27 Nov 2012

Niue expects to make millions from extended deal with New Zealand Mint

4:19 pm on 27 November 2012

Niue's new agreement with New Zealand Mint should earn it at least 400 thousand US dollars a year.

The New Zealand Mint chief executive Simon Harding says they have extended an agreement to use the Niue effigy on commemorative coins for another ten years.

Meg Rivera reports:

"The partnership between Niue and New Zealand Mint has been in place for the last four years, and the Premier of Niue, Toke Talagi, says they offered the company a five plus five year deal because New Zealand Mint has done a good job for Niue and wanted it to draw further confidence from the arrangement. The coins have a face value of 2 or 10 dollars but collectors can pay up to 160 US dollars for them. In the numismatic market, the Niue collectible coin is the largest circulating commemorative coin effigy in Russia, with projected sales into the tens of millions. The money earned by Niue is one of its biggest sources of income from the private sector and Mr Talagi says if New Zealand Mint sells more than expected Niue will also earn more."