The first coinage of the New Zealand pound was introduced in 1933 in response to large-scale smuggling of prior British imperial coinage after devaluation of New Zealand exchange rates relative to the pound sterling and large influxes of other foreign coinage into circulation. The Coinage Act, 1933 outlined the weights and compositions of various denominations, out of which five silver issues entered circulation over the following year, after lengthy disagreement between rival coinage design committees. The copper penny and halfpenny entered circulation in 1940, corresponding to anniversary of the New Zealand centennial. An eighth denomination of coin, the five-shilling piece or crown, was produced solely through three commemorative issues. The first issue, the Waitangi crown, was produced in extremely limited quantities and sold to collectors. Later commemorative crown issues in 1949 and 1953 were produced for circulation.
Silver coinage was abandoned in favour of cupronickel in 1947, except for the 1949 commemorative crown. With a decimal coinage system proposed since before its first introduction, New Zealand decimalised the national currency in 1967, introducing the New Zealand dollar.
Coinage was first brought to New Zealand by whalers and traders in the early 19th century. Following the establishment of the Colony of New Zealand in the 1840s, Spanish silver coins formed the bulk of currency in circulation, but silver and gold coinage from the United States, Portugal, France, and the Netherlands also circulated. The legal tender was assumed to be the British pound, but no legislation confirming this existed until the 1858 English Laws Act. [1] Due to a shortage of small coins, various privately issued bronze and copper tokens of penny and halfpenny denominations were issued beginning in 1857, forming about half of copper coinage in local circulation. Minting of the tokens ceased in 1881, and they were officially demonetised in 1897. [2]
Various privately issued banknotes, redeemable in the New Zealand pound, circulated in the colony over the rest of the 19th century after the failure of the Colonial Bank of Issue. An 1890s banking crisis led to the Bank Note Issue Act 1893 required private banknotes to be backed by gold coinage. The Coinage Act 1870, introduced to New Zealand in 1898, formalised the Crown's sole monopoly over coinage. [1] By the turn of the century enough British coinage had entered circulation to meet New Zealand's demand. [3] While still tied to the pound sterling, the New Zealand pound began to diverge following the British readoption of the gold standard after World War I; unlike in the United Kingdom, the standard was not reinstated in New Zealand during the postwar period. [1]
Early proposals of an independent New Zealand coinage include a 1910 statement to Parliament by Minister of Finance Joseph Ward, stating that the ministry was considering minting New Zealand silver coinage in London. The presence of large amounts of Imperial coins and domestic banknotes led to a lack of public interest in proposals for domestic coinage prior to the 1930s. [4]
The 1910 introduction of the Australian pound caused a limited amount of Australian coinage to circulate in New Zealand, although this was never recognised as legal tender. In an attempt to stabilise the economic position during the Great Depression, Australia demonetised the pound by ten per cent in 1930, leading to an extremely large influx of Australian coins into the country. [5] By October 1931, thirty to forty per cent of all coinage in circulation in New Zealand was Australian. [4] In response to this large amounts of unrecognised coinage, Charles Wilkinson proposed the creation of an independent New Zealand coinage, raising the possibility of local mintage in Wellington. High Commissioner Thomas Wilford approached the Royal Mint about the possibility. Deputy Master of the Royal Mint Robert Johnson discouraged the proposal, stating that neither Australia nor the United Kingdom would be able to repatriate large quantities of currency. [5]
In January 1933, Minister of Finance and former Prime Minister Gordon Coates devalued the New Zealand pound by 14 per cent against the British pound sterling. [5] This served as a boon for farmers, as exports sold for sterling could be converted into a greater amount of domestic currency. [6] However, as pound sterling coinage in New Zealand was devalued relative to the same coins' value in Britain, a resulting wave of currency smuggling caused a massive decline in the amount of British silver coins available in New Zealand. The devalued pound sterling coinage in circulation in New Zealand was smuggled into Australia and the United Kingdom through various means, including emptied gas cylinders [7] and the oil sumps of cars and motorcycles. Smugglers shipped cases of silver coins to Britain in refrigerators labelled as 'frozen duck'. [5] By June 1933, Canadian and American quarters had entered circulation in place of the now absent British shillings. [4]
