The E-Sylum:  Volume 9, Number 21, May 21, 2006, Article 20

NEW ZEALAND COINAGE REFORM CORRECTION

Martin Purdy offers the following corrections to Dick Johnson's
submission regarding recent changes to New Zealand's coinage
reforms: "The 5c coins are still in circulation, and will be until
31 October 2006.  1 and 2-cent coins were last struck in 1988 and
were demonetised in 1990 (or 91? - I can't remember).  The 10, 20
and 50-cent coins are indeed being struck, but won't be introduced
into circulation until the end of July.  I believe the new coins
have a steel core, but the 10c will be bronze coated, while the 20
and 50c coins will be Cu-Ni coated.  The $1 and $2 coins have never
been copper-nickel.  They're aluminium-bronze.

Dick wrote that "The dime is now the lowest coin in circulation,"
but that won't be the case until after October. Martin adds "And
we never call ten-cent coins "dimes".  That's a US/Canadian thing."

Dick wrote that "All prices are now quoted in multiples of 10 cents
while the cent remains a "money of account." Martin writes: "No,
prices can be quoted however you choose to write them.  $15.98 is
still perfectly legitimate, and that is what you would pay if you
used a credit or debit card."  As for "transaction price," Martin
writes: "I've never heard of a fraction of a cent being used as a
transaction charge since we stopped using 2½-cent stamps sometime
around 1970.  Final bills will be made out to the last cent, as
above, but if you pay in cash, the final total will be rounded up
or down to the nearest ten cents, as appropriate, just as they
are to the nearest 5 cents at the moment."

  Wayne Homren, Editor

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