Author Topic: New Zealand: New Series of Banknotes by 2014  (Read 5002 times)

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Offline Bimat

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New Zealand: New Series of Banknotes by 2014
« on: June 30, 2011, 01:28:08 PM »
Overhaul of bank notes being considered
Published: 4:02PM Thursday June 30, 2011 Source: ONE News

The Reserve Bank is considering a "fundamental redesign" of New Zealand's bank notes.

The central bank is planning a press conference in the coming weeks to discuss a review of the current notes.

RBNZ head of communications Mike Hannah said the new notes could be completely redesigned and would potentially see a new series of New Zealanders immortalised.

He also said a key part of the review would be the condition of $5 notes, which he said did not live up to public expectations in terms of quality.

Enhanced security features would also be added to the new notes.

The new notes will be introduced in 2014 and Hannah said the RBNZ would be consulting on any changes.

The last redesign, in 1999, saw bank notes moved from paper made from cotton, to polymer propylene, while the fundamental design of the notes remain the same.

Source: TV New Zealand
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Austrokiwi

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Re: New Zealand: New Series of Banknotes by 2014
« Reply #1 on: June 30, 2011, 08:23:13 PM »
But they don't seem to be looking at a $5.00 coin

Offline Bimat

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New Zealand: New Series of Banknotes by 2014
« Reply #2 on: July 01, 2011, 06:46:17 PM »
But they don't seem to be looking at a $5.00 coin
Perhaps because of the fact that a $5 coin can be (relatively) easily counterfeited and a polymer banknote is almost impossible to forge.

Aditya
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Offline Bimat

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New Zealand: New Series of Banknotes by 2014
« Reply #3 on: July 21, 2011, 08:56:03 AM »
Queen here to stay on NZ banknotes
Thu, 21 Jul 2011

The Queen will remain on New Zealand banknotes despite her image being the most disliked aspect of the current designs.

Reserve Bank governor Alan Bollard today announced there would be no significant changes to all five banknote designs as part of an upgrade to improve their quality and make them harder to forge.

The new notes, to be progressively released from 2014, would continue to include the prominent figures, landscapes and New Zealand birds featured on the existing notes.

That means the image of Queen Elizabeth II on the $20 note is here to stay -- despite a Nielsen Reserve Bank survey released today that found her image was the most disliked part of the design.

Of the 1000 consumers surveyed, 41 percent said they disliked the Queen on the note, while 23 percent of the 288 retailers surveyed disliked the image.

Reasons given included dislike of the Queen as a symbol and dislike of the way she was depicted, with one respondent saying: "I'm happy for the Queen to be on the note but the photo needs updating".

The survey found 9 percent of consumers wanted the Queen to be removed or replaced on the design.

Dr Bollard today confirmed a more recent, aged image of the Queen could be used on the upgraded notes -- but she was here to stay.

Reserve Bank head of currency Alan Boaden said the five people represented on the current notes -- four of them prominent New Zealanders -- were all chosen because they were highly respected.

"That is still the case and they're still all highly respected, highly regraded people, so that is why we have no plans to change any of people on the notes," he said.

The Nielsen survey found the public was generally satisfied with the colours, design and themes of the current notes.

They were also happy with the range of notes available -- $5, $10, $20, $50 and $100.

The survey found most people were happy with the condition of the notes in circulation, with the exception of $5 notes, which were least frequently returned to the Reserve Bank and therefore less likely to be taken out of circulation.

Dr Bollard said the new notes would benefit from technical advances in banknote security since the notes were last updated 12 years ago. The upgrade would also improve the quality of the notes, including the $5 note.

Upgrades were carried out a regular basis to help maintain New Zealand's low counterfeiting levels.

The new notes would be phased in and used alongside the existing notes for a short period once they were released.

Source: Otago Daily News
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Offline Bimat

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New Zealand: New Series of Banknotes by 2014
« Reply #4 on: February 25, 2012, 05:35:12 PM »
New bills tougher to rip off

ROB STOCK

Last updated 05:00 26/02/2012


We're about to get new money.

