| Image 1: | New Zealand 1 pound note obverse series 2.jpg |
| Image Title 1: | New Zealand one pound note |
| Image 2: | 1940 New Zealand Penny, Reverse, Proof.png |
| Image Title 2: | New Zealand one penny coin |
| Date Of Introduction: | 1840 |
| Using Countries: | New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau |
| Subunit Name 1: | shilling |
| Subunit Name 2: | penny |
| Symbol: | £ |
| Symbol Subunit 1: | s or / |
| Symbol Subunit 2: | d |
| Used Coins: | d, 1d, 3d, 6d, 1/–, 2/–, 2/6 |
| Used Banknotes: | 10/–, £1, £5, £10, £50 |
| Issuing Authority: | Reserve Bank of New Zealand |
| Date Of Withdrawal: | 1967 |
| Replaced By Currency: | New Zealand dollar |
| Obsolete: | yes |
The pound (symbol £, £NZ.[1] for distinction) was the currency of New Zealand from 1933 until 1967, when it was replaced by the New Zealand dollar. Prior to this, New Zealand used the pound sterling since the Treaty of Waitangi in 1840. Like the pound sterling, it was subdivided into 20 shillings (abbreviation s or /) each of 12 pence (symbol d).
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.
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 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 | ||||
| d (half penny) | 0.4167c | 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 | A tūī perched in a setting of yellow kōwhai blossoms | ||||||||||
| 3d (three pence) | 2.5c | 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 | Continuously milled | A huia perched on a branch | 31 October 20061 | ||||||||
| 1/– (one shilling) | 10c | A figure of a Māori warrior in warlike attitude carrying a taiaha | ||||||||||
| 2/– (2 shillings, one florin) | 20c | A kiwi facing left | ||||||||||
| 2/6 (shillings, 2 shillings and 6 pence, half crown) | 25c | Arms of New Zealand on a background of Māori carvings. | ||||||||||
| 5/– (crown, five shillings) | 50c | 50% silver (1935, 1949) Cupronickel (1953) | Commemorative only2 | |||||||||
| Notes: | ||||||||||||
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.
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.[2] 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 last circulating second series banknotes of the New Zealand pound, at the time of decimalisation in 1967, are described in the following table.
| Image | Value | Dimensions | Main Colour | Description | Date of issue | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Obverse | Reverse | Obverse | Reverse | Watermark | ||||||
| 10/- (ten shillings) | Brown | Captain James Cook, Coat of arms of New Zealand | Kiwi, Signing of the Treaty of Waitangi | Kīngi Tāwhiao | 1940 | |||||
| £1 | Purple | HMS Endeavour at sea | ||||||||
| £5 | Blue | Fantail, Lake Pukaki and Aoraki / Mount Cook | ||||||||
| £10 | Green | Captain James Cook, Crowned escutcheon, sailing ship | Ponga, scene with sheep and tī kōuka (cabbage tree) | |||||||
| £50 | Red | Tūī, dairy farm scene and Mount Taranaki | ||||||||
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).