diff --git a/noir-projects/noir-contracts/contracts/token_contract/src/main.nr b/noir-projects/noir-contracts/contracts/token_contract/src/main.nr
index 253a39a4b4e..2c1e8b917cb 100644
--- a/noir-projects/noir-contracts/contracts/token_contract/src/main.nr
+++ b/noir-projects/noir-contracts/contracts/token_contract/src/main.nr
@@ -225,7 +225,8 @@ contract Token {
     #[aztec(private)]
     fn privately_mint_private_note(amount: Field) {
         let caller = context.msg_sender();
-        storage.balances.add(caller, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, caller, caller));
+        let caller_npk_m = get_current_public_keys(&mut context, caller).npk_m;
+        storage.balances.add(caller, caller_npk_m, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, caller, caller));
 
         Token::at(context.this_address()).assert_minter_and_mint(context.msg_sender(), amount).enqueue(&mut context);
     }
@@ -318,7 +319,8 @@ contract Token {
         // Note: Using context.msg_sender() as a sender below makes this incompatible with escrows because we send
         // outgoing logs to that address and to send outgoing logs you need to get a hold of ovsk_m.
         let from = context.msg_sender();
-        storage.balances.add(to, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, from, to));
+        let to_npk_m = get_current_public_keys(&mut context, to).npk_m;
+        storage.balances.add(to, to_npk_m, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, from, to));
     }
     // docs:end:redeem_shield
 
@@ -331,7 +333,8 @@ contract Token {
             assert(nonce == 0, "invalid nonce");
         }
 
-        storage.balances.sub(from, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, from, from));
+        let from_npk_m = get_current_public_keys(&mut context, from).npk_m;
+        storage.balances.sub(from, from_npk_m, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, from, from));
 
         Token::at(context.this_address())._increase_public_balance(to, amount).enqueue(&mut context);
     }
@@ -361,11 +364,11 @@ contract Token {
             INITIAL_TRANSFER_CALL_MAX_NOTES
         );
 
-        storage.balances.add(from, change).emit(
+        storage.balances.add(from, from_keys.npk_m, change).emit(
             encode_and_encrypt_note_with_keys_unconstrained(&mut context, from_keys.ovpk_m, from_keys.ivpk_m, from)
         );
 
-        storage.balances.add(to, amount).emit(
+        storage.balances.add(to, to_keys.npk_m, amount).emit(
             encode_and_encrypt_note_with_keys_unconstrained(&mut context, from_keys.ovpk_m, to_keys.ivpk_m, to)
         );
 
@@ -462,10 +465,10 @@ contract Token {
         let amount = U128::from_integer(amount);
         // docs:start:increase_private_balance
         // docs:start:encrypted
-        storage.balances.sub(from, amount).emit(encode_and_encrypt_note_with_keys(&mut context, from_keys.ovpk_m, from_keys.ivpk_m, from));
+        storage.balances.sub(from, from_keys.npk_m, amount).emit(encode_and_encrypt_note_with_keys(&mut context, from_keys.ovpk_m, from_keys.ivpk_m, from));
         // docs:end:encrypted
         // docs:end:increase_private_balance
-        storage.balances.add(to, amount).emit(encode_and_encrypt_note_with_keys(&mut context, from_keys.ovpk_m, to_keys.ivpk_m, to));
+        storage.balances.add(to, to_keys.npk_m, amount).emit(encode_and_encrypt_note_with_keys(&mut context, from_keys.ovpk_m, to_keys.ivpk_m, to));
     }
     // docs:end:transfer_from
 
@@ -478,7 +481,8 @@ contract Token {
             assert(nonce == 0, "invalid nonce");
         }
 
-        storage.balances.sub(from, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, from, from));
+        let from_npk_m = get_current_public_keys(&mut context, from).npk_m;
+        storage.balances.sub(from, from_npk_m, U128::from_integer(amount)).emit(encode_and_encrypt_note(&mut context, from, from));
 
