New Zealand pound

New Zealand pound
ISO 4217
Unit
Symbol	£‎
Denominations
Subunit
1⁄20	shilling
1⁄240	penny
Symbol
shilling	s
penny	d
Banknotes	10s, £1, £5, £10, £50
Coins
Freq. used	1⁄2d, 1d, 3d, 6d, 1s, 2s, 2+1⁄2s
Rarely used	5s
Demographics
User(s)	New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau
Issuance
Central bank	Reserve Bank of New Zealand
Website	www.rbnz.govt.nz

The pound (symbol £, or NZ£ for distinction) was the currency of New Zealand from 1840 until 1967, when it was replaced by the New Zealand dollar.

Like the British pound, it was subdivided into 20 shillings (symbol s) each of 12 pence (symbol d). 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 = £1 (or $1 = 10s). In November of 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 History of pound sterling in 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 3d, 6d, 1s, 2s (the florin) and 2+1⁄2s (the half-crown), minted in 50% silver until 1946 and in cupro-nickel from 1947. In 1940, bronze ½d and 1d 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 half-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
	Value	Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse	Issue	Withdrawal
File:NZP halfpenny reverse.gif	1⁄2d (half penny)	26 mm		5.7 g	Bronze	Plain	King George VI (1940–52) Queen Elizabeth II (1953-67)	A Māori hei-tiki (neck pendant) with ornamental tukutuku patterns on each side	1940
File:NZP penny reverse.jpg	1d (one penny)	31 mm		9.5 g	Bronze	Plain	King George VI (1940–52) Queen Elizabeth II (1953-67)	A tui perched in a setting of yellow kowhai blossoms	1940
File:NZP threepence reverse.gif	3d (three pence)	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 (Maori weapons) crossed with lanyards or throngs attached, with “3d” between their blades	1933
File:NZP sixpence reverse.gif	6d (six pence)	19 mm		2.9 g		Continuously milled		A huia perched on a branch		31 October 2006¹
File:NZP shilling reverse.gif	1s (one shilling)	23 mm		5.7 g		Continuously milled		A figure of a Maori warrior in warlike attitude carrying a taiaha
File:NZP florin reverse.jpg	2s (2 shillings, a.k.a. one "florin")	28.5 mm		11.3 g				A kiwi facing left
File:NZP halfcrown reverse.gif	2+1⁄2s (2+1⁄2 shillings, or 2s 6d, a.k.a. 2 shillings 6 pence, or one "half crown")	32 mm		14.1 g				Arms of New Zealand on a background of Māori carvings.
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Notes:

The sixpence, shilling, and florin (2 shilling), although rarely seen in circulation, remained legal tender as late as 2006, being used as the identical size and value of its decimal successors: the 5c (cents), 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 (full crowns, or five shillings, or two half crowns) were minted in 1935, 1949, and 1953 for the Treaty of Waitangi, 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. These banks issued notes in New Zealand:

New Zealand Banking Company (1840–1845)
Union Bank of Australia (1840–1934)
Otago Banking Company (unsuccessful issuer in 1851)
Oriental Bank Corporation (1857–1861)
Bank of New South Wales (1861–1934)
Bank of New Zealand (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 Zealand (1874–1934)
Bank of Aotearoa (unsuccessful issuer c. 1886)
Commercial Bank of Australia (1912–1934)

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 remaining issuing banks agreeing a "Uniform" standard size and colour for each denomination.

When the Reserve Bank of New Zealand was established on 1 August 1934 by the Reserve Bank of New Zealand Act 1933, it became the sole issuer of notes.^[1] This government agency introduced notes for 10s, £1, £5 and £50. In 1940, £10 notes were added. Only two series of £1 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.

Present status

Coins and uncancelled notes issued by the six private trading banks operating in 1934 as well as the Reserve Bank of New Zealand 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 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).

Notes

^ Linzmayer, Owen (2012). "New Zealand". The Banknote Book. San Francisco: www.BanknoteNews.com.

