Reserve Bank of New Zealand confirms coins and currency will include likeness of King Charles III

As one of the last countries and territories within the Commonwealth of Nations where the British Sovereign serves as Head of State, New Zealand’s Reserve Bank have authorised the change to national currency after the accession of King Charles III which occurred in September 2022. The new likeness of the King referred to as the Commonwealth effigy and designed by Dan Thorne, a senior engraver at the Royal Mint has been chosen and confirmed. The head and shoulders effigy of HM King Charles III faces to the left as is tradition with succeeding monarchs which are portrayed facing in an opposite direction from the previous one. The legend around the King’s effigy will include CHARLES III and NEW ZEALAND along with the year of minting.

Prior to this confirmation, an interim effigy of the King after his accession was used for coinage issued by New Zealand and created by Stephen Fuller from Wellington. His likeness has appeared on commemorative and collector coinage which was produced for NZ Post under licence on behalf of the Reserve Bank. Fuller’s effigy also appeared on coinage issued by British Territories where the New Zealand Dollar is legal tender.

The revised coinage will have the same physical characteristics as those bearing the effigy of the late Queen Elizabeth II. The Reserve Bank have confirmed they will not be withdrawing any of the coins in circulation, nor will any of the denominations ranging from ten cents to two dollars. All coins in this current series bearing the effigy of Queen Elizabeth II will remain legal tender. The first circulating coins scheduled for production and which will bear the King’s effigy will likely be the ten cent denomination and with an expected minting date of 2025. Further production of the other four denominations intended for circulation are likely to be dated with the year 2027. Coins typically enter circulation about two years after production however, the new change will be reflected on legal tender coins for the first time commencing with the 2024 proof currency set to be produced by NZ Post under licence from the Reserve Bank. Changes to the obverse side of New Zealand’s coinage that includes a likeness of the reigning monarch must undergo a process of approval first from Buckingham Palace and the King personally, then from the Reserve Bank.

The amended image on the $20 banknote denomination may involve a longer timeframe. The Reserve Bank have indicated that due to a significant stock of the $20 banknotes depicting an image of the late Queen, they are likely to remain in use for many years to come or until stocks of these $20 notes are exhausted. The Reserve bank will advise the public of any change to this banknote in due course.

For further information on coins and banknotes of New Zealand, please visit their website.