10 Cent Coin With King Charles III Image Now In Production
Press Release – The Reserve Bank of New Zealand
Updating our currency with the new sovereign takes several years because we always hold sufficient stock to deal with demand spikes or supply issues. We make enough coins and banknotes just in case – not just in time, says Ian Woolford, Director …
The Reserve Bank of New Zealand – Te Pūtea Matua has quality checked and approved the 10 cent coin with the effigy of King Charles III, King of New Zealand (KCIII), for production and New Zealanders can expect to see it in their change around 2027.
Photos of the quality checking were released today giving people the first look at the actual coin.
'We received pre-production samples of the coin to check and approve before starting the full production run. We check the coins for quality, weight, size, security properties and that they match the design we ordered,' says Ian Woolford, Director of Money and Cash – Tari Moni Whai Take.
2024 is stamped on the coin which is the year RBNZ placed the order with the Royal Canadian Mint. New Zealand does not have a mint, so our coins are produced overseas.
The King's effigy was designed for the Royal Mint by illustrator and designer Dan Thorne to be used on all New Zealand's coins. The Royal Numismatic Society of New Zealand provided advice on the 10 cent coin before it went into production. The King faces to the left in keeping with the convention that the direction changes between sovereigns.
'The reverse (or tails) side of the 10 cent coin still features an image of a koruru – the carved face on the gable of a meeting house – designed by James Berry as a part of the 1967 decimal coin series,' says Mr Woolford.
'All existing circulating coins, and $20 banknotes, bearing images of Queen Elizabeth II continue to be legal tender. We order notes and coins infrequently and do not plan to destroy stock or withdraw them early from circulation as this would be wasteful and poor environmental practice.'
Minting the 20 cent, 50 cent, $1 and $2 coins with the KCIII image is likely to be around 2027. Coins then typically enter circulation around two years after production.
'Updating our currency with the new sovereign takes several years because we always hold sufficient stock to deal with demand spikes or supply issues. We make enough coins and banknotes just in case – not just in time,' says Mr Woolford.
'We will let everyone know when the KCIII coins are due to enter circulation as the time nears.'
Banks, retailers, consumers and anyone using or handling cash will not need to do anything differently when we introduce the coins bearing the image of the King. We will work with the cash industry to make sure there are no glitches with cash handling machines like self-service checkouts, vending and change machines accepting and issuing the new and old coins.
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