The Reserve Bank has begun a project that will change the face of Kiwi banknotes in a bid to make it prohibitively expensive for criminals to counterfeit them.

Polymer notes have been circulating since 1999, and Alan Boaden, head of currency at the Reserve Bank, said it was time to make them tougher to copy.

The new notes, which will come out in 2014, will look and feel different thanks to as-yet-undisclosed security features, but the portraits of Sir Edmund Hilary, Kate Sheppard, Sir Apirana Ngata, the Queen, and Lord Ernest Rutherford will remain.

Little can be said about the new security features, but the new $100 Canadian banknote is considered the peak of development.

Boaden said the Canadian $100 bill provided a clear view of the options available to New Zealand. Among its features are a larger, more complex transparent window, some of which have "secret" numbers embedded into them.

The transparent window in the Canadian $100 also has a picture of a building, which is printed in inks that change colour, depending on the angle they are viewed from. The colour changes vary in intensity in different parts of these pictures.

The new Canadian notes also contain areas where the surface is raised. There is also a far greater depth of detail in the illustrations than is on the current New Zealand notes, which were the second set of polymer notes ever issued.

The Canadian move was a "watershed moment" for the Australian holders of the polymer banknote patent because it marked the first of the northern hemisphere countries to adopt it over paper money, said Boaden. There are about 30 countries with polymer notes now.

"We want to upgrade the security features. It is something all central banks periodically do," Boaden said. "The technology available to counterfeiters advances quite quickly and becomes cheaper."

He said the arms race with counterfeiters was based on pure economics.

"We look at them [counterfeiters] as business people trying to make a profit. We try to make counterfeiting an unprofitable and difficult venture," Boaden said.

New Zealand lacks the organised criminal gangs of Asia and Europe which meant our counterfeiting rate was low by contrast, but no country wants to remain a soft touch as counterfeiters tend to sell their notes to other criminals at a discount to face value perhaps for 25 cents in the dollar so theoretically, counterfeiters overseas could form connections to import fake banknotes.

A Reserve Bank publication noted that: "The number of counterfeit bank notes and coins found in New Zealand is low by international standards ... however, it is important not to be complacent."

Boaden said just three in every million banknotes in New Zealand are counterfeit. With about 140 million notes in existence, that makes less than 500 fake notes in circulation at any one time.

HISTORY OF NZ BANKNOTES

Before 1934, trading banks produced the country's bank notes. In 1930, the Reserve Bank was created. It became the sole issuer of currency. Its first temporary banknotes (10 shillings, 1, 5 and 50) began circulating in August 1934. Designs included a kiwi, the Arms of New Zealand, a sketch of Mitre Peak and a portrait of King Tawhaio, the second Maori king. A permanent series was issued in 1940.

Captain James Cook replaced King Tawhiao, and a 10 note was introduced. Decimal Currency day in 1967 saw the next series introduced. Some wanted the new currency called the Zeal so it did not get mistaken for the US dollar. A $50 note was introduced at the end of 1983. Polymer notes with a new set of designs came out in 1999.

Source
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Offline Bimat

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New Zealand: New Series of Banknotes by 2014
« Reply #5 on: July 05, 2014, 07:03:05 AM »
NZ banknotes getting $80m redesign

Published: 3:44PM Saturday July 05, 2014 Source: ONE News

New Zealand's banknotes are getting an $80 million revamp with new designs and more advanced security features.

The current banknote's designs were issued in the early 1990s, upgraded to plastic in 1999 and haven't been touched since.

All notes will be updated, from $5 to $100, but the size, material and people featuring on the notes won't change. They will however have a "more modern look", have larger fonts stating note denominations and a bigger difference in colour between notes.

The Reserve Bank says security features are the "focus of the upgrade".

"While counterfeiting rates in New Zealand are low compared to the rest of the world, we need to stay one step ahead of the game," says Reserve Bank deputy governor Geoff Bascand.

The company which makes and prints our passports, Canadian Bank Note Company, has been tasked with the makeover.

Mr Bascand says the Reserve Bank expects to release "near final" designs in November.

You can then expect to see the notes in circulation around the end of next year, he says.

