Most of our members had a small collection of NZ coins that were shared around the table. We also talked in more detail about New Zealand coins and the Perth Mint.
New Zealand has a similar coin minting history to Australia moving decimal in 1967. To answer the question where are NZ coins minted does not give the obvious answer. NZ coins since 2006 have been minted by the Royal Canadian Mint when the Reserve Bank of New Zealand decided to outsource for cost efficiency.
NZ coins like Australia have interesting native fauna and historical images on their reverse side. Some examples included: 10 cents – Maori carved mask, $1 features 2 of NZ national symbols, kiwi and ponga/silver fern and $2 Kotuki/White heron.
While NZ went decimal in 1967, it has recently changed its coins sizes. Key differences to Australian coins:-
- NZ coins are generally smaller and lighter, especially the 20c and 50c coins.
- NZ $2 is larger than the $1, whereas it’s the opposite in Australia.
- Materials differ—New Zealand uses plated steel for smaller denominations; Australia uses cupronickel and aluminium-bronze.
- Australian 50c coins are distinctively large and dodecagonal (12-sided), unlike NZ’s round 50c.
Perth Mint: The question often arises as to whether coins produced by the Perth Mint are legal tender. Coins produced by the Perth Mint are considered legal tender in Australia. However, it's important to note that many of these coins are "non-circulating legal tender," meaning they are not intended for everyday transactions. Instead, they are primarily designed for collectors and investors.
Under the Currency Act 1965, the Australian Government authorizes the Perth Mint to mint coins that are legal tender. These coins must bear the approved effigy of the monarch and are redeemable at their face value at the Reserve Bank of Australia or the relevant mint that produced the coin. However, banks are not legally obligated to redeem them. Perth Mint coins include:-
- Bullion Coins: These include gold, silver, and platinum coins like the Australian Gold Nugget (also known as the Kangaroo) and the Australian Platinum Koala. While they are legal tender, their market value is primarily determined by the precious metal content, which often exceeds their face value.
- Collector Coins: These are produced in limited editions and often feature intricate designs. An example is the Jewelled Turtle coin, which has a face value of $2,500 but is priced at $269,000 due to its rarity and craftsmanship.
Keep noodling.
Doug Smith