Latest news with #IanWoolford
RNZ News
3 days ago
- Business
- RNZ News
When will we see King Charles on our currency?
Samples of the 10 cent coin with the new 'heads' image of King Charles III are quality checked before production. Photo: Supplied/RBNZ It will be several years before currency bearing the image of King Charles III comes into circulation. The new 10 cent coin featuring King Charles will be released in 2027, with the rest of the coins to follow around 2029. Reserve Bank director of money and cash Ian Woolford told Morning Report the wait was partly due to the King's antipathy to waste. Buckingham Palace made it "fairly clear to us that the King didn't want to see waste", he said. "We need to hold a decent inventory to met the currency needs of the public, so we hold quite a lot of ten cent coins with the Queen's face on it," Woolford said. "Rather than destroy those coins, they'll continue to be issued and continue to circulate, and when we do issue the King's coins we won't destroy the Queen's coins, they'll circulate side by side." He said the other reason is the complex process, which included liaising with the palace, testing and getting production scheduled at a mint. "There's actually more science than art to things like bank notes and coins." Woolford said, contrary to popular belief, there's more cash in circulation than ever. "It's a bit of a myth that no one uses cash anymore." he said. "There's more cash in circulation than there's ever been, it's sort of doubled over the past ten years." While there's less cash used as a proportion of all transactions, surveys and StatsNZ data, showed "a bit of a turn around - the high users of cash are using it more and more". New Zealand's coins of King Charles would use an image the Royal Mint created for Commonwealth countries. New Zealand could have chosen to have our own image created, but it would have required sign off from Buckingham Palace regardless, Woolford said. The coins, which will be minted in Canada, would have the same physical characteristics as those featuring Queen Elizabeth II, but he will face to the left, as convention dictates new sovereigns face the opposite way than their predecessors. Queen Elizabeth II has appeared on the "heads" side of New Zealand coins since 1953, but did not appear on banknotes until 1967, when the Reserve Bank printed its third series of banknotes, this time decimal currency. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
3 days ago
- Business
- RNZ News
King Charles to be on NZ money from 2027
Big changes are coming to New Zealand's money as the Reserve Bank revealed photos of the new 10 cent coin that features the effigy of King Charles the third. The Reserve Bank's director of money and cash Ian Woolford spoke to Paddy Gower. Tags: To embed this content on your own webpage, cut and paste the following: See terms of use.
Scoop
4 days ago
- Business
- Scoop
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.