The new notes will co-circulate with the old ones for a while and both will be legal tender.

Mr Bascand says the Reserve Bank is also evaluating new minting technologies which could allow for coloured coins.

Source: TV NZ
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Offline Bimat

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New Zealand: New Series of Banknotes by 2014
« Reply #6 on: November 17, 2014, 06:38:51 AM »
NZ banknotes get a makeover

JOHN ANTHONY

Last updated 16:54 17/11/2014

A new generation of New Zealand banknotes will be revealed this week but don't expect any changes to the flora, fauna and famous faces we're all used to.

The Reserve Bank has been working on a new design of banknotes since 2011, adding security features to make them harder to counterfeit.

On Thursday afternoon the new banknote designs will be unveiled during a media lock up at the Reserve Bank before being added to circulation late next year.

While the designs will be updated, the themes of the notes will remain the same, with the same New Zealanders, flora and fauna remaining.

The notes will have a more modern look, feature larger print stating note denominations and greater colour contrast between notes.

The process will cost the Reserve Bank an estimated $80 million and is the first change to New Zealand banknotes since 1999 when banknotes went from being printed on paper made from cotton to polymer.

The new notes will be the same size and denominations as the current series, and will continue to be made of flexible polymer substrate.

The new notes will be printed at the Canadian Bank Note Company (CBNC) plant in Ottawa, Canada.

CBNC won the Reserve Bank tender to both design and print the new banknotes.

New Zealand has very low currency forgery rates by international standards but the technology used for counterfeiting has improved and strengthened security features were needed to combat this.

Massey University banking expert David Tripe said having robust currency security measures was important even if forgery rates were low.

"It's always good to have currency we can rely on and feel confident in even if we don't use it that much," Tripe said.

United States notes were particularly easy to forge because of the "commonality of colours", he said.

The new notes will be released progressively, by denomination, probably starting in the fourth quarter of 2015.

New and old notes will co-circulate for a period of time and both sets will be legal tender.

Tripe said it was likely the rollout would take about a year with the most common denominations of $5 and $20 being introduced first, he said.

In April there were $122m of $5 notes, $195m of $10 notes and $1.2b of $20 notes in circulation in New Zealand.

Source: Stuff.co.nz
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New Zealand: New Series of Banknotes by 2014
« Reply #7 on: November 20, 2014, 12:11:32 PM »
New look money unveiled

Updated at 6:34 pm on 20 November 2014

The Reserve Bank has this afternoon unveiled its bolder, brighter new banknotes it says will combat counterfeiters.

The new notes still feature the same famous faces, flowers, and birds but have greater colour contrast, bolder print and larger security windows.

They also feature more te reo Maori.

The notes will cost about $80 million to print, plus an additional $40 million for the security features.

The Reserve Bank said the new notes were needed in response to improving counterfeiting technology.
"Well we've got to be aware of the counterfeiting risks," he said.

"When counterfeiting does occur it's a serious issue. It costs a significant amount of money and resources to address it at the time, so you want to stay ahead of it."

Source: Radio New Zealand
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Enlil

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Re: New Zealand: New Series of Banknotes by 2014
« Reply #8 on: November 20, 2014, 11:50:05 PM »
Find out more here, http://www.brightermoney.co.nz/. Not as good as the current design.

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Re: New Zealand: New Series of Banknotes by 2014
« Reply #9 on: November 25, 2014, 10:38:17 AM »
Watch the unveiling of New Zealand's new banknotes - Brighter Money.

A webcast of  the press conference: http://www.youtube.com/watch?v=KjDVEZV-RPs&feature=share

This works very well viewed full screen.

Malcolm
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Offline Bimat

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New Zealand: New Series of Banknotes by 2014
« Reply #10 on: September 01, 2015, 06:15:44 AM »
The colour of money: New Zealand's new brighter bank notes

10:41 AM Tuesday Sep 1, 2015

New $5 and $10 banknotes have been revealed - and the Reserve Bank says it is possible the redesign will be the last, amidst speculation of a move to cashless society.