         Token::at(context.this_address())._reduce_total_supply(amount).enqueue(&mut context);
     }
@@ -528,7 +532,7 @@ contract Token {
             U128::from_integer(funded_amount),
             INITIAL_TRANSFER_CALL_MAX_NOTES
         );
-        storage.balances.add(user, change).emit(
+        storage.balances.add(user, user_keys.npk_m, change).emit(
             encode_and_encrypt_note_with_keys_unconstrained(&mut context, user_keys.ovpk_m, user_keys.ivpk_m, user)
         );
 
diff --git a/noir-projects/noir-contracts/contracts/token_contract/src/types/balances_map.nr b/noir-projects/noir-contracts/contracts/token_contract/src/types/balances_map.nr
index 0fece696437..af1c9affa9c 100644
--- a/noir-projects/noir-contracts/contracts/token_contract/src/types/balances_map.nr
+++ b/noir-projects/noir-contracts/contracts/token_contract/src/types/balances_map.nr
@@ -1,4 +1,4 @@
-use dep::aztec::prelude::{AztecAddress, NoteGetterOptions, NoteViewerOptions, NoteHeader, NoteInterface, PrivateSet, Map};
+use dep::aztec::prelude::{AztecAddress, NoteGetterOptions, NoteViewerOptions, NoteHeader, NoteInterface, PrivateSet, Map, Point};
 use dep::aztec::{
     context::{PrivateContext, UnconstrainedContext},
     protocol_types::constants::MAX_NOTE_HASH_READ_REQUESTS_PER_CALL,
@@ -62,6 +62,7 @@ impl<T> BalancesMap<T, &mut PrivateContext> {
     pub fn add<T_SERIALIZED_LEN, T_SERIALIZED_BYTES_LEN>(
         self: Self,
         owner: AztecAddress,
+        owner_npk_m: Point,
         addend: U128
     ) -> OuterNoteEmission<T> where T: NoteInterface<T_SERIALIZED_LEN, T_SERIALIZED_BYTES_LEN> + OwnedNote + Eq {
         if addend == U128::from_integer(0) {
@@ -70,8 +71,7 @@ impl<T> BalancesMap<T, &mut PrivateContext> {
             let context = self.map.context;
 
             // We fetch the nullifier public key hash from the registry / from our PXE
-            let owner_npk_m_hash = get_current_public_keys(context, owner).npk_m.hash();
-            let mut addend_note = T::new(addend, owner_npk_m_hash);
+            let mut addend_note = T::new(addend, owner_npk_m.hash());
 
             // docs:start:insert
             OuterNoteEmission::new(Option::some(self.map.at(owner).insert(&mut addend_note)))
@@ -82,6 +82,7 @@ impl<T> BalancesMap<T, &mut PrivateContext> {
     pub fn sub<T_SERIALIZED_LEN, T_SERIALIZED_BYTES_LEN>(
         self: Self,
         owner: AztecAddress,
+        owner_npk_m: Point,
         amount: U128
     ) -> OuterNoteEmission<T> where T: NoteInterface<T_SERIALIZED_LEN, T_SERIALIZED_BYTES_LEN> + OwnedNote + Eq {
         let subtracted = self.try_sub(owner, amount, MAX_NOTE_HASH_READ_REQUESTS_PER_CALL);
@@ -89,7 +90,7 @@ impl<T> BalancesMap<T, &mut PrivateContext> {
         // try_sub may have substracted more or less than amount. We must ensure that we subtracted at least as much as
         // we needed, and then create a new note for the owner for the change (if any).
         assert(subtracted >= amount, "Balance too low");
-        self.add(owner, subtracted - amount)
+        self.add(owner, owner_npk_m, subtracted - amount)
     }
 
     // Attempts to remove 'target_amount' from the owner's balance. try_sub returns how much was actually subtracted