From 31 July 2006 the current 50, 20, and 10 cent coins will be smaller and lighter, and the 5 cent coin will be taken out of circulation. The new coins will retain the same designs, and the 10 cent coin will be copper-coloured. The $1 and $2 coins will not change. 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 and 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.

If you have a lot of hoarded silver coins – perhaps in a jar at home – now would be a good time to spend or bank them.

Important dates

31 July 2006 - New coins are issued into general circulation, and the 5 cent coin will start to be taken out of circulation.

1 November 2006 - The current 50, 20, 10 and 5 cent coins will no longer be accepted at shops and businesses.

Why are the coins changing?

New Zealand's silver coins are among the heaviest in the world. The 20 and 50 cent coins are inconvenient in people's purses and pockets. Moving them in bulk is difficult for cash handling staff.

Can blind and vision-impaired people recognise the new coins?

Officials from the Reserve Bank have worked closely with the Royal NZ Foundation of the Blind (RNZFB) and Association of Blind Citizens NZ (ABC NZ) to ensure that the new coins will be acceptable to members. According to Mary Schnackenberg, Manager of the RNZFB's Adaptive Living Division, who was born blind: "We are really pleased that the Reserve Bank met with us early and often through this process, and that they took our comments on board. Full credit to the Reserve Bank."

Representatives from the Foundation and ABC NZ believe that having plain edges on the 10 and 50 cent coins and the "Spanish flower" edging on the 20 cent coin will give the new coins "a whole new feel", making it possible to differentiate the new coins, even during the transition phase.

"Previewing" the new coins

The Reserve Bank has provided the Foundation and ABC NZ with sets of the new coins. Members will be able to "sample the coins" at a wide range of Foundation, ABC NZ and consumer group meetings from May-August. Details about these meetings are printed on pages 19 and 26 of the Winter issue of Outlook. For the most current information, Foundation members can ring the Telephone Information Service (TIS). In addition, ADL Instructors will be showing the coins to members as part of their normal habilitation and rehabilitation work and at drop-in-days to be held at RNZFB offices across the country. Please call your local RNZFB office for further information.

More information is available by visiting the Reserve Bank's website.