Information for businesses
This area provides useful information for retailers and vending machine operators.
The Reserve Bank has worked with these groups to ensure that the change over is as easy as possible.
The Bank developed resources that can be downloaded and displayed in retail outlets for the information of staff and customers.
The Reserve Bank has assisted those in coin-handling businesses by:-
- providing coins for the vending industry for testing in early February 2006;
- distributing new coins where needed in New Zealand prior to the first issue day; and
- facilitating the return of old coins to main centres.
Retailers
The coinage changes have benefited retailers in a number of ways. The new 10, 20 and 50 cent coins are easier to store, lighter for staff to move, and mean more room in tills. And with no 5-cent piece, there are fewer coins to sort.
How will rounding work?
The New Zealand Retailers Association has suggested to its members that when the total transaction value ends in x cents and payment is by cash then the following rounding principle should be applied:
Ending In: 1c/2c/3c/4c/5c - round down
6c/7c/8c/9c - round up
The Association has stressed that this is a suggestion only and each company will form its own commercial decision on the matter of rounding. However, the Association has added that where rounding is used then the policy should be clearly displayed at point of sale so consumers are appropriately informed.
Can retailers and other businesses decline to accept payment in the old coins?
New Zealand’s old 50, 20, 10 and 5 cent coins are no longer legal tender. This means that retailers do not have to accept them as payment for goods or services.
Other key messages for businesses
- The new coins are available to retailers through their normal supply chains. Please contact your normal suppliers.
- New coins are issued in rolled format - $10 roll for 50 cents and $5 roll for 20 and 10 cents.
For further information please contact:
The Retailers’ Association
John Albertson, jbalbertson@retail.org.nz or
Barry Hellberg, bhellberg@retail.org.nz
or
The Reserve Bank of New Zealand
Kelvin Smith
04 471
3852, kelvin.smith@rbnz.govt.nz
Vending machine companies
The change to new coins will affect vending machines, and the Reserve Bank has been working with vending machine companies to ensure the change-over is as fast and easy as possible.
Adjustments made have varied from a 15-second reprogramming task that was undertaken as part of regular maintenance for some modern machines, to full replacement for some older machines.
The Reserve Bank has assisted vending machine operators by providing sample coins for testing.
If you are a vending-machine operator and would like to know more about the change, please contact Don Oliver on 04 4713776 or don.oliver@rbnz.govt.nz