New Zealand pound
Encyclopedia
The pound was the currency of New Zealand
between 1840 and 1967. Like the British pound, it was subdivided into 20 shilling
s each of 12 pence
. As a result of the great depression
of the early 1930s, the New Zealand agricultural export market to the UK was badly affected. The Australian banks which controlled the New Zealand exchanges with London decided to devalue the New Zealand pound in relation to sterling in the UK. By 1933, the New Zealand pound had fallen to a value of only 16 shillings sterling. In 1948 however, it was once again restored to its original sterling value. In 1967 New Zealand decimalised its currency, replacing the pound with the dollar
at a rate of 2 dollars = 1 pound (1 dollar = 10 shillings). In November that year the pound sterling devalued and New Zealand used this as an opportunity to re-align its new dollar to parity with the Australian dollar. For a more general view of history in the wider region, see The Pound Sterling in Australia, New Zealand, and Oceania.
Notes:
Commemorative crowns (5 shillings) were minted in 1935, 1949 and 1953 for the Treaty of Waitangi
, a royal visit and the coronation of Queen Elizabeth II, respectively.
Between 1852 and 1856, the Colonial Bank of Issue
was the only banknote issuing body. Public distrust of these notes soon led to their redemption with Union Bank notes. The discovery of gold in 1861 encouraged competing banks into New Zealand leading to a variety of note issue. By 1924 public demand for convenience in usage led to the six issuing banks agreeing a "Uniform" standard size and colour for each denomination.
From 1934 the government agency Reserve Bank of New Zealand
introduced notes for 10 shilling
s, 1, 5 and 50 pounds. In 1940, 10 pound notes were added. Only two series of pound notes were printed. The first (1934-40) featured the portrait of Matutaera Te Pukepuke Te Paue Te Karato Te-a-Pōtatau Tāwhiao
, the second (1940-67) featured Captain James Cook.
are still redeemable at the RBNZ offices in Wellington. The RBNZ has an obligation to redeem private bank notes. Under the 1933 Reserve Bank Act the privately held gold was confiscated and paid for in RBNZ banknotes.
In all cases, the currency's value to collectors is now far higher than its face value, due to its rarity. A prime example is a first issue Union Bank £1 from the 1840s returned to New Zealand in 1934, for redemption at face value, by its owner in the United States. Today a similar note would be valued in excess of £10,000 sterling. 50 pound notes of the Reserve Bank are also extremely rare and fetch a high price from collectors. The note signed by Chief Cashier T.P Hannah in uncirculated condition could fetch as high as NZ$25,000 according to the premier value listing for New Zealand notes and coins (Some other lesser valued notes signed by Hannah exist).
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
between 1840 and 1967. Like the British pound, it was subdivided into 20 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s each of 12 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
. As a result of the great depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
of the early 1930s, the New Zealand agricultural export market to the UK was badly affected. The Australian banks which controlled the New Zealand exchanges with London decided to devalue the New Zealand pound in relation to sterling in the UK. By 1933, the New Zealand pound had fallen to a value of only 16 shillings sterling. In 1948 however, it was once again restored to its original sterling value. In 1967 New Zealand decimalised its currency, replacing the pound with the dollar
New Zealand dollar
The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....
at a rate of 2 dollars = 1 pound (1 dollar = 10 shillings). In November that year the pound sterling devalued and New Zealand used this as an opportunity to re-align its new dollar to parity with the Australian dollar. For a more general view of history in the wider region, see The Pound Sterling in Australia, New Zealand, and Oceania.
