Millennium bank note design has public approval

News Release

Date: 30.11.00

The innovative design of the Reserve Bank's millennium $10 bank note has been endorsed by the public, based on polling commissioned by the Reserve Bank which can be viewed by clicking 307KB here.

In late October and early November 200 Wellington residents and 20 Wellington retailers were asked for their views on:

(1) the design of the $10 millennium bank note;

(2) its special security features;

(3) the security features on other "ordinary" polymer or plastic bank notes; and

(4) polymer or plastic bank notes compared with the older paper bank notes.

Among the findings:
1. Sixty per cent of public respondents and 65 per cent of retailers indicated a preference or strong preference for the $10 millennium bank note over the normal $10 bank note.
2. Seventy four per cent of the public and 90 per cent of retailers either preferred or strongly preferred polymer bank notes over paper bank notes. Polymer bank notes were perceived to be superior in quality.
3. Opinion was fairly even on whether a well-known New Zealander should feature on our bank notes, but there wasn't strong support for retaining a portrait of the Queen.
4. The special security features of the $10 millennium bank note were less well known that the standard security features of the ordinary $10 bank note. The transparent window was the polymer security feature that the public were most aware of. Members of the public were likely to take a suspicious looking bank note to a bank for verification, whereas retailers were more likely to use security features for authentication.

Reserve Bank currency spokesman Brian Lang commented "These results indicate that polymer bank notes are now well accepted among the public and among retailers. They also show that people like the bright, innovative design features used in the $10 millennium bank note. Retailers appreciate the enhanced security features.

"The Reserve Bank has no plans to upgrade or redesign the current polymer bank notes, but if and when redesigns do occur, this information will be very useful when making design and security decisions," Mr Lang concluded.

For further information contact
Paul Jackman
Corporate Affairs Manager
Ph 04 471 3671, 021 497 418, home 04 938 8177, jackmanp@rbnz.govt.nz