Banknote Production

New Zealand Plans Potential Banknote Overhaul

For the first time in over a decade, the Reserve Bank of New Zealand is planning on introducing a new series of banknotes.

“In its annual statement of intent for 2011-2014, the bank said it would soon begin planning for a new series…which would include adding new security features to prevent counterfeiting,” Stuff.co.nz wrote last week.

Though a complete redesign of the banknotes in an “option,” head of communications for the Reserve Bank of New Zealand Mike Hannah said the official decision has yet to be made. He also said the central bank would reveal its plans in the coming weeks.

The current series of New Zealand banknotes has been in circulation since 1999, when the country switched from cotton-paper banknotes to polymer banknotes. The existing banknotes feature security features such as two transparent windows with embossed numerals and the image of a fern leaf, a shadow image noticeable when held to the light, individual serial numbers, raised printing, microprinting and special inks that make particular features glow under an ultraviolet light.

A new banknote series would include upgraded security features.

The Reserve Bank also said they were planning on reviewing the $5 note as an individual case, as it often “does not meet the public’s expectations” in terms of quality.

Should a new series of banknotes be introduced, the first notes could be expected in late 2014.

SOURCES:
Stuff: “Bank Note Revamp Considered”
Reserve Bank Of New Zealand: “Explaining New Zealand Currency”

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