Silver lining to coin's demise

St Cuthbert's College students Celine Bennison (left) and Emma Plom. Picture / Martin Sykes

St Cuthbert's College students Celine Bennison and Emma Plom, both 11, offer their five cents' worth - 55,513 of the disappearing coins, in fact - to a good cause.

The donation - collected by the school over three weeks and weighing more than 153kg - is part of an appeal run by ANZ Bank with proceeds going to local Plunket services.

"If we put all the coins in a line on the pavement, it would stretch over 1km down the road," said ANZ Auckland Central chief executive Paul Lewis.

The appeal, which runs until October 31, has already raised almost $175,000.

The 5c coin is being withdrawn from circulation this year as part of an upgrade of New Zealand's coins.

New 50c, 20c and 10c coins will be introduced on July 31, beginning a transition period until October 31 where both old and new versions can be used.

The Reserve Bank has been working with banks, vending machine suppliers, retailers and community groups over the past year to ensure a smooth changeover.

Most old coins are expected to be out of circulation four to five weeks after the new ones are distributed.

The 5c coin will no longer be legal tender from November 1, following in the footsteps of the 1c and 2c coins, which were phased out in 1989.


* Old coins can be dropped off at collection bins at any ANZ branch, or phone 0508 ANZ 4 PLUNKET to get a coin collection bag.