His confirmation follows reports yesterday of old coins being rejected in transactions and queries from members of the public on the use of the old Cook Islands coins.
Funds manager Piri said MFEM had issued a public notice advising people that they should return the old coins to their nearest commercial bank by April 30.
The notice said that from May 1, 2016 only new Cook Island coins and New Zealand coins would be the legal tender in the Cook Islands and advised people to return them to their nearest bank.
As the deadline has now passed, it is no longer possible to exchange the coins for new ones.
The six new Cook Islands coins 10 cents, 20 cents, 50 cents, $1, $2 and $5 were launched by Finance minister Mark Brown on May 26 last year and were available from banks from August 4.
In spite of the clear notices issued by MFEM, there has still been considerable confusion over the withdrawal of the old coins, with at least one business recently informing customers that New Zealand coins were no longer legal tender.