New Zealand's banknotes are being redesigned at an additional cost of $40 million over five years, in a bid to stay one step ahead of counterfeiters.

Reserve Bank deputy governor Geoff Bascand spoke to media at the launch of the new notes in Wellington and was asked if the redesigns could be the last.

"It is possible. People are speculating and talking about becoming a cashless society, but we haven't seen it yet.

"Funnily, cash is still growing, quite rapidly. I suppose that is partly the tourism industry - people come to New Zealand and want to use cash. It is also handy and used in all sorts of ways."

The new $5 and $10 notes feature brighter colours, but the same famous faces and flora and fauna design features.

Artistic renditions of all new banknotes were released in November, but the Reserve Bank has been completing work on security features since, meaning the final versions released today are different.

The shape, size and feel of the new notes remains the same, and Sir Edmund Hillary and Kate Sheppard still take pride of place on the $5 and $10 notes respectively.

However, the new notes contain more sophisticated security features, including:

A large clear window that contains a hologram featuring a fern, map of New Zealand, and the same bird that features on the left-hand side of the note.

When the note is tilted a rolling bar, that changes colour, flashes across the bird. On the reverse of the note, in the same position, a similar effect can be seen in the fern window.

If the notes are held up to the light, coloured irregular shapes on the front and back combine like puzzle pieces to show the note's denomination.

Raised ink features on both sides of the notes, including the words "Reserve Bank of New Zealand Te Putea Matua" and "New Zealand Aotearoa".

All banknotes are being redesigned and rolled-out progressively, by denomination.

The $5 and $10 notes will be released from mid-October, with the $20, $50 and $100s likely released in April 2016.

It could be some time before people find the notes in their wallet, because $5 and $10 notes are not usually dispensed by ATMs.

The new notes, which will be called Series 7, will co-circulate with the current notes for a period of time and both sets will be legal tender.

The last banknote upgrade was in 1999. Mr Bascand said the redesigned notes would be fit-for-purpose for 10 to 15 years, and the security features would help deter counterfeiters. They are being produced by the Canadian Banknote Company.

"New Zealand's counterfeit rate is low by international standards, it is below five notes per million. But in other countries, including Australia, at times they have had quite serious counterfeiting runs...it is better to be ahead of the time."

This morning's event was attended by Prime Minister John Key who, referencing the release of four alternative flag designs at Te Papa, said, "new notes and new flags are the order of the day".

Sir Ed's son, Peter Hillary, attended the launch and commented that his father looked "as handsome as ever" on the new $5 note.

The new banknotes can be "taken for a spin" at the interactive website www.brightermoney.co.nz

Source: NZ Herald
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

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New Zealand: New Series of Banknotes by 2014
« Reply #11 on: April 10, 2016, 07:39:16 AM »
New Kiwi banknote designs launched

SUSAN EDMUNDS
Last updated 15:47, April 10 2016

New Zealand's new $20, $50 and $100 banknotes will be revealed at a Reserve Bank event in Wellington on Monday.

Concept designs have already been circulated but this will be the first time the final design is made public.

The notes will go into circulation later in the year. A Reserve Bank spokeswoman said the full details of the rollout would be revealed on Monday.

It is the last stage of a revamp of the currency - new $5 and $10 notes are already in circulation. The process of redesigning the notes is estimated to have cost the Reserve Bank $80 million.

The new notes are the same size and denominations as the current banknotes, and they will continue to be made of flexible plastic.

The themes of the notes are the same and the same famous faces remain on them.

But some of the security features have increased, a move the Reserve Bank says will help stop counterfeiting.

The old notes can still be used for as long as they are in circulation.

The $5 note is in the running for the International Banknote Society's (IBNS) Banknote of the Year award, against countries including Gambia, Ukraine and Sweden.

But there have been teething problems with the new notes. Some automated payment machines have refused to accept them.

Source: Stuff.co.nz
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New Zealand: New Series of Banknotes by 2014
« Reply #12 on: April 25, 2016, 06:26:02 AM »
The $5 banknote has been selected as 'Banknote of the Year 2015' by IBNS.

Link

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.