Here's something interesting … our money is about to get a facelift. Initially introduced into New Zealand's money system in 1999, our bank notes have become a little dull. New bright notes, however, are going to be the norm from October 2015 onwards.
The notes will remain the same denomination but the colour of the notes will be more vibrant and the value of each note will be printed in bigger text size. Shape, size, graphics and feel, however, won't change.
The cost to produce the new notes is estimated by the Reserve Bank to be circa $80m over the next 5 years. Given we're all trying to be economically frugal, coupled with the fact that nowadays cash is used less and less, why has the decision been made to spend money simply to make new money?
The answer lies in applying technological advances to combat counterfeiting which has become much easier in recent years. Our new notes will encompass sophisticated security attributes such as including holographic features that make our currency easier to verify but much harder to counterfeit.
It's expected the new notes will circulate simultaneously with our old notes and both will be legal tender. By March 2017, however, it's thought most of the notes in circulation will be the new ones.
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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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