Sufficient new coins to meet demand

Release date
04 December 2006

 

The Reserve Bank said today there will be sufficient new coins to meet demand over the Christmas period.  

Reserve Bank Currency Manager Brian Lang said: "The pattern of demand for new coins has been markedly different to that for the old coins."

The Bank has received new supplies and has distributed an additional 4.75 million 20c coins within New Zealand in the past week - close to the number issued in a typical year. A further 10 million 20 cents coins will arrive in the country over the next few days.

To put this into perspective, by 30 November, the Bank had issued almost as many 20c coins (49.6m) as 10c coins (53.0m). In the past issue of 20 cent coins would normally have been about half the amount of 10 cent coins, said Mr Lang.

The Bank has sufficient supplies of 10c and 50c coins for several years' normal issues. Retailers and the public need have no difficulty in settling transactions with coins. "It is only the abnormal demand for 20c coins which has meant the Reserve Bank has had to manage issues of this denomination" commented Mr Lang.

The Bank is unsure why the pattern of coin issues has changed. It might reflect changes in retailers' change-giving practices, or New Zealanders might be continuing their old habits of dropping coins into jars and drawers just as they did for the old large coins, said Brian Lang.

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