The Minister of Finance, the Hon Mark Brown, today announced that the Government will replace the Cook Islands’ current circulating coins with a set of attractive new coins in 2015.
The launch of the new coins is expected to coincide with celebrations for the 50th anniversary of Cook Islands self-government (4 August 2015).
This will be the first major coinage change for the Cook Islands since 1972. Most of the Cook Islands’ coins are now well-worn, including some that are 30- 40 years old. By modern standards, these coins are too big and heavy for convenient use. They are also too expensive as it costs the Government more to purchase the coins than their face value. As a result, Cook Islands coins have become scarce and New Zealand coins are used instead.
“From 2015, the people will have new Cook Islands coins that they can use with pride for their everyday transactions,” said Minister Brown.
“The coins will have themes and designs that reflect Cook Islanders’ national identity, culture and heritage.
“The coins will be smaller, lighter and made of durable modern materials, and will also be more affordable for the Government to supply.
"By introducing a new coinage system, the Cook Islands will be in step with our Pacific Island neighbours, many of whom have successfully reformed their coinage systems or are in the process of doing so,” said Minister Brown.
The Ministry of Finance and Economic Management (MFEM) will be responsible for delivering the Cook Islands’ coinage reform and is working closely with the Royal Australian Mint to produce the new coins. The Minister said that MFEM intends to seek the views of the people regarding the features of their new coins.
More information on the denominations, sizes, shapes, weight, materials, colour and designs of the new coins will be released at regular intervals over the course of the next year.
For further information please contact Richard Neves (email@example.com).