2 Mar 2015

Cook Islands to introduce new coins

4:22 pm on 2 March 2015

The minting of new Cook Islands coins will begin this week in commemoration of 50 years of independence for the country.

The Finance Minister Mark Brown will visit the Royal Australian Mint in Canberra to see the first coin go into production, ready for circulation in August.

Cook Islands Finance Minister Mark Brown

Mark Brown says the new coins should be ready for circulation in August. Photo: Cook Islands News

He says the New Zealand coins currently being used in the Cook Islands will be phased out.

Mr Brown says the new coins will be the same sizes as the New Zealand 10 cent, 20 cent and 50 cent coins, the one and two dollar coins will be changed, while a five dollar coin will be launched.

He says the new coins will save the government money.

"In the first year we will make over a million dollars in additional revenue from the coins. Because currently we are buying the New Zealand coins at face value, and then on top of that, paying the cost of freighting them here. But by using our own coins we are only paying for the cost price of our coins which are a faction of the face value. So automatically we are ahead there."