The E-Sylum:  Volume 9, Number 22, May 28, 2006, Article 21

NEW ZEALAND NEW COINS CLARIFICATION

Dick Johnson writes: "One of the benefits of The E-Sylum is
not only its freshness - you read the news less than a week
old for the most part - but also its virtual instant feedback.
Our savvy readers are often willing to respond, for which we
thank them.

Last week Martin Purdy responded to my article of the previous
week on New Zealand's abolishing its 5-cent and issuing new
coins for their 10, 20 and 50-cent denominations. I appreciate
his comments and clarifications.

The news item which triggered my story was published on a Friday
- in Wikipedia New Zealand newspaper. I discovered the story on
the Internet Saturday and wrote my report for Wayne Homren's
Sunday deadline. If we had had more time, perhaps we should
have been in touch with Martin, on location in New Zealand.

Previously I had been in touch with the Reserve Bank of New
Zealand, which issues the coins in that country. My source
was Anthea Black, Communications Officer of the bank, RBNZ.
My subsequent inquiry was answered by her boss, Brian Lang,
Head of Currency, RBNZ. So I was confident in my facts.

Martin was right, however in that I should not have used the
term "dime." I took this from the headline of an earlier story.
Martin was also right in the $1 and $2 coins are made in
aluminum bronze. I was correct in everything else. Martin
misunderstood "transaction price."

He states "Final bills will be made out to the last cent,
as above[before], 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." THAT is the definition of "transaction price" -
after rounding up or down.

Other news is that the bank expects it will take six months
to "retire" all the old coins. Note it is not a "recall" of
the coins. There is a subtle difference."

  Wayne Homren, Editor

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