Guest Aidan Work Posted May 10, 2006 Report Share Posted May 10, 2006 The new New Zealand coins will be released into circulation on the 31st of July.There will be a 3 month transitional period in which both old & new coins will continue to circulate,after which the old coins will no longer be legal tender.The 5c. coin will no longer be struck.The 10c. coin will be a copper-coloured coin.The 20c. & 50c. will be a lot smaller in size & will be struck in a different metallic composition at the Royal Canadian Mint's branch in Winnipeg. Here's a link; http://www.newcoins.govt.nz . Aidan. Link to comment Share on other sites More sharing options...
gxseries Posted May 10, 2006 Report Share Posted May 10, 2006 As of why the Canadian mint was preferred over the Aussie mint, I don't know why. Perhaps Canada decided to mint for New Zealand a lot cheaper, but still shipping all the way from Canada will cost more. Not too sure what is going on there, but who knows about business deals. I just see this as a grand scam of making current coins not legal tender within short period of time. Obviously for such big coins, it is worthwhile to return it back to the mint, recycle it, and mint smaller coins. Link to comment Share on other sites More sharing options...
SlavicScott Posted May 10, 2006 Report Share Posted May 10, 2006 As of why the Canadian mint was preferred over the Aussie mint, I don't know why. Perhaps Canada decided to mint for New Zealand a lot cheaper, but still shipping all the way from Canada will cost more. Not too sure what is going on there, but who knows about business deals. It may not have anything to do with costs, but might involve production capacities. Perhaps the RAM cannot meet the requirements to produce such a large volume of coins for New Zealand at this time. With a total re-vamp of the coinage, large mintages are surely called for, probably much larger than normal annual mintages. Link to comment Share on other sites More sharing options...
ccg Posted May 11, 2006 Report Share Posted May 11, 2006 As of why the Canadian mint was preferred over the Aussie mint, I don't know why. Perhaps Canada decided to mint for New Zealand a lot cheaper, but still shipping all the way from Canada will cost more. Not too sure what is going on there, but who knows about business deals. I just see this as a grand scam of making current coins not legal tender within short period of time. Obviously for such big coins, it is worthwhile to return it back to the mint, recycle it, and mint smaller coins. Ditto. For how long would the coins remain exchangeable after their LT status period ends? Link to comment Share on other sites More sharing options...
henare Posted May 11, 2006 Report Share Posted May 11, 2006 well, the website says From 1 November 2006 the current 50, 20 & 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. and that suggests to me that, while the old coins may not e used in trade after the deadline, they may be redeemed at the RBNZ indefinitely ... i'm not sure, if i had those old coins, that i'd wait too long to redeem them, tho. Link to comment Share on other sites More sharing options...
tabbs Posted May 11, 2006 Report Share Posted May 11, 2006 Ditto. For how long would the coins remain exchangeable after their LT status period ends? Forever. Same thing as over here in DE, it seems - after a certain date the old coins are not legal tender any more, but they never lose their face value. I like that Spanish Flower edge of the new 20 cents piece. Since the 10 and 20 have similar sizes, that edge is a pretty good help for blind people. In Euroland we have the same edge on our 20 cent coins, and (as the name suggests) it can also be found on some Spanish pre-euro coins. Christian Link to comment Share on other sites More sharing options...
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