As a result of smuggling and devaluation, large amounts of British silver coinage had left the country, with the untendered Australian coinage rapidly taking its place as the primary silver coinage in circulation. Urged by Coates, the High Commission approached the Royal Mint again in April 1933 to ask how long a new coinage would take to enter production. Robert Johnson recognised the urgency of the economic situation and gave a rough figure of six months to begin minting the coinage, estimating coinage to arrive in New Zealand by January 1934. [5] The government announced the impending creation of New Zealand pound coinage and appointed a Coinage Committee to organise the design and production of the coinage with the Royal Mint. [4]
Announcements of a national coinage and an agreement with the Royal Mint passed in the 1932-1933 Finance Act, [5] led to calls from various politicians and local organisations, including the New Zealand Manufacturers' Federation for coinage to instead be produced domestically, to provide a steady source of employment for local workers. Statements by the Coinage Committee that no domestic facilities existed for minting capabilities were refuted by local engineering firms, with one citing their production of 750,000 milk tokens for Wellington. [4] Walter Nash advocated in Parliament in favor of domestic minting due to the potential of providing local employment. Such proposals were met with ridicule by the Royal Mint, who suggested that switching to local or private minting would cause significant delays and costs. Robert Johnson described the proposal for a domestic mint as "economic nationalism run mad." [5]
The Coinage Committee considered recommending a decimalised coinage, but ultimately chose to continue the same denominations as circulating Imperial silver coinage: the threepence, sixpence, shilling, florin, and half-crown. The Coinage Act, 1933, would outline the denominations, as well as their weight and acceptable degree of variation from this standard. [8] A sixth 'crown' denomination was outlined in the act, but no coins of this denomination would be minted until the Waitangi crown in 1935, and none would circulate until a commemorative issue in 1949. [4]
While the Association of New Zealand Art Societies offered to facilitate a domestic competition for coinage design, the New Zealand government instead contracted the artists of the Royal Mint to design the coinage. While the obverse of the initial coinage series shows a crowned bust of George V by Percy Metcalfe, previously used in the coinage of Southern Rhodesia, the Royal Mint's Advisory Committee reviewed various designs for the reverses of each denomination by Metcalfe and George Kruger Gray. Metcalfe's designs were mainly rejected by the Advisory Committee in favor of Gray's work, although several were iterated upon by Gray. [5]
Gordon Coates was described as the de facto prime minister during Prime Minister George Forbes' extended stays in Britain. [9] Political conflict between the two led to separate committees: the New Zealand–based Coinage Committee (appointed by Coates) separately approved various separate designs for the coins' reverses, seeking to create a distinct national character with the coinage. A prolonged disagreement followed between Coates and Deputy Master of the Royal Mint Robert Johnson over which series of designs would be produced, with the latter attempting to stall until Forbes' return to New Zealand in October 1933. Coates however conceded to the Coinage Committee's recommendations, and the reverse designs were put into production beginning over the following months. [5] The first domestic coins to reach the country were a shipment of half-crowns which began to circulate in Auckland and Wellington in late November 1933. Other denominations, all dated 1933, followed over the succeeding months, with shillings finally reaching the country on 3 April 1934. [4] New Zealand was the last British dominion to issue its own national coinage, [5] and British coins (besides pennies and halfpennies) lost their status as legal tender on 1 February 1935. [10]
