Home Introduction
History
Rules
Officers Member benefits Sponsors links Coin links
Banknote links
Medal links
New collectors NZ clubs Media releases Contact us
User Name
Password
Save Password
WINDFALL FOR COIN COLLECTORS

WINDFALL FOR COIN COLLECTORS

 

10 July 2007

 

New Zealand Post is generously donating 1000 pairs of uncirculated 2004 5-cent and 2005 10-cent coins to members of New Zealand numismatic societies on the 40th anniversary of the changeover to decimal coinage in New Zealand.

 

The Royal Numismatic Society of New Zealand, which is distributing the coins, says this is a fantastic opportunity to be part of a very unusual event in the world of coin collecting.

 

Existing members of New Zealand numismatic societies are automatically eligible to receive one pair of the coins. New members will also be eligible however members after 30 May 2007 may have to enter into a ballot. They can apply by 30 September to join one of the six societies at www.RNSNZ.org.nz

 

Royal Numismatic Society of New Zealand President David Galt says these coins are of great interest to collectors.

 

“This is a way of promoting interest in collecting and supporting coin collecting.  New Zealand Post’s willingness to promote the hobby has been greatly appreciated by all numismatic societies.  The Society is interested in helping members collect coins and in promoting numismatics in New Zealand.”

 

This move gives many more collectors a chance to own the coins and will promote increased membership of numismatic societies, he said.

 

The five and ten-cent coins were considered collectable when they were withdrawn from the New Zealand currency.  The rarity value of the 2004 5-cent coin came in its limited distribution.

 

Five-cent and the old large 10-cent coins are no longer available as legal tender in New Zealand and Mr Galt says the market will absorb the extra thousand coins without any undue affect on their collectability.

 

“Coin recipients only get one pair and will undertake not to sell them for two years.  The circulation coins are different to those issued in official annual mint sets, being struck at different mints and contain minor design differences. Many collectors will want to have one of each.” 

 

Mr Galt says any remaining coins will be returned to the Reserve Bank.

 

A similar distribution of the 1967 Bahamas mule (a cross between a New Zealand 2-cent reverse and a Bahamas 5-cent obverse) resulted in many more collectors obtaining the coins, although they remained scarce, he adds.

 

He says the main value of the coins is as a collectors’ item.

 

 

Questions and Answers on 5-cent and 10-cent Coin Distribution

 

What coins are being made available?

One uncirculated pair each of the scarce 2004 5-cent and 2005 10-cent coins

is being given to members of New Zealand numismatic societies for free.  Up to 1000 pairs are being distributed by the Royal Numismatic Society of New Zealand (RNSNZ).  These coins have been generously donated by New Zealand Post.  Existing members are automatically eligible to receive the coins.  New members after 30 May 2007 may have to enter into a ballot.

 

Why is New Zealand Post Making These Coins Available?

These coins are scarce and of great interest to collectors.  This is a way of promoting interest in collecting and supporting coin collecting generally.  New Zealand Post’s willingness to promote the hobby has been greatly appreciated by all numismatic societies.  NZ Post’s web site explains;

www.stamps.nzpost.co.nz/Cultures/en-NZ/Coins/

 

How Many Coins Are Being Made Available?

Up to 1000 pairs are being made available through the offer.  New Zealand Post will return any remaining coins to the Reserve Bank.

 

Why are these coins being distributed by the RNSNZ?

The Society is interested in helping members collect coins and in promoting numismatics in New Zealand.  This gives many more collectors a chance to own the coins, examine them and should promote much more membership of numismatic societies.  We hope that a large proportion of those who join will become active, longer term members.

 

Won’t this Free Distribution of Coins Lower the Value of the Coins?

