Dig out your old coins - three weeks to go

Release date
10 October 2006

With three weeks to go, the Reserve Bank and the Retailers Association are encouraging people to dig out their old 50, 20, 10 and 5 cent coins.

To date just over 270 million old coins have found their way back to the Reserve Bank – mainly through people using them, or banking them, said Reserve Bank Currency Manager, Brian Lang.

"But there are more out there. Since 1967 the Reserve Bank has issued more than a billion of the old ‘silver' coins and it is estimated the average household had an astonishing 185 old coins before we introduced the new coins."

From 1 November 2006, the old 50, 20, 10 and 5 cent coins will no longer be legal tender, which means retailers do not have to accept them as payment for goods.

"As part of the transition process, we are encouraging our members to stop giving out old coins as change," says John Albertson, Chief Executive of the New Zealand Retailers Association.

So if you don't want to be stuck with loads of old coin – there's never been a better time to empty your coin jars, sweep the car glove box and rummage behind the couch cushions.

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

Or

John Albertson
New Zealand Retailers Association
04 472 3733
jalbertson@retail.org.nz