New Zealand pound
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| New Zealand pound | |
| ISO 4217 Code | NZP |
|---|---|
| User(s) | New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau |
| Subunit | |
| 1/20 | shilling |
| 1/240 | penny |
| Symbol | £ |
| shilling | s |
| penny | d |
| Coins | ½d, 1d, 3d, 6d, 1/-, 2/-, 2/6 |
| Banknotes | 10/-, £1, £5, £10, £50 |
| Central bank | Reserve Bank of New Zealand |
| Website | www.rbnz.govt.nz |
| This infobox shows the latest status before this currency was rendered obsolete. | |
The pound was the currency of New Zealand between 1840 and 1967. Like the British pound, it was subdivided into 20 shillings each of 12 pence. As a result of the great depression in 1930, 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 went decimal and replaced the pound with the dollar at a rate of 2 dollars = 1 pound (1 dollar = 10 shillings). Shortly after that in November 1967, the pound sterling devalued and New Zealand used this as an opportunity to re-align its new dollar to parity with the Australian dollar.
Contents |
[edit] Coins
Intitally, British and Australian coins circulated in New Zealand. Due to devaluation of the New Zealand pound in relation to UK sterling, new Zealand introduced distinct coins in 1933 in denominations of 3 and 6 pence, 1 shilling, 1 florin (2 shillings) and ½ crown (2½ shillings). All were minted in silver until 1947. In 1940, bronze ½ and 1 penny coins were introduced. All denominations were issued until 1965.
Coin designs were:
- Halfpenny - Māori Hei-tiki
- Penny - Tui
- Threepence - Two carved patu (Māori weapons)
- Sixpence - Huia
- Shilling - Māori warrior holding a taiaha
- Florin - Kiwi.
- Halfcrown - Arms of New Zealand on a background of Māori carvings.
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.
[edit] Banknotes
Until 1934, private trading banks issued notes. The first bank notes were issued in New Zealand in 1840 by the Union Bank of Australia. Banks which issued notes in New Zealand were:
- Bank of Aotearoa (unsuccessful issuer c.1880)
- Bank of Auckland (1864 - 1867)
- Bank of Australasia (1863 - 1934)
- Bank of New South Wales (1861 - 1882)
- Bank of New Zealand (1861 - 1934)
- Bank of Otago (1864 - 1874)
- Colonial Bank of New Zealand (1873 - 1895)
- Commercial Bank of Australia (1912 - 1934)
- Commercial Bank of New Zealand (1863 - 1866)
- National Bank of New Zealand (1874 - 1934)
- New Zealand Banking Company (1840 - 1845)
- Oriental Banking Corporation (1857 - 1861)
- Otago Banking Company (unsuccessful issuer in 1851)
- Union Bank of Australasia (1840 - 1934)
Between 1852 and 1856, the Colonial Bank of Issue was the only bank issuing body.
The Reserve Bank of New Zealand introduced notes in 1934 for 10 shillings, 1, 5 and 50 pounds. In 1940, 10 pound notes were added. Only two series of notes were printed, the first (1934-40) featured the portrait of a Māori king, the second (1940-67) featured Captain James Cook.
[edit] Present status
Coins and notes issued by the Reserve Bank of New Zealand are still redeemable at their branch in Wellington. However, in most cases, the currency's value to collectors is now far higher than its face value, due to their 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 reserve governor T.P Hannah in uncirculated condition could fetch as high as NZ$10,000 according to the official value listing for New Zealand notes and Coins (Some other lesser valued notes signed by Hannah exist).
[edit] References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
[edit] External links
- Don's World Coin Gallery - New Zealand
- Ron Wise's World Paper Money - New Zealand Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - New Zealand Mirror site
- The Global History of Currencies - New Zealand
- Global Financial Data data series - New Zealand pound
- Global Financial Data currency histories table (
Microsoft Excel format)
| Preceded by: No modern predecessor |
Currency of New Zealand 1840 – July 9, 1967 |
Succeeded by: New Zealand dollar Reason: decimalisation Ratio: 2 dollars = 1 pound |
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