NEW ZEALAND 3 PENCE 1934 KM#1 GEORGE V PALU SILVER #2

History of New Zealand Dollars

The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents. It is often informally known as the "Kiwi (dollar)", kiwi typically being associated with New Zealand, and the $1 coin depicts a kiwi.

History

On 10 July 1967 the dollar replaced the New Zealand pound when New Zealand decimalised its currency, at a rate of $2 = £1.

In 1967 coins were introduced for 1c, 2c, 5c, 10c, 20c and 50c. The 1c and 2c coins were bronze, the others cupro-nickel. The 5c, 10c and 20c were the same size as the earlier equivalent 6 pence, 1 shilling and 1 florin. Until 1970 the 10c coin bore the additional legend "One Shilling". The obverse designs of all the coins featured Arnold Machin's portrait of Elizabeth II, with the legend ELIZABETH II NEW ZEALAND [date]. The reverse sides of coins introduced in 1967 did not follow the designs that were originally intended for them. Those modern art and sculpture themed designs were leaked to a newspaper and met a very negative public reaction. The final releases were given more conservative designs in line with public expectations.

In 1986, New Zealand adopted Raphael Maklouf's new portrait of the Queen. The 1c and 2c coins were last minted for circulation in 1987, with collector coins being made for 1988. The coins were demonetised on 30 April 1990. The lack of 1c and 2c coins meant that cash transactions were normally rounded to the nearest 5c (10c from 2006), a process known as Swedish rounding. Some larger retailers (notably one supermarket chain) in the interests of public relations elected to round the total price down, so that $4.99 became $4.95 instead of $5.00. Many retailers rounded all their prices to the nearest 5 cents to avoid the issue, so a New Zealand shopper often encountered products for sale at prices like $4.95.

On 11 February 1991, aluminium-bronze $1 and $2 coins were introduced to replace existing $1 and $2 notes. In 1999, Ian Rank-Broadley's portrait of the Queen was introduced and the legend rearranged to read NEW ZEALAND ELIZABETH II.

On 11 November 2004 the Reserve Bank announced that it proposed to take the 5c coin out of circulation and to make the 50c, 20c and 10c coins smaller and use plated steel to make them lighter. After a three-month public submission period that ended on 4 February 2005, the Reserve Bank announced on 31 March that it would go ahead with the proposed changes. The changeover period started on 31 July 2006, with the old coins usable until 31 October 2006. The old 50c, 20c, 10c and 5c pieces are now no longer legal tender, but are still redeemable at the Reserve Bank. Prior to the change over these coins were similar, save for the legend and reverse artwork, to international (mainly Commonwealth) coins of the same British-derived sizes, which led to coins from other currencies, particularly older coins, being accepted by vending machines and many retailers.

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