Redesigned $5 and $10 notes began circulating on Monday, but may not be in the hands of retailers for some weeks. Around 345,000 of the new notes were released.
Asked why anybody would want to pay more than face value for banknotes, Jason said his notes were likely to be attractive to collectors. They are in pristine condition and have no creases from tellers counting them or scratches from automatic counting machines.
A number of banks are reporting they can’t weigh the notes correctly, Jason says, which means they are forced to use more damaging methods to count them.
“A number of banks are counting the new notes by hand and leaving small folds on them known as teller flicks or going through machines scratching the holograms leaving them next to worthless for serious collectors.”
He also pointed out that collectors outside New Zealand may wish to buy them.
Jason got a bit of stick from Trade Me users, many of whom objected to his attempting to profit from selling cash. He defended his choice in the comments, explaining that collectors sell current bank notes all the time. He says a small markup is necessary to cover selling fees and time.
“Collecting coins and banknotes is something I do to relax but this auction seems to have got a bit out of hand haha.”
Perhaps the haters wish they’d thought of it. The auction closes tonight.