The Reserve Bank of New Zealand (RBNZ), the sole supplier of NZ banknotes and coins, says there's no immediate impact on NZ’s banknote and coin designs and cash use following the overnight death of Queen Elizabeth II.
"All existing coins and $20 banknotes in circulation featuring Queen Elizabeth the Second remain legal tender. It will be several years before we need to introduce coins featuring King Charles the Third, and longer until stocks of $20 notes are exhausted," the RBNZ says.
There's further information from the RBNZ below:
- All banknotes and coins issued by the Reserve Bank of New Zealand – Te Pūtea Matua bearing images of the Queen continue to have exactly the same status and value as before.
- All coin stock for a denomination showing the Queen will be issued before new stock goes out with her successor’s image. This is a few years away.
- Banks, retailers, individuals and others using or handling cash will not need to do anything differently when we introduce new coins bearing the image of the King.
- We will let everyone know when new coins are due to enter circulation.
- The Queen is likely to remain on $20 banknotes issued from existing stock for many years to come. We manufacture these notes infrequently and do not plan to destroy stock or shorten the life of existing banknotes just because they show the Queen. This would be wasteful and poor environmental practice.
- We will prepare to change out the image on coins for one approved by King Charles working in conjunction with our mints who produce for multiple Commonwealth countries.
- Coins bearing the King’s image will have the same physical characteristics as those showing the Queen. We will work with industry to help ensure machines such as self-service checkouts, vending and change machines can accept and issue them alongside the old ones. There will be no need to separate coins of the same denomination with different Sovereigns on them.
- The transition to new imagery will take several years because we always hold sufficient stock to ensure that our ability to issue cash will not be affected by supply chain disruptions, a sudden increase in demand, or loss of access to vaults or stock for any reason. We also take advantage of the most cost-effective pricing and supply arrangements from the mints and printers we use in the United Kingdom and Canada.
19 Comments
Send a few grads down to the vault and get them to update the unused notes with some Vivid markers and get them to manually update them for the new monarch.
You might end up with a Prince Charles who looks like Groucho Marx than anything else but it would create some entertaining output and perhaps a few collectibles.
Been a few years since I worked with large amounts of physical cash, but notes especially don't last particularly long. Coins can hang around for years, but notes can have a working life of 6 months or less. The notes will have to be replaced either way, it just makes economic sense to have a run-out sale on those with the late Queen on them, and phase in those with the King.
As long as the new coins meet the same dimensional and weight characteristics of the old coins, there should be minimal effort required to upgrade automated machines.
A lot of the work has already occurred in the past when NZ changed from paper to plastic notes, and also when notes were redesigned, so this is not an unknown process.
Maybe the UK could adorn their notes with King Charles 111 image and an inscription Last Chance Charlie
http://news.bbc.co.uk/2/hi/uk_news/8070131.stm
May 2009 UK
Prince urges action over climate ...........
"So, somehow, global decision makers have to be persuaded that strong, committed and co-ordinated action is needed now, not in 10 years' time, or even in five, but now."
2015
https://www.theguardian.com/uk-news/2015/jan/26/prince-charles-global-p…
He said this year marked potentially the “last chance” to save the world from the perils of global warming, with the Paris conference and the United Nations’ plan to replace the millennium development goals with a new set of sustainable development targets. “We simply cannot let this opportunity go to waste. There is just too much at stake, and has been for far too long.”
https://www.theguardian.com/environment/2021/oct/31/cop26-literally-the…
Cop26 ‘literally the last chance saloon’ to save planet – Prince Charles
Prince of Wales urges G20 to set aside differences and build sustainable economy
Cop26 is “the last chance saloon” to save the world from runaway climate change, Prince Charles has told world leaders in Rome ahead of the crucial climate summit in Glasgow.
Speaking to an audience including Boris Johnson on the sidelines of the gathering of the G20 group of industrialised nations, Charles said it was the moment to begin a green-led economic turnaround.
“Ladies and gentlemen, Cop26 begins in Glasgow tomorrow,” Charles said. “Quite literally, it is the last chance saloon. We must now translate fine words into still finer actions.
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