'Clear winner' - NZ's new five dollar note wins top award

New Zealand's new five dollar note has been named Banknote of the Year in a prestigious international competition.

New Zealand five dollar note. Source: 1 NEWS

The five dollar note was awarded the title at the International Bank Note Society's annual meeting.

The award recognises outstanding achievement in the design, technical sophistication and security of a banknote or banknote series.

Twenty banknotes from around the world were nominated for the award, and the winner was voted by IBNS members.

The IBNS says New Zealand's five dollar note was the competition's "clear winner", with Sweden's 20 Kronor note, Russia's 100 Ruble note, Kazakhstan's 20,000 Tenge note and Scotland's (Clydesdale Bank) five pound polymer note voted the runners-up.

New Zealand's new banknotes are designed and printed by Canadian Banknote Company in Canada.

Reserve Bank of New Zealand Deputy Governor Geoff Bascand says the award is testament to the hard work and innovation by the Bank and its partners that has gone into developing the note.

"We are proud of all of New Zealand's new banknotes, but to have our five note recognised internationally is very special," he said.

"The note incorporates some of the world's most advanced security features, yet still beautifully showcases New Zealand's history, culture and heritage."

The five and $10 notes have been in circulation since October. The new $20, $50 and $100 notes will come into circulation from May 16.