New Zealand pound
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The New Zealand pound was the legal tender currency of New Zealand prior to decimalisation in 1967-1969. Like the pre-1971 British pound sterling it was based on, it was divisible into 20 shillings of 12 pence each. This currency was part of the sterling zone.
The period of usage of the New Zealand pound was from 1840 to 1969. This period comprises several distinct sub-periods; private Trading banknote issues to 1934 (excluding 1852 to 1856), government Reserve Bank issues from 1934 to 1967, and the period of phasing-out and concurrency with the New Zealand dollar from 1967-1969. New Zealand pound coins and notes issued by the Reserve Bank of New Zealand are still redeemable at their branch in Wellington. But in most cases the currency's value to collectors is now far higher than its face value, due to a period of high inflation in the 1970s to early 80s. The prime example being 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 will be valued in excess of £10,000 sterling.
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[edit] Issuers of pound demand notes
- Bank of Aotearoa (unsuccessful issuer c.1880)
- Bank of Auckland (1864 - 1867)
- Bank of Australasia (1863 - 1934)
- Bank of New South Wales (1861 - 1982)
- Bank of New Zealand (1861 - 1934)
- Bank of Otago (1864 - 1874)
- Colonial Bank of Issue (1852 - 1856)
- 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)
- Reserve Bank of New Zealand (sole issuer 1934 - 1969)
- Union Bank of Australasia (1840 - 1934)
[edit] History
This is a brief history of coins and the dates that they were minted.
- Halfpenny: Minted from 1940 to 1965. The halfpenny depicts a Māori Tiki on the reverse.
- Penny: Minted from 1940 to 1965. The penny depicts a Tui Bird amongst branches of a Kowhai tree.
- Threepence: Minted from 1933 to 1965. The threepence depicts two carved patu (Māori weapons)
- Sixpence: Minted from 1933 to 1965. The sixpence depicts a huia, an extinct bird.
- Shilling: Minted from 1933 to 1965. The shilling depicts a Māori warrior holding a taiaha.
- Florin: Minted from 1933 to 1965. The florin depicts a kiwi.
- Halfcrown: Minted from 1933 to 1965. The halfcrown depicts an armorial ensign (Containing images of the Southern Cross, a wheat sheaf, a lamb suspended by a rubbon and mining hammers). The armorial is set out on a background of Māori carvings.
- Crown: Minted specifically in years 1935, 1949 and 1953 for special occasions. The 1935 issue commemorated the Treaty of Waitangi. The 1949 issue commemorated a royal visit. The 1953 issue commemorated the coronation of Queen Elizabeth II
The first bank notes were issued in New Zealand in 1840 by the Union Bank of Australia. Prior to the reserve bank of New Zealand taking over the printing of all notes, notes were issued by varying banks at the time. The Reserve bank took over printing notes on August 1 1934
- Ten Shilling Note: Minted from 1934 - 1967. Designs varied
- One Pound Note: Minted from 1934 to 1967. Designs varied. Most commonly depicted Captain Cook's ship Endeavour off the East Coast of New Zealand.
- Five Pound Note: Minted from 1934 to 1967. Designs varied.
- Ten Pound Note: Minted from 1934 to 1967.
- Fifty Pound Note: Minted from 1934 to 1967. These notes are extremely rare and fetch a high price for 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] Decimalisation
The decision to convert to a decimal currency included a one-for-two "split" as had been the case in Australia the previous year; NZ£1 could be exchanged for NZ$2, or 10/- for $1. This allowed continued usage of much of the still-extant "silver" coinage:
- florin (2/-) = 20¢
- shilling (1/-) = 10¢
- sixpence (6d) = 5¢
| 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 |
