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New Zealand pound

January 01, 1970

The pound (symbol £, £NZ.[2] for distinction) was the currency of New Zealand from 1840 until 1967, when it was replaced by the New Zealand dollar. Like the pound sterling, it was subdivided into 20 shillings (abbreviation s or /) each of 12 pence (symbol d).

New Zealand pound
Grocer's penny token, 1857[1]
Unit
Symbol£‎
Denominations
Subunit
 1⁄20shilling
 1⁄240penny
Symbol
 shillings or /
 pennyd
Banknotes10/–, £1, £5, £10, £50
Coins1⁄2d, 1d, 3d, 6d, 1/–, 2/–, 2/6
Demographics
Date of introduction1840
Date of withdrawal1967
Replaced byNew Zealand dollar
User(s)New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau
Issuance
Central bankReserve Bank of New Zealand
 Websitewww.rbnz.govt.nz
This infobox shows the latest status before this currency was rendered obsolete.

History edit

For broader coverage of this topic, see British currency in Oceania.

Up until the outbreak of the First World War, the New Zealand pound was at parity with one pound sterling.

As a result of the Great Depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected. Australian banks, which controlled the New Zealand exchanges with London, devalued the New Zealand pound to match the value of the Australian pound in 1933, from parity or £NZ 1 = £1 sterling to £NZ 1 = 16s sterling (£0.8). In 1948 it returned to parity with sterling or £NZ 1 = £1 sterling.

In 1967, New Zealand decimalised its currency, replacing the pound with the dollar at a rate of $NZ 2 = £NZ 1 (or $NZ 1 = 10/– NZ). In November of that year, the British government devalued sterling from £1 sterling = US$2.80 to US$2.40, but the New Zealand dollar was devalued even more from $NZ 1 = US$1.40 to US$1.12 in order to match the value of the Australian dollar.

Coins edit

Further information: Coins of the New Zealand pound

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, 1/– (one shilling), 2/– (or florin) and 2/6 (half-crown), minted in 50% silver until 1946 and in copper-nickel from 1947. In 1940, bronze 1⁄2d 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 a 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 Equivalent in cents (c) Technical Parameters Description Date of
Diameter Thickness Mass Composition Edge Obverse Reverse Issue Withdrawal
  1⁄2d (half penny) 0.4167c 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
  1d (one penny) 0.8333c 31 mm 9.5 g A tūī perched in a setting of yellow kōwhai blossoms
  3d (three pence) 2.5c 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 (Māori weapons) crossed with lanyards or thongs attached, with “3d” between their blades 1933
  6d (six pence) 5c 19 mm 2.9 g Continuously milled A huia perched on a branch 31 October 20061
  1/– (one shilling) 10c 23 mm 5.7 g A figure of a Māori warrior in warlike attitude carrying a taiaha
  2/– (2 shillings, a.k.a. one "florin") 20c 28.5 mm 11.3 g A kiwi facing left
  2/6 (2+1⁄2 shillings, 2 shillings and 6 pence, or "half crown") 25c 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:

  1. 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.
 
The 1935 Waitangi crown, the first commemorative coin of New Zealand.

Three commemorative crowns were minted: the Waitangi crown in 1935, a crown to commemorate a proposed royal visit in 1940, and a crown to commemorate the coronation of Queen Elizabeth II.

Banknotes edit

Until 1934, private trading banks issued notes. The first bank notes were issued in New Zealand in March 1840 by the Union Bank of Australia at Britannia, now Wellington, then the New Zealand Banking Company followed in September 1840 at Kororareka, now Russell. These banks issued notes in New Zealand:

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.[3] This government agency introduced notes for 10/–, £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.

 
The private trading banks that issued the NZ pound between 1840 and 1934, and the Reserve Bank until 1967.

Notes in circulation when the dollar was introduced were:

  • 10/– ($1)
  • £1 ($2)
  • £5 ($10)
  • £10 ($20)
  • £50 ($100)

Present status edit

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. £NZ.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. Hanna 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 Hanna exist).

Notes edit

  1. ^ "New Zealand Penny Token 1857 M.Somerville, Wholesale Family Grocer, Auckland". London Coins. 7 December 2014. Retrieved 19 October 2022.
  2. ^ "Reserve Bank of New Zealand. Bulletin 1952-05: Iss 5". Reserve Bank Of New Zealand. May 1952.
  3. ^ Linzmayer, Owen (2012). "New Zealand". The Banknote Book. San Francisco: www.BanknoteNews.com.

References edit

External links edit

  • New Zealand coins price guide and values (pre-decimal coins)
  • "Reserve Bank of New Zealand Act, 1933". New Zealand Law online.
  • Coins from New Zealand – Online Coin Club
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