Coins
Initially, British and Australian coins circulated in New Zealand. The devaluation of the New Zealand pound relative to sterling in the 1930s led to the issue of distinct New Zealand coins in 1933, in denominations of 3 and 6 pence, 1 shilling, 1 florin (2 shillings) and ½ crown (2½ shillings), minted in 50% silver until 1946 and in cupro-nickel from 1947. In 1940, bronze ½ and 1 penny coins were introduced. All these denominations were the same size and weight as their equivalents in the Australian and UK coinage (although Australia never minted the ½ crown). When the UK introduced the nickel-brass twelve sided threepenny bit, New Zealand continued to use the smaller silver coin, until decimalisation in 1967.| Reverse Image | | Value | | Technical Parameters | | Description | | Date of | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Diameter | Thickness | Mass | Composition | Edge | Obverse | Reverse | Issue | Withdrawal | |||
| ½d | 26 mm | 5.7 g | Bronze Bronze Bronze is a metal alloy consisting primarily of copper, usually with tin as the main additive. It is hard and brittle, and it was particularly significant in antiquity, so much so that the Bronze Age was named after the metal... |
Plain | King George VI (1940-52) Queen Elizabeth II (1953-67) |
A Māori hei-tiki Hei-tiki The hei-tiki is an ornamental pendant of the Māori which is worn around the neck. Hei-tiki are usually made of pounamu which is greenstone, and are considered a taonga . They are commonly referred to as tiki, a term that actually refers to large human figures carved in wood, and, also, the small... (neck pendant) with ornamental tukutuku patterns on each side |
1940 | ||||
| 1d | 31 mm | 9.5 g | A tui Tui (bird) The tui is an endemic passerine bird of New Zealand. It is one of the largest members of the diverse honeyeater family.... perched in a setting of yellow kowhai Kowhai Kowhai are small, woody legume trees in the genus Sophora native to New Zealand. There are eight species, S. microphylla being the most common. Kowhai trees grow throughout the country and are a common feature in New Zealand gardens. Outside of New Zealand, Kowhai tend to be restricted to mild... blossoms |
||||||||
| 3d | 16 mm | 1.4 g | 50% silver (1933-1946) Cupronickel (1947-1967) |
Plain | King George V (1933-1936) King George VI (1937-1952) Queen Elizabeth II (1953-1967) |
Two carved patu Patu A patu is a generic term for a club or pounder used by the Māori, the indigenous people of New Zealand. The word patu in the Māori language means to strike, hit, beat, or subdue. .- Weapons :... (Maori weapons) crossed with lanyards or throngs attached, with “3d” between their blades |
1933 | ||||
| 6d | 19 mm | 2.9 g | Continuously milled | A huia Huia The Huia was the largest species of New Zealand wattlebird and was endemic to the North Island of New Zealand. Its extinction in the early 20th century had two primary causes. The first was rampant overhunting to procure Huia skins for mounted specimens, which were in worldwide demand by... perched on a branch |
31 October 20061 | ||||||
| 1/- (1s) | 23 mm | 5.7 g | A figure of a Maori warrior in warlike attitude carrying a taiaha Taiaha A Taiaha is a traditional weapon of the Māori of New Zealand.It is a wooden, or sometimes whale bone, close quarters, staff weapon used for short sharp strikes or stabbing thrusts with quick footwork on the part of the wielder. Taiaha are usually between in length... |
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| 2/- | 28.5 mm | 11.3 g | A kiwi Kiwi Kiwi are flightless birds endemic to New Zealand, in the genus Apteryx and family Apterygidae.At around the size of a domestic chicken, kiwi are by far the smallest living ratites and lay the largest egg in relation to their body size of any species of bird in the world... facing left |
||||||||
| 2/6 (2s, 6d) | 32 mm | 14.1 g | Arms of New Zealand Coat of arms of New Zealand The coat of arms of New Zealand is the official symbol of New Zealand. The initial coat of arms was granted by King George V on the 26 August 1911, and the current version was granted by Queen Elizabeth II in 1956.-History and design:... on a background of Māori carvings. |
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Notes:
- The sixpence, shilling, and florin, although scarce to see in circulation, remained legal tender as late as 2006, being used as the identical size and value successors: the 5c, 10c, and 20c coins respectively. They were demonetised on 31 October 2006 when the 5c coin and the original 10c and 20c coins were withdrawn from circulation.
Commemorative crowns (5 shillings) were minted in 1935, 1949 and 1953 for the Treaty of Waitangi
Treaty of Waitangi
The Treaty of Waitangi is a treaty first signed on 6 February 1840 by representatives of the British Crown and various Māori chiefs from the North Island of New Zealand....
, a royal visit and the coronation of Queen Elizabeth II, respectively.