To mark the hundredth anniversary of the Treaty of Waitangi in 1940, three new coins were introduced: the halfpenny, penny, and a commemorative centennial half-crown. The introduction of the bronze denominations had been outlined by the Coinage Act of 1933, but was not considered a high priority by the government due to the presence of imperial pennies and halfpennies. By 1936, the New Zealand Numismatic Society had agreed to press for the introduction of such coinage for the celebrations of the Waitangi centennial. New Zealand artist Leonard Cornwall Mitchell won design competitions for the penny and halfpenny, as well as for the commemorative half-crown. Following revisions by Percy Metcalfe, these coins were issued for 1940, although some 1940 dated pennies entered circulation in late 1939 to resolve increasing shortages of copper coinage. Unlike the initial designs of 1933, or the decimalisation redesigns of 1967, these new coins received relatively little contemporary attention. [11]
In 1947, due to increasing prices of silver and corresponding minting charges, the previously silver coinage began to be minted in cupronickel. A 1949 crown issue, circulated to commemorate a proposed but ultimately unrealised royal visit by King George VI, was the last silver coin issued for circulation in New Zealand. Another circulating commemorative crown, struck in cupronickel, was issued in 1953 to commemorate the coronation of Elizabeth II. [2]
Two sets of New Zealand pound proof coinage were produced and distributed to collectors, containing a proof coin of each denomination, alongside a commemorative crown coin. The first was initially intended to be dated 1933, but was delayed until 1935 due to design conflicts over the Waitangi crown. This 1935 or 'Waitangi' proof set was produced in tiny quantities, with only 364 sets produced. 100 of these were sold in leather cases, while the remainder was sold in simple cardboard boxes. These proof sets were sold in both Britain and New Zealand, although all coins in New Zealand were placed in unsecured cardboard boxes, alongside empty leather cases. The proof sets were sold for considerably high prices in New Zealand, and a low number of orders placed for the sets was attributed to economic difficulties in the waning years of the Great Depression. A second proof set including the Coronation crown produced to commemorate the coronation of Queen Elizabeth II, [12] with a mintage of 7,000 pieces. [13]
Image | Name | Value | Technical parameters | Edge | Description | Designer | Date of issue | |||
---|---|---|---|---|---|---|---|---|---|---|
Obverse | Reverse | Diameter | Mass | Composition | ||||||
Halfpenny | 1/2d | 1 inch (25.5 mm) | 5.67 g | 97% copper, 2.5% zinc, 0.5% tin | Plain | A hei-tiki (a greenstone Māori neck pendant) | Leonard C. Mitchell | 1940 | ||
Penny | 1d | 1.25 inches (31.75 mm) | 9.45 g | 97% copper, 2.5% zinc, 0.5% tin | A tūī surrounded by kōwhai blossoms | |||||
Threepence | 3d | 0.642 inches (16.3 mm) | 1.41 g | 1933–1946: 50% silver, 50% quaternary alloy 1947–1965: 75% copper, 25% nickel | Plain | Two crossed patu clubs | George Kruger Gray | 1933 | ||
Sixpence | 6d | 0.765 inches (19.43 mm) | 2.83 g | 1933–1946: 50% silver, 50% quaternary alloy 1947–1965: 75% copper, 25% nickel | Milled | A huia | ||||
Shilling | 1s (12d) | 0.931 inches (23.65 mm) | 5.66 g | 1933–1946: 50% silver, 50% quaternary alloy 1947–1965: 75% copper, 25% nickel | A crouched Māori warrior holding a taiaha | |||||
Florin | 2s | 1.126 inches (28.60 mm) | 11.31 g | 1933–1946: 50% silver, 50% quaternary alloy 1947–1965: 75% copper, 25% nickel | A kiwi | |||||
Half-crown | 2.5s | 1.272 inches (32.30 mm) | 14.14 g |
| The coat of arms of New Zealand, ornamented with whakairo, traditional Māori woodcarving | |||||
Crown | 5s | 1.525 inches (38.74 mm) | 28.28 g | 1933–1946: 50% silver, 50% quaternary alloy 1947–1965: 75% copper, 25% nickel | Commemorative only | 1935, 1949, 1953 | ||||
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. |
Four commemorative issues were produced, of which all except the Waitangi crown entered general circulation. The Waitangi crown was minted in extremely limited qualities, and was sold to collectors by itself, or as part of a proof set. [4] [15]
Image | Name | Value | Technical parameters | Edge | Description | Designer | Mintage | Date of issue | |||
---|---|---|---|---|---|---|---|---|---|---|---|
Obverse | Reverse | Diameter | Mass | Composition | |||||||
