Ian Woolford, Director of Money and Cash - Tari Moni Whai Take, said that the King had recently approved application of the effigy, designed for the Royal Mint by Dan Thorne, to all New Zealand's current circulating coin designs. The King faces to the left in keeping with the convention that the direction changes between sovereigns.
"While it's unlikely that New Zealanders will see the new effigy in their change until 2027," Mr Woolford said, "it will be seen on our legal tender coins for the first time with the 2024 proof currency set to be produced by NZ Post under licence from the Reserve Bank.
"The first circulating coin to bear the new effigy will likely be the 10-cent piece, with an expected minting date of 2025. The first mintings of the other 4 denominations with the new image are likely to be in 2027. Coins typically enter circulation about 2 years after production.
"These anticipated timings are based on typical demand and stock levels, which are kept sufficient to deal with any demand spikes or supply chain issues.
"The new coins will have the same physical characteristics as those bearing the effigy of the late Queen Elizabeth II. We will not be withdrawing any existing coins in circulation, and these will remain legal tender.
"We will update on circulation dates as the time nears, and we'll also work with cash handling machine manufacturers to confirm that there are no glitches with acceptance of the new coins," Mr Woolford said.