  • Originally 48,000 2004 5-cents and 28,000 2005 10-cents were released.  Most were withdrawn but although up to 5000 2004 5-cents and 5000 circulation 10-cents are known to be available in sets, or in circulation now, the coins will still be scarce.
  • However the RNSNZ believes the market will absorb the extra thousand coins without an undue effect.  Coin recipients only get one pair and will undertake not to sell them for two years.
  • The circulation coins are different to those issued in official annual mint sets, being struck at different mints and contain minor design differences. Many collectors will want to have one of each.  The prices of the annual sets are not expected to move much because of this distribution.
  • As the promotion is being targeted at collectors, many of these coins will go into collections and not be put up for sale anyway.
  • A similar distribution of the scarce 1967 Bahamas mule (a cross between a New Zealand 2-cent reverse and a Bahamas 5-cent obverse) resulted in the price dropping but then picking up again.

 

What will the coins be worth?

The societies will not take a direct interest in this and make no guarantee about the worth of the coins.  Their main value is as a collectors’ item, helping collectors complete a date set of the circulating New Zealand decimal coins, which is otherwise quite difficult to assemble.

 

Which Existing Members of Societies Are Eligible?

 

All existing paid-up members, life members, honorary members, junior and overseas members and fellows of numismatic societies as at 30 May 2007 are eligible to take part in the distribution. 

 

They must sign a declaration that they will not sell the coin for two years as from 30 September 2007 and return it to the RNSNZ, through their own society.  They must also agree to pass on their name to the RNSNZ and New Zealand Post as a coin recipient so the distribution can be checked as proceeding in a fair and proper manner.  The form is attached.  Alternatively, an online form, with online subscription and postage payment details is available at www.RNSNZ.org.nz after 10 July 2007.  Names will not be held or used by NZ Post or the RNSNZ for any other purpose than the promotion in accordance with existing privacy laws.

 

The eligible societies are the Numismatic Society of Auckland, the Waikato Numismatic Society; Tauranga Numismatic Society; Wanganui Numismatic Society; Manawatu Numismatic Society and Royal Numismatic Society of New Zealand.  Members of branches of the Royal Numismatic Society of NZ need to be paid up members of the society concerned to be eligible.

 

How Do New Members of Societies Become Eligible for the Offer?

They apply at www.RNSNZ.org.nz or fill in the attached declaration form, apply to become a member of a Numismatic Society at a cost of $20, and pay the $20 to the Royal Numismatic Society of New Zealand, together with the cost of postage and packaging of the coins to them which is:

 

Courier Post: $4

Overseas Courier: $10

Optional special holder if wanted $15

(Overseas members of societies need to provide the equivalent of the New Zealand dollar amount in either $US or $Australian.  Exchange rates vary over time, but as a guide, $NZ10.00 is currently equivalent to $A9.00 or $US8.00).

 

How Are The Coins Packaged?

 

There will also be an option to order some special packaging shown below at an additional cost of $15.00.  The holder will unscrew to allow removal of the coins but gives a perfectly transparent display in hard plastic.  The caption is likely to be “Made available by the Royal Numismatic Society of New Zealand and New Zealand Post”.  An early sample is shown below.

 

Figure 1: Optional Coin Holder

 

Ordinary packaging, consisting of a standard coin flip, will be included in the cost of $20 to join a society.  Coins will be in a plastic flip with a special insert.

 

All distribution through courier delivery will be at the risk of the new and existing members.

 

 

How does payment of a membership subscription work?

 

All societies will accept new members through this offer for the payment of $20 (for all memberships, including junior memberships) from 10 July until the offer closes at 30 September.  The amount will pay the subscription for one year and any balance above the cost of the normal subscription will be passed to the society concerned.  In the case of the Royal Numismatic Society ordinary members, this is a discount on ordinary membership.  In the case of the Numismatic Society of Auckland, it is equal to the ordinary membership subscription.

 

Why Should I Join a Numismatic Society?

 

It’s a great way to share your hobby with other enthusiasts.  You can learn more about the many issues of coins, banknotes, medals and tokens – and have fun doing it!

 

Societies typically:

 

·        hold meetings where you can meet other collectors, hear interesting speakers and hear about interesting topics

·        run fairs and auctions where you can acquire material

·        issue newsletters (e.g. The Royal Numismatic Society normally issues one high quality Journal each year and three newsletters free to members. The Tauranga and Auckland societies also issue newsletters.)

