The Reserve Bank is making inquiries to find out whether or not New Zealand's bank notes contain animal fat, as they do in the UK.
Vegans and vegetarians have expressed their outrage at the revelation that the the new £5 notes in the UK contain tallow, a substance made from animal fat that is often used in the making of soap and candles.
More than 60,000 people so far have signed a petition demanding that the substance is no longer used in the production of the currency.
The notes are made by currency supplier Innovia, which also produces New Zealand's money.
New Zealand's Reserve Bank said it making its own inquiries about the polymer used in its banknotes and was awaiting a formal statement from Innovia.
"Whilst the Reserve Bank receives assurance over the safety and quality of the product, the detailed chemical composition of the polymer remains the intellectual and commercial property of Innovia," the bank said in a statement.