Banknotes
Until 1934, private trading banks issued notes. The first bank notes were issued in New Zealand in 1840 by the New Zealand Banking Company at Russell followed a few months later by the Union Bank of Australia in Wellington. Banks which issued notes in New Zealand were:- New Zealand Banking Company (1840 - 1845)
- Union Bank of Australia (1840 - 1934)
- Otago Banking Company (unsuccessful issuer in 1851)
- Oriental Bank CorporationOriental Bank CorporationThe Oriental Bank Corporation was a bank in India in the 19th century. It was also the first bank in Hong Kong and the first bank to issue banknotes in Hong Kong....
(1857 - 1861) - Bank of New South Wales (1861 - 1934)
- Bank of New ZealandBank of New ZealandBank of New Zealand is one of New Zealand’s largest banks and has been operating continuously in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in December 1861...
(1861 - 1934) - Commercial Bank of New Zealand (1863 - 1866)
- Bank of Australasia (1863 - 1934)
- Bank of Auckland (1864 - 1867)
- Bank of Otago (1864 - 1874)
- Colonial Bank of New Zealand (1873 - 1895)
- National Bank of New ZealandNational Bank of New ZealandThe National Bank of New Zealand often referred to as The National Bank is one of New Zealand's largest banks. Throughout much of its history, the National Bank has provided banking services to mainly rural, personal, and small business customers. Its owner is ANZ National Bank Limited, the New...
(1874 - 1934) - Bank of Aotearoa (unsuccessful issuer c.1886)
- Commercial Bank of AustraliaCommercial Bank of AustraliaThe Commercial Bank of Australia was an Australian retail bank which merged into the Bank of New South Wales bank in 1982, to form Westpac...
(1912 - 1934)
Between 1852 and 1856, the Colonial Bank of Issue
Colonial Bank of Issue
The Colonial Bank of Issue was a New Zealand state owned bank that operated between 1847 and 1856 in an early unsuccessful attempt to create a government-owned issuer of bank notes in New Zealand...
was the only banknote issuing body. Public distrust of these notes soon led to their redemption with Union Bank notes. The discovery of gold in 1861 encouraged competing banks into New Zealand leading to a variety of note issue. By 1924 public demand for convenience in usage led to the six issuing banks agreeing a "Uniform" standard size and colour for each denomination.
From 1934 the government agency Reserve Bank of New Zealand
Reserve Bank of New Zealand
The Reserve Bank of New Zealand is the central bank of New Zealand and is constituted under the Reserve Bank of New Zealand Act 1989. The Governor of the Reserve Bank is responsible for New Zealand's currency and operating monetary policy. The Bank's current Governor is Dr. Alan Bollard...
introduced notes for 10 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s, 1, 5 and 50 pounds. In 1940, 10 pound notes were added. Only two series of pound notes were printed. The first (1934-40) featured the portrait of Matutaera Te Pukepuke Te Paue Te Karato Te-a-Pōtatau Tāwhiao
Tawhiao
Tāwhiao I, Māori King , was leader of the Waikato tribes, the second Māori King and a religious visionary. He was a member of the Ngāti Mahuta iwi of Waikato....
, the second (1940-67) featured Captain James Cook.
Present status
Coins and uncancelled notes issued by the six private trading banks operating in 1934 as well as the Reserve Bank of New ZealandReserve Bank of New Zealand
The Reserve Bank of New Zealand is the central bank of New Zealand and is constituted under the Reserve Bank of New Zealand Act 1989. The Governor of the Reserve Bank is responsible for New Zealand's currency and operating monetary policy. The Bank's current Governor is Dr. Alan Bollard...
are still redeemable at the RBNZ offices in Wellington. The RBNZ has an obligation to redeem private bank notes. Under the 1933 Reserve Bank Act the privately held gold was confiscated and paid for in RBNZ banknotes.
In all cases, the currency's value to collectors is now far higher than its face value, due to its rarity. A prime example is a first issue Union Bank £1 from the 1840s returned to New Zealand in 1934, for redemption at face value, by its owner in the United States. Today a similar note would be valued in excess of £10,000 sterling. 50 pound notes of the Reserve Bank are also extremely rare and fetch a high price from collectors. The note signed by Chief Cashier T.P Hannah in uncirculated condition could fetch as high as NZ$25,000 according to the premier value listing for New Zealand notes and coins (Some other lesser valued notes signed by Hannah exist).