January 01, 1970
zealand, pound, pound, symbol, distinction, currency, zealand, from, 1840, until, 1967, when, replaced, zealand, dollar, like, pound, sterling, subdivided, into, shillings, abbreviation, each, pence, symbol, grocer, penny, token, 1857, unitsymbol, denomination. The pound symbol NZ 2 for distinction was the currency of New Zealand from 1840 until 1967 when it was replaced by the New Zealand dollar Like the pound sterling it was subdivided into 20 shillings abbreviation s or each of 12 pence symbol d New Zealand poundGrocer s penny token 1857 1 UnitSymbol DenominationsSubunit 1 20shilling 1 240pennySymbol shillings or pennydBanknotes10 1 5 10 50Coins1 2 d 1d 3d 6d 1 2 2 6DemographicsDate of introduction1840Date of withdrawal1967Replaced byNew Zealand dollarUser s New Zealand Cook Islands Niue Pitcairn Islands TokelauIssuanceCentral bankReserve Bank of New Zealand Websitewww wbr rbnz wbr govt wbr nzThis infobox shows the latest status before this currency was rendered obsolete Contents 1 History 2 Coins 3 Banknotes 4 Present status 5 Notes 6 References 7 External linksHistory editFor broader coverage of this topic see British currency in Oceania Up until the outbreak of the First World War the New Zealand pound was at parity with one pound sterling As a result of the Great Depression of the early 1930s the New Zealand agricultural export market to the UK was badly affected Australian banks which controlled the New Zealand exchanges with London devalued the New Zealand pound to match the value of the Australian pound in 1933 from parity or NZ 1 1 sterling to NZ 1 16s sterling 0 8 In 1948 it returned to parity with sterling or NZ 1 1 sterling In 1967 New Zealand decimalised its currency replacing the pound with the dollar at a rate of NZ 2 NZ 1 or NZ 1 10 NZ In November of that year the British government devalued sterling from 1 sterling US 2 80 to US 2 40 but the New Zealand dollar was devalued even more from NZ 1 US 1 40 to US 1 12 in order to match the value of the Australian dollar Coins editFurther information Coins of the New Zealand pound 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 1 one shilling 2 or florin and 2 6 half crown minted in 50 silver until 1946 and in copper nickel from 1947 In 1940 bronze 1 2 d 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 a 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 Equivalent in cents c Technical Parameters Description Date of Diameter Thickness Mass Composition Edge Obverse Reverse Issue Withdrawal nbsp 1 2 d half penny 0 4167c 26 mm 5 7 g Bronze Plain King George VI 1940 52 Queen Elizabeth II 1953 67 A Maori hei tiki neck pendant with ornamental tukutuku patterns on each side 1940 nbsp 1d one penny 0 8333c 31 mm 9 5 g A tui perched in a setting of yellow kōwhai blossoms nbsp 3d three pence 2 5c 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 thongs attached with 3d between their blades 1933 nbsp 6d six pence 5c 19 mm 2 9 g Continuously milled A huia perched on a branch 31 October 20061 nbsp 1 one shilling 10c 23 mm 5 7 g A figure of a Maori warrior in warlike attitude carrying a taiaha nbsp 2 2 shillings a k a one florin 20c 28 5 mm 11 3 g A kiwi facing left nbsp 2 6 2 1 2 shillings 2 shillings and 6 pence or half crown 25c 32 mm 14 1 g Arms of New Zealand on a background of Maori 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 nbsp The 1935 Waitangi crown the first commemorative coin of New Zealand Three commemorative crowns were minted the Waitangi crown in 1935 a crown to commemorate a proposed royal visit in 1940 and a crown to commemorate the coronation of Queen Elizabeth II Banknotes editUntil 1934 private trading banks issued notes The first bank notes were issued in New Zealand in March 1840 by the Union Bank of Australia at Britannia now Wellington then the New Zealand Banking Company followed in September 1840 at Kororareka now Russell These banks issued notes in New Zealand Union Bank of Australia March 1840 July 1934 New Zealand Banking Company September 1840 January 1845 Colonial Bank of Issue 1847 1856 Otago Banking Company unsuccessful issuer in 1851 Oriental Bank Corporation 1857 May 1861 Bank of New South Wales May 1861 July 1934 Bank of New Zealand October 1861 July 1934 Commercial Bank of New Zealand 1863 1866 Bank of Australasia 1863 July 1934 Bank of Auckland December 1864 June 1867 Bank of Otago 1864 1874 Colonial Bank of New Zealand 1873 November 1895 National Bank of New Zealand 1874 July 1934 Bank of Aotearoa unsuccessful issuer c 1886 Commercial Bank of Australia 1912 July 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 3 This government agency introduced notes for 10 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 Tawhiao the second 1940 67 featured Captain James Cook nbsp The private trading banks that issued the NZ pound between 1840 and 1934 and the Reserve Bank until 1967 Notes in circulation when the dollar was introduced were 10 1 1 2 5 10 10 20 50 100 Present status editCoins 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 NZ 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 Hanna 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 Hanna exist Notes edit New Zealand Penny Token 1857 M Somerville Wholesale Family Grocer Auckland London Coins 7 December 2014 Retrieved 19 October 2022 Reserve Bank of New Zealand Bulletin 1952 05 Iss 5 Reserve Bank Of New Zealand May 1952 Linzmayer Owen 2012 New Zealand The Banknote Book San Francisco www BanknoteNews com References editKrause 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 2011External links edit nbsp Money portal nbsp New Zealand portal nbsp Numismatics portal New Zealand coins price guide and values pre decimal coins Reserve Bank of New Zealand Act 1933 New Zealand Law online Coins from New Zealand Online Coin Club Preceded by No modern predecessor Currency of New Zealand 1840 9 July 1967 Succeeded by New Zealand dollarReason decimalisationRatio 2 dollars 1 pound Retrieved from https en wikipedia org w index php title New Zealand pound amp oldid 1221115041, wikipedia, wiki, book, books, library,

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