Bank note upgrade project questions and answers

Why is the Reserve Bank planning to upgrade our banknotes?

The Reserve Bank regularly reviews and improves New Zealand’s banknotes to ensure the security features within them are updated. With technology constantly evolving, it is important our banknotes keep up, to help ensure counterfeiting levels remain low.

What notes will be affected?

All of the banknotes currently in use in New Zealand will be part of the upgrade – this is the $5, $10, $20, $50 and $100. No changes are being made to our coins.

What changes will be made to the notes?

The main aim of the project is to update the security features. However, doing so also provides an opportunity to “refresh” the notes and update their look and quality. Exactly what this will entail is still being decided.

At this stage of the project, it is envisaged that the themes of the notes will remain the same, as will the range of note denominations on offer.

Will different New Zealanders be depicted on the notes?

With the improvement of security features being the focus of the banknote upgrade, the Bank will not change the New Zealanders depicted on the notes.

When will we see the new notes?

The Bank’s note upgrade project is in its early stages and it will be several years before new notes are issued in New Zealand - 2014 at the earliest.

How will the notes be circulated when they are released?

The Bank plans to release the notes one or two denominations at a time and co-circulate them with the notes already in use – so both sets will be acceptable to use at the same time. After a period (still to be determined), the old notes will be withdrawn and only new notes issued.

Which note/s will be produced first?

This is still to be determined.

Who will print the new notes?

A tender process will be run to determine the best candidate for printing our new notes.

Is counterfeiting an issue in New Zealand?

New Zealand has very low counterfeiting rates by international standards. However, in recent times the technology used for counterfeiting has improved and we need to strengthen our security features to combat this.

Will my old currency still be useable when the new notes come in?

Yes. The existing notes will co-circulate with the new notes for some time after the new notes’ introduction. More information about this will be available closer to the release of the new notes.

I have a special interest in currency matters. Who can I contact to discuss my specific concerns or requirements around the change?

The Bank has established a dedicated email address for such queries – newnotes@rbnz.govt.nz. Please note this is for individuals or groups with a specialist interest in, or concern about this project for operational or practical reasons.

What is meant by note “themes”?

This includes the New Zealanders depicted on the notes, as well as elements such as the flora and fauna.

When will we hear more from the Reserve Bank about this upgrade?

The Reserve Bank plans to provide public updates each time the project reaches an important milestone. It will also run an education and information campaign about the new notes closer to their release.