·        provide news and opportunities to learn about events and special offers

·        have books, journals and  other resources (e.g. The Royal Numismatic Society of NZ has an extensive library on New Zealand and World Coins)

·        look after the interests of collectors (e.g. The Royal Numismatic Society of NZ has been clarifying the best way to send coins overseas and in New Zealand, providing advice to the Reserve Bank, and makes submissions on Government Bills affecting numismatics, promotes research and looks to support selected events in Wellington and throughout New Zealand.)

 

Society Meetings

 

Royal Numismatic Society of New Zealand

PO Box 2023 Wellington 6140

Contact 04 9344422

 

Established in 1931.  Meets on last Wednesday of the month in Wellington, February to November.  Offers an extensive library; occasional auctions and trading nights; speakers; visits to local collections and displays; three newsletters and high quality Journal per year; and web site with general information.

 

Copies of earlier Journals and proceedings are available, including some on CD.

 

Numismatic Society of Auckland

P O Box 818, Auckland 1140      

Phone 09 428-1338

 

Was formed in 1959.   Meets monthly except January on the second Tuesday of the month at

7.30 pm in Discovery 3 at Motat, with the gate typically manned for 10 minutes from 7.25 pm.

Meetings are informal and interesting, normally with a quiz where each attendee brings a question, guaranteeing at least ONE point.

 

The Society publishes a monthly magazine MINTMARK of 8 to 20 pages, with

some illustrations.   Has published "The Millennium Series" and “The

Duodecimal Coinage of New Zealand" both illustrated, $5 each, plus a

catalogue of the works of Anton Teutenberg, a German, Auckland-based

engraver of the 19th century.  This is heavily illustrated.  $35 (all post free)

Has also issued medals from time to time.

 

Some members have extensive libraries and are usually willing to lend,

and otherwise assist newcomers. 

 

Tauranga Numismatic Society

PO Box 202, Tauranga

Contact 07 533-1881 or 07 578-1221.

 

Meets on the first Wednesday night of the month (except January) at 7.45pm at the Wesley Church Hall, 13th Avenue, Tauranga. 

 

Waikato Numismatic Society

PO Box 9593 Hamilton

Contact 07 825 9888

 

Meets 3rd Wednesday except December and January, Rostrevor House

 

Wanganui Numismatic Society

PO Box 123, Wanganui 4500

Contact 06 345 6587

 

Meets 7.30 pm last Tuesday of month except December

 

Manawatu Numismatic Society

c/o 224 Tremaine Avenue

Palmerston North

Contact: 06 376-4446

 

Meets 2nd Tuesday of month at 7.30 pm

 

Are There Any Varieties in These Coins?

Will Any Error Coins Be Distributed?

 

All coins will be distributed at random irrespective of whether they have (manufacturing) faults. The Royal Numismatic Society of NZ checked 300 of the five-cent coins for faults and more than 50% of these coins had one or more faults. This is an exciting prospect for error coin collectors, as two main error “varieties” have been found: a double-line seagull, and a single-line seagull.  The single-line seagull is rarer than the double-line, 10% of the coins compared to 40%. But the double-line seagull has additional faults: a “dripping 5” and a rough rim above the seagull.


 

DECLARATION FORM FOR NUMISMATIC SOCIETY MEMBERS WISHING TO ACQUIRE 2004 5-CENT AND 2005 10-CENT COINS

 

I ,………………………………………………………………………………….., declare that:

 

I am (a) a member of ………..                     (Tick one)

or      (b) wish to join  ………..                     

 

the…………………… Numismatic Society ……………………………                                               

(Include one of Royal Numismatic Society of NZ; Numismatic Society of Auckland; Waikato Numismatic Society; Tauranga Numismatic Society; Manawatu Numismatic Society or Wanganui Numismatic Society).

 

If successful in obtaining the coins, either directly or through a ballot, I will not sell before 30 September 2009 the pair of New Zealand 2004 5-cent and 2005 10-cent that I receive.

