In 2006 the Reserve Bank of New Zealand replaced the 10c, 20c and 50c coins in circulation with smaller, lighter ones, and removed the 5c coin from circulation.
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In 1983-84, he was a Professorial Fellow at the Australian National University; in 1987-88, he was a Visiting Fellow at the Royal Institute of International Affairs; in 1991-92, he held the Houblon-Norman Fellowship at the Bank of England; and in 2002, he was Professorial Fellow at the Victoria University of Wellington and the Reserve Bank of New Zealand.