20 Cents - Elizabeth II 4th portrait, Pukaki, magnetic

New Zealand's switch to nickel-plated steel for the 20-cent piece came with the 2006 coinage reform, which also reduced the size of the circulating series and eliminated the 5-cent coin entirely. The magnetic composition was a direct cost-cutting measure — the older cupro-nickel pieces had become increasingly expensive to produce relative to face value. Vending machine operators and transit systems required recalibration, a not insignificant logistical undertaking for a change driven primarily by the Reserve Bank's production economics.

Pukaki, the lake featured on this denomination, sits in the Mackenzie Basin of the South Island's Canterbury region, fed by glacial meltwater from the Southern Alps.