References

Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
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.
Hawke, G.R., "The Making of New Zealand: an Economic History" (1985)
Grant. Anthony W., "Premier: the New Zealand Coin and Banknote Catalogue" 2011

External links

Online Coin Club / Coins from New Zealand

Preceded by: No modern predecessor	Currency of New Zealand 1840 – 9 July 1967	Succeeded by: New Zealand dollar Reason: decimalisation Ratio: 2 dollars = 1 pound

[1] Linzmayer, Owen (2012). "New Zealand". The Banknote Book. San Francisco: www.BanknoteNews.com.

[1]

v t e Economy of New Zealand
History	Vogel Era, 1870s Head tax, 1881 IC&A Act, 1894 Wool boom, 1951 Black Budget, 1958 Think Big, 1979–84 Rogernomics, 1984–90 Ruthanasia, 1990–93 Mother of all Budgets, 1991 Leaky homes crisis, 2000s Finance company collapses, 2006–12 New Zealand property bubble, 1987–present
Currency	New Zealand dollar Dollar banknotes $5 $10 $20 $50 $100 Dollar coins 10c 20c 50c $1 $2 New Zealand pound
Government	Taxation New Zealand Treasury New Zealand budget New Zealand Trade and Enterprise Reserve Bank of New Zealand Official cash rate Overseas Investment Office Commerce Commission KiwiSaver
Industry	Agriculture New Zealand Meat Board New Zealand Dairy Board New Zealand Wool Board Beer Information technology Fishing Aquaculture Whaling Forestry Woodchipping Kauri gum Hospitality Licensing trust Manufacturing Mining Oil and gas Retailing Telecommunications Tourism Wine
Economic conditions	Social class Income Poverty International rankings
Agreements	Closer Economic Relations Free trade agreements Malaysia China Trans-Pacific Strategic Economic Partnership Australian and New Zealand Standard Industrial Classification
Unions and lobbyists	Campaign Against Foreign Control of Aotearoa New Zealand Business Roundtable New Zealand Council of Trade Unions New Zealand Institute

v t e Currency units named pound, lira, or similar
Circulating	Egyptian pound Lebanese pound Pound sterling Alderney pound Falkland Islands pound Gibraltar pound Guernsey pound Jersey pound Manx pound Saint Helena pound South Sudanese pound Sudanese pound Syrian pound Turkish lira
Local alternative currency	Bristol pound Brixton pound Exeter pound Lewes pound Liverpool pound Stroud pound Totnes pound
Defunct	Aeginetan mina AM-Lira Angevin pound Attic mina Australian pound Bahamian pound Bermudian pound Biafran pound British West African pound Byzantine litra Canadian pound Connecticut pound Cypriot pound Delaware pound Fijian pound French livre Livre parisis Livre tournois French colonial livre Guadeloupe livre Haitian livre New France livre Saint Lucia livre Gambian pound Georgia pound Ghanaian pound Irish punt Israeli lira Italian lira Italian East African lira Italian Somaliland lira Jaca pound Jamaican pound Japanese government-issued Oceanian pound Jersey livre Libyan pound Lombardo-Venetian lira Luccan lira Luxembourg livre Malawian pound Maltese pound Maryland pound Massachusetts pound New Brunswick pound New Guinean pound New Hampshire pound New Jersey pound New York pound New Zealand pound Newfoundland pound Nigerian pound North Carolina pound Nova Scotian pound Ottoman lira Palestine pound Papal lira Parman lira Pennsylvania pound Peruvian libra Pound Scots Prince Edward Island pound Rhode Island pound Rhodesian pound Rhodesia and Nyasaland pound Roman pound Sammarinese lira Sardinian lira Solomon Islands pound South Carolina pound Southern Rhodesian pound South African pound South West African pound Tongan pound Tripolitanian lira Tuscan lira Vatican lira Venetian lira Virginia pound Western Samoan pound Zambian pound
Historical antecedents (mass)	Roman pound (libra) Moneyer's pound (England) Grzywna (Grivna)
See also	Pound sign (£) Dinar Pound (mass) (℔) Roman currency Carolingian monetary system £sd