November 22nd, 2024
New Zealand's circulating and commemorative coins will soon feature the image of King Charles III, following the King's approval of the new effigy designed by Dan Thorne for the Royal Mint, according to a media release by the Reserve Bank of New Zealand – Te Pūtea Matua.
The big picture: A royal transition
In the media release, Ian Woolford, Director of Money and Cash – Tari Moni Whai Take, confirmed that the new effigy, which will see King Charles facing left in accordance with tradition, will be applied to all current designs of New Zealand’s circulating coins. This move follows the royal convention where the direction of the sovereign's profile alternates with each new monarch.
What’s happening: A phased introduction
The transition to the new coins will be gradual, with New Zealanders not expected to see the change in their everyday currency until 2027. However, the 2024 proof currency set, produced by NZ Post under licence from the Reserve Bank, will be the first to showcase the new effigy. The roll-out will begin with the 10-cent piece expected to be minted in 2025, with other denominations following in 2027. The introduction of these coins into circulation typically occurs around two years after their production.
Details: Maintaining tradition and functionality
The new coins bearing King Charles III's effigy will retain the physical characteristics of the current coins featuring Queen Elizabeth II. There are no plans to withdraw existing coins from circulation; they will remain legal tender. The Reserve Bank aims to ensure a smooth transition by working closely with cash handling machine manufacturers to avoid any acceptance issues.
Zoom in: A local touch
An interim effigy of King Charles III, created by Wellington artist Stephen Fuller, has already been approved for use on ten commemorative coin issues by NZ Post, under licence from the Reserve Bank. This interim design marks the first step in New Zealand's currency transition to reflect the new monarch's reign.
The bottom line: A seamless transition ahead
The Reserve Bank of New Zealand is committed to updating the public on the circulation dates of the new coins and ensuring that the transition to coins featuring King Charles III is seamless for both the public and industries reliant on cash transactions.