Cook Islands Notes Still Legal Tender?

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Author	Replies: 7 / Views: 5,390
trikdoutcobalt Valued Member Canada 117 Posts	Posted 05/11/2016 11:07 pm Does anybody know why Cook Islands notes have become so cheap lately? On ebay you can get the set of 10, 20, and 50 dollars for $27 total. Since they are equal to New Zealand dollars, that should be equal to $70 Canadian. As far as I know, besides the $3 note, they mostly use NZ notes but you can ask for Cook Islands notes at the bank. Does this price change mean they have been demonetized? Or are people just trying to get rid of them since you can't exchange them at currency exchanges? Report this Post to the Staff

paxbrit Pillar of the Community United States 992 Posts	Posted 05/15/2016 9:03 pm The Cook Islands notes are really only the equivalent of a Princess Diana commemorative plate from the Marshall Islands, they are sold to tourists and collectors, and cannot be exchanged for another currency anywhere else. They can be used on the Islands, and to pay exit taxes. Officially, they are at parity with the New Zealand dollar, but the reality is their value is entirely local. Report this Post to the Staff
trikdoutcobalt Valued Member Canada 117 Posts	Posted 05/15/2016 9:08 pm Very interesting, thank you. I would like to go there one day. If I ever did, I could essentially get some "free" vacation cash Report this Post to the Staff
suttonc New Member New Zealand 2 Posts	Posted 05/16/2016 01:23 am I am still unclear why Cook Island banknotes have suddenly decreased in value on ebay? I had also noticed this recent decline in the BUY NOW price for these notes. They have been "equivalent of a Princess Diana commemorative plate from the Marshall Islands" for a long time, so this doesn't explain the recent decrease in asking price. I had wondered if a greater number than normal had been recently made available to the market? Report this Post to the Staff
trikdoutcobalt Valued Member Canada 117 Posts	Posted 05/16/2016 11:40 am What I'm wondering is how they can afford to sell them for under face value. I may be getting a little ridiculous here but what if I bought a couple thousand Cook Islands Dollars from sellers on ebay for 30% of their face value, flew there, bought a car or something, sold it and asked for NZD when selling. Or even easier, walk into the bank there and swap at a rate of 1:1. This would pay for my trip and then some, making money in the process but it just can't be that simple or else everybody would be doing it. Edited by trikdoutcobalt 05/16/2016 3:35 pm Report this Post to the Staff
trikdoutcobalt Valued Member Canada 117 Posts	Posted 05/16/2016 3:49 pm Update: After a lot of searching, I found this on the government website. I guess only the $3 is still legal tender http://www.mfem.gov.ck/news-mfem/12...s-bank-notes Report this Post to the Staff
suttonc New Member New Zealand 2 Posts	Posted 05/17/2016 01:50 am Interesting link. Explains why they have dropped in price recently. Report this Post to the Staff
publius Pillar of the Community United States 807 Posts	Posted 05/17/2016 04:17 am Quote: . I may be getting a little ridiculous here but what if I bought a couple thousand Cook Islands Dollars from sellers on ebay for 30% of their face value, flew there, bought a car or something, sold it and asked for NZD when selling. Or even easier, walk into the bank there and swap at a rate of 1:1. This would pay for my trip and then some, making money in the process but it just can't be that simple or else everybody would be doing it. Not hugely relevant, but apparently if you visit Burma, you can swap clean, crisp US currency for 1.5 or 2 times its face value in worn notes there. A friend who's there for a few days wishes he had thought of that ahead of time... Report this Post to the Staff
	Replies: 7 / Views: 5,390

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