Centennial half-crown | 2.5s | 1.272 inches (32.30 mm) | 14.14 g | 50% silver 50% quaternary alloy | Milled | A Māori woman standing, with a wharepuni (principal house of a Māori village) and pūhara (an elevated platform elected within a pa stockade) to her left. The woman wears a piupiu . Tall modern buildings are to her right. | Leonard C. Mitchell | 100,800 | 1940 | ||
Waitangi crown | 5s | 1.525 inches (38.74 mm) | 28.28 g | Tāmati Wāka Nene shaking hands with William Hobson, standing under a royal crown. The chief holds a taiaha and wears a piupiu . | James Berry, Percy Metcalfe | 1,128 | 1935 | ||||
Royal visit crown | A fern leaf frond surrounded by the four stars of the Southern Cross. | James Berry | 200,020 | 1949 | |||||||
Coronation crown | 75% copper, 25% nickel | The initials EiiR of Queen Elizabeth II, with Royal Crown and whakairo carving, surrounded by the four stars of the Southern Cross. | Robert M. Conly | 257,000 | 1953 | ||||||
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. |
A decimal currency was first proposed in New Zealand in August 1908, with an Otago Institute address calling for the creation of a pound currency divided into ten florins, each of ten brons, each of ten tennies. Decimalisation was considered but ultimately rejected by the Coinage Committee in 1933. However, future possibilities for decimalisation were kept open in maintaining the crown as a nominal denomination, due to the potential for a crown and cent decimal system. [4] [16]
Labour MP Rex Mason introduced various bills supporting decimalisation during the 1950s while in opposition. National joined support for decimalisation in the late 50s, with both parties supporting it during the 1960 general elections. A government committee formed in 1957 to research the possibility reported favorably on the potential economic effects. Greater efficiency was a primary factor for the change, albeit offset by the cost of public education and the production of new coinage. National announced that decimalisation would proceed in 1963, [1] and passed the Decimal Currency Act, 1964. [17]
The act standardized a new currency, the New Zealand dollar, divided into 100 cents. Its value was based on that of the prior coinage, with one shilling being equal to the new value of ten cents. Eight denominations of coin were defined, ranging from one dollar to one half cent. [18] Upon taking effect on 10 July 1967, the act abolished the pound. While the halfpenny, penny, and threepence coins were withdrawn, the sixpence, shilling, and florin coins remained legal tender until 31 October 2006 with the withdrawal of the five-cent coin and the introduction of smaller-size 10, 20, and 50-cent coins. [17]
The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.
The crown was a denomination of sterling coinage worth a quarter of one pound. The crown was first issued during the reign of Edward VI, as part of the coinage of the Kingdom of England.
Decimal Day in the United Kingdom and in Ireland was Monday 15 February 1971, the day on which each country decimalised its respective £sd currency of pounds, shillings, and pence.
£sd, spoken as "pounds, shillings and pence", is the popular name for the pre-decimal currencies once common throughout Europe. The abbreviation originates from the Latin currency denominations librae, solidi, and denarii. In the United Kingdom, these were referred to as pounds, shillings, and pence.
The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.
The pound is the currency of Guernsey. Since 1921, Guernsey has been in currency union with the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of sterling banknotes and coins, in a similar way to the banknotes issued in Scotland, England and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.
There have been three sets of coins in Ireland since independence. In all three, the coin showed a Celtic harp on the obverse. The pre-decimal coins of the Irish punt had realistic animals on the reverse; the decimal coins retained some of these but featured ornamental birds on the lower denominations; and the euro coins used the common design of the euro currencies. The pre-decimal and original decimal coins were of the same dimensions as the same-denomination British coins, as the Irish punt was in currency union with the British pound sterling. British coins were widely accepted in Ireland, and conversely to a lesser extent. In 1979 Ireland joined the Exchange Rate Mechanism and the Irish punt left parity with sterling; coin designs introduced after this differed between the two countries.
