26 January 2005

Changes to New Zealand's `Silver' coins?

The Reserve Bank today reminded the public, that the close off date for feedback on the Bank's proposals to modernise New Zealand's `silver' coloured coins is 4 February 2005.

The Bank's proposals announced in November 2004 are:

• the current 50, 20 and 10 cent coins would be made smaller, and of a lighter and lower-cost plated steel; and
• the 5 cent coin would be taken out of circulation.

The Reserve Bank emphasised that no decisions have been made and if changes are to occur, they will be implemented in mid-2006.

Analysis of the public feedback will be undertaken by a third party and the Bank expects to make final decisions in late March 2005.

Feedback can be provided by emailing silvercoin@rbnz.govt.nz by 4 February 2005 or by writing to:

Silver Coin Review
Reserve Bank of New Zealand
P O Box 2498
Wellington

For further information contact
Anthea Black
Communications Officer
Ph 04 471 3767, 021 222 5225, anthea.black@rbnz.govt.nz