1 August 2000

Special $10 bank note in circulation from tomorrow

From tomorrow, the Reserve Bank will release 1.5 million special $10 bank notes into general circulation. These are the $10 millennium bank notes that previously were only available to collectors.

Reserve Bank Currency Chief Manager Brian Lang said, "As of tomorrow, the Reserve Bank will begin supplying $10 millennium notes to bank branches around the country. They are legal tender, which means that they can be used anywhere in the same way as our regular circulating notes.

"These special $10 millennium bank notes don't replace the existing $10 note, but will circulate alongside them. They have been printed on the same flexible polymer material as our other circulating notes, with a design that depicts New Zealand's development into the digital age and some of the recreational pursuits that make New Zealand special.

"We are particularly pleased to be putting this special $10 millennium note into circulation, as it includes two new security features that have never been seen on a bank note before. These features are right at the cutting edge of bank note security technology.

"The most obvious feature is the two silver ferns within the clear window, which reflect rainbow colours when you tilt the note to the light. The other feature isn't so obvious at first glance. When you fold the note over and look through the clear window at the map of New Zealand next to the canoe, the letters `Y2K' become visible.

"A key objective in releasing this note is to gauge public reaction to these innovative security features and to test their effectiveness. These special features are in addition to the standard security features on our other polymer bank notes. These days, visual details can be replicated sufficiently accurately with the aid of scanning technology to deceive the eye. This is one of the reasons that bank note manufacturers are experimenting with more sophisticated anti-counterfeiting features on notes.

"We do not intend, however, to change the design of our bank notes in the foreseeable future", Mr Lang concluded.

For further information contact:
Lisa Weekes
Communications Officer
Phone 04 471 3767, pager 026 103 787
Email weekesl@rbnz.govt.nz