New Zealand1s Silver Coins are Changing

[jamess]

From 31 July 2006 the current 50, 20, and 10 cent coins will be replaced with smaller and lighter coins, and the 5 cent coin will begin to be phased out. The coins will still be easy to tell apart - they will retain the same designs, and the 10 cent coin will be copper-coloured. The $1 and $2 coins will be unchanged.

There will be a transition period of three months, from 31 July 2006 to 31 October 2006. During this period the existing and the new coins can be used.

From 1 November 2006 the current 50, 20 & 10 cent coins, including the 5 cent coin will no longer be legal tender, which means that retailers do not have to accept them for payment of goods. The Reserve Bank will always redeem the existing coins.

The Reserve Bank is encouraging people to locate any hoarded coins and take them to their bank. By locating these coins now and taking them to your bank, you'll be beating the rush, and saving yourself a job later in the year.