The Queen and the King on New Zealand’s currency

Quick Summary

A change in Sovereign has no immediate effect on the designs of New Zealand’s banknotes, coins, or cash usage. All current coins and $20 bills bearing an image of Queen Elizabeth the Second are still considered legal money. It will be several years before we need to start issuing coins with images of King Charles the Third, and much longer before the supply of $20 bills runs out.

The Queen continues to have the exact same status and worth on all banknotes and coins that are produced by the Reserve Bank of New Zealand – Te Ptea Matua.
Before new stock featuring the image of the Queen’s successor is released, all coin stock for that denomination will already be in circulation. This won’t happen for a while.
When we introduce new coins with the picture of the King, banks, shops, people, and others utilising or handling cash won’t need to change anything.

Everybody will be informed when fresh coins are about to go into circulation.

For many years to come, $20 banknotes printed from current stock are anticipated to still feature the Queen. We don’t often produce these notes, and we don’t intend to get rid of our stock or make the current banknotes last any less time merely because they feature the Queen. This would be wasteful and bad for the environment.

We will get ready to replace the coin’s design with one that King Charles has approved, working with our mints, which create coins for several Commonwealth nations.

The physical features of coins featuring the King’s picture will be identical to those of coins featuring the Queen. In order to make sure that machines like self-service checkouts, vending, and change machines can accept and issue them alongside the old ones, we will work with the industry. Coins of the same denomination with several Sovereigns on them won’t need to be kept separate.

We always maintain adequate stock to ensure that supply chain problems, a sharp rise in demand, or a loss of access to vaults or stock for any reason won’t hinder our ability to issue cash. As a result, the switch to new imagery will take several years. We also benefit from the mints and printers’ most affordable pricing and supply agreements in the UK and Canada, where we use them.

Source: https://www.rbnz.govt.nz/hub/news/2022/09/the-queen-and-the-king-on-new-zealands-currency

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