Brighter banknotes ‘like play-money’
REACTION to New Zealand’s new $5 and $10 banknotes has been positive, although they may be a little too bright for some.
The new notes went into public circulation yesterday, although consumers may not get to see them for some weeks.
"I like them a lot, I like the colours and I like the people on them,’’ said Aucklander Oscar Henfrey when asked about the new design.
Catherine L’Estrange said having the amount on the bottom of the note, made them difficult to read. ‘‘The number placed at the top of the note is very helpful when it’s in your wallet and you’re trying to work out which note to give a retailer.’’
To Teeghan Lokeni, the notes looked like play-money. ‘‘The colours are too bright.’’
The Reserve Bank distributes banknotes only when it receives orders from banks, which meant the notes would not be released into circulation all at once.
‘‘Orders for replacement of $5 and $10 notes come in less frequently than other denominations as they tend to circulate much more between retailers and consumers,’’ Reserve Bank of New Zealand head of currency Brian Hayr said.
More orders were expected to come in from retail banks over the next few months. The old notes will remain legal tender.
‘‘Approximately 345,000 of the [new] banknotes have been dispatched to banks to meet their orders. This compares with about 45,000,000 [existing] $5 and $10 notes currently in circulation.’’
The new notes still feature Edmund Hillary and Kate Sheppard but include more Maori designs and have ‘‘Te Putea Matua’’, the Maori name for the Reserve Bank, printed on them.
The rest of the new notes, in $20, $50 and $100 denominations, will be released in April. All of the notes feature the same security features to deter counterfeiting. Snakk Media chief executive Mark Ryan says he bought a big parcel of the company’s shares last year, and will buy more in the capital raising.