The pound 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 each of 12 pence.
The pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of sterling coinage and locally issued coins and banknotes and was always equal to the pound sterling. The Jamaican pound was also used in the Cayman and Turks and Caicos Islands.
The florin is a coin issued for the New Zealand pound from 1933 to 1965, equal to two shillings or twenty-four pence. The coin features a kiwi on the reverse and the reigning monarch on the obverse. It was introduced in 1933 as part of the first issue of New Zealand pound coinage, due to shortages of British silver coins resulting from the devaluation of local currency relative to the pound sterling. A lengthy design process was further protracted due to differing proposed design motifs between the Royal Mint, supporting a reverse design featuring heraldic ships, and the Gordon Coates–appointed Coinage Committee's proposed kiwi design. This disagreement led to almost a dozen proposed designs and revisions before the finalised issue entered circulation in February 1934. Initially struck in silver by the Royal Mint to replace the previous imperial florin, it was struck in cupronickel from 1947 due to rising precious metal prices. While proposed as the base of a decimalised New Zealand coinage since the 1930s, the florin was ultimately replaced in 1967 by the coinage of the New Zealand dollar. Florins remained legal tender with a value of 20 cents until 31 October 2006.
The coins of the New Zealand dollar are used for the smallest physical currency available in New Zealand. The current denominations are ten cents, twenty cents, fifty cents, one dollar and two dollars. The $1 and $2 coins are minted in a gold colour, the 20c and 50c coins are silver colour and the 10c coin is plated in copper.
The Australian pre-decimal halfpenny coin, commonly known as a ha’penny, was the smallest denomination of the Australian Pound in circulation. It was a unit of currency that equalled half of a penny, 1/24 of a shilling, or 1/480 of a pound. The coin was made to be equivalent to the British halfpenny; its dimensions, composition and values were equivalent, and additionally, the two currencies were fixed at par.
The British pre-decimal penny was a denomination of sterling coinage worth 1⁄240 of one pound or 1⁄12 of one shilling. Its symbol was d, from the Roman denarius. It was a continuation of the earlier English penny, and in Scotland it had the same monetary value as one pre-1707 Scottish shilling. The penny was originally minted in silver, but from the late 18th century it was minted in copper, and then after 1860 in bronze.
The New Zealand fifty-cent coin is a coin of the New Zealand dollar. It was the largest by denomination, diameter and mass to have been introduced on the decimalisation of the currency on 10 July 1967, replacing the pre-decimal crown coin. A total of 81,585,200 pre-2006 50 cent coins were issued, with a total value of $40,792,600.00
The halfpenny was first issued in New Zealand in 1940, seven years after the first introduction of a domestic pound coinage. The coin's issuing was scheduled to align with the centennial of the Treaty of Waitangi and the New Zealand centennial, alongside the penny and centennial half-crown. The coin was designed by New Zealand artist Leonard Cornwall Mitchell after winning a government-sponsored design competition, and then modelled by Royal Mint designer Percy Metcalfe. The halfpenny features the head of the reigning monarch on the obverse, with a hei-tiki pendant ornamented and simplified kowhaiwhai woodcarvings on the reverse. The smallest of all denominations of the New Zealand pound, the copper coin was worth 1/480th of a pound, or 1/120th of a crown, the largest coinage denomination. It was discontinued alongside all other New Zealand currency following decimalisation in 1967.
The Waitangi crown is a commemorative crown coin struck in 1935 by the British Royal Mint for the Dominion of New Zealand to commemorate the 1840 signing of the Treaty of Waitangi, often seen as New Zealand's founding constitutional document. It was the first five-shilling piece minted of the New Zealand pound and the nation's first coin minted primarily for collectors. Following the rejection of designs by James Berry and George Kruger Gray, Royal Mