New banknotes go into circulation
Reserve Bank says the new, brighter $5 and $10 notes are more secure.
New $5 and $10 banknotes will be in public circulation from today.
“Approximately 345,000 of the new Series 7 banknotes have been dispatched to banks to meet their orders. This compares with about 45,000,000 Series 6 $5 and $10 notes currently in circulation,” Reserve Bank head of currency Brian Hayr says.
Series 6 (current banknotes) and the new Series 7 notes will circulate together and both will be legal tender.
The new notes are the same sizes and denominations as the current banknotes. They also feature the same motifs (the Queen, famous New Zealanders and flora and fauna) as the current notes, and are made of the same flexible plastic. But they feature brighter colours and new security features.
The Reserve Bank has a guide for retailers to the new security features here. They are designed to foil the latest in counterfeiting technology and include:
- A ‘rolling bar’ device in the bird graphic
- Larger clear window, featuring a holographic foil feature
- Puzzle number forming a small numeral
- Raised ink on large denomination number
The new $20, $50 and $100 notes will be released in April 2016 next year.
The new $10 note.
The new $5 note.
He says the public might not get to see a new note for some weeks.
“This is because the Reserve Bank distributes banknotes only when it receives orders from banks. Orders for replacement of $5 and $10 notes come in less frequently than other denominations as they tend to circulate much more between retailers and consumers.”
“Our new notes contain more sophisticated security features that greatly enhance the overall design," Reserve Bank deputy governor Geoff Bascand says.
"The transparent windows are larger, and striking holographic features will help to make the notes very easy to verify but hard to counterfeit. Counterfeit rates are low in New Zealand compared to the rest of the world but technology changes are making it easier and we need to stay ahead of the game."
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
New banknotes go into circulation
52367