 

I agree that my name and address can be passed to the Royal Numismatic Society of NZ and New Zealand Post for the purposes of:

 

(a)     checking that the distribution of these coins has been conducted in a fair and proper manner

(b)     conveying the coins to me

 

(Neither the Royal Numismatic Society of NZ nor New Zealand Post will keep these details for any other purpose, except if you choose to join the Royal Numismatic Society, it will keep your contact details for servicing your membership, such as sending publications, meeting details and other matters of interest to you.  Contact details will be passed to the society you choose to join.)

 

I wish to have my coin sent to me by (Tick one):

(a)     Courier within New Zealand                                             ($NZ 4.00)        ………….

(b)     Overseas courier                                                                 ($NZ 10.00)      ………….

(c)     Collected from my Society                                                 (no charge)       ………….

I wish to order the special, transparent, hard plastic packaging  ($NZ 15.00       ………….

Payment for joining a Numismatic Society (new members only) ($NZ 20.00)      ………….

(All amounts in New Zealand dollars)

 

I enclose a cheque (made out to the Royal Numismatic Society of New Zealand Inc) for membership for one year of a numismatic society plus the amount required for courier service and packaging as specified, a total of ………………..

 

 

Signed………………………………..             Date…………………………………..

 

Name:………………………………..             Email………………………………...

 

Address………………………………………………………………………………..

 

Telephone……………………………………………………………………………..

Applications must include name, signature and address to be valid.

Please fill in as many of the blank spaces as you can in this form and send to:

 

The Secretary,

Royal Numismatic Society of New Zealand (Inc)

PO Box 2023

Wellington 6140

New Zealand

(Or hand to the Secretary of your Numismatic Society.  If you are an existing member of a numismatic society as at 30 May 2007, your society Secretary will need to confirm to the Royal Numismatic Society of NZ that you were eligible for the offer by being a member of the Society then.)

New Coin Collectors Risk Getting Burnt

 

15 August 2006

 

David Galt, President of the Royal Numismatic Society of New Zealand (Coin, Medal and Banknote Society) said today that the Society was delighted to see the huge increase in interest in coins and coin collecting over the last week. The number of TradeMe listings has suddenly doubled with many new people becoming collectors and taking an interest.

 

However, the upsurge has real risks for some new collectors and buyers.

 

Coin collecting, like many hobbies, is a specialist business. People getting involved should learn as much as they can quickly. The Society does not want to see new collectors getting burnt by buying items that will not hold their value.

 

New collectors need to know these things:

 

Of circulated New Zealand decimal coins, only the following can reasonably be said to be scarce:

 

  • 2004 5 cent. The values of these on Trade-me are rapidly falling from the original $360 paid as many more come on the market, but do remain high.
  • 2005 10 cent of which there have been few sales so far and which appear quite scarce in circulation.
  • 2005 20 cent and 50 cent. Values being achieved for these now are ranging from around $5 to $15.
  • The Bahamas mule 2 cents, which combined a 1967 2 cent kowhai design with the Bahamas Queen’s portrait side.
  • 1971 circulated coins in uncirculated condition, which differ slightly in design from those issued in sets.
  • Coins not issued for circulation, but only in sets or special issues for collectors by the Government through Treasury, the Reserve Bank and New Zealand Post. Normally these are in uncirculated condition or better, but there are a few now in general circulation. Worn examples do not sell well.

 

These are the facts:

 

  • Other circulated New Zealand decimal coins have little value beyond face value, unless in exceptionally high grade, such as uncirculated.
  • 2004 10 cents, 20 cents and 50 cents are very common
  • 2000, 2001, 2002, and 2003 5 cents are very common
  • Australian 2004 5 cents are very common - there are more here in circulation in New Zealand by far than New Zealand 2004 5 cents
  • Complete official year and other sets are often cheaper to buy than the individual coins in them
  • Putting high grade new or nearly new coins aside each year can be a good way to build a collection

 

People who want to know more about coin collecting can find more information on:

 

 


The Royal Numismatic Society of New Zealand
Copyright Reserved Since March 2007