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.  

The Cook Islands Ministry of Finance and Economic Management recently released an economic review which it had commissioned on the economic impacts of the Cook Islands Government underwrite of weekly non stop long haul access aviation services from Los Angeles and Sydney to the Cook Islands.  The review was undertaken by Covec Economics, http://www.covec.co.nz/. Covec is one of New Zealand’s leading economic research consulting firms with significant research experience in tourism economics.   Covec economics concluded that: