
The $5 and $10 notes have been in circulation since October. The new $20, $50 and $100 notes will come into circulation from May 16.
The International Bank Note Society said polymer banknotes were increasingly popular because of durability as well as enhanced security features and had become favoured by many collectors.