New coins for old

The new coins from July 31. Herald file picture

From the end of the month, the Reserve Bank is phasing out the current 50, 20, and 10 cent coins, making way for smaller and lighter versions.

The 5c coin is to be taken out of circulation altogether and the 10c replaced by a copper-coloured coin.

The designs on the coins will not change.

As the new coins would be lighter, it would be much easier to carry them and use them, the bank said.

People had a three-month transition period to change their old coins for the new, smaller, lighter versions, during which both old and new coins could be used.

However, from November 1, the old coins would no longer be legal tender, but the bank would continue to accept them.

The bank said it was working with businesses handling coins frequently -- in particular banks, retailers and vending machine operators -- to phase the new coins in as smoothly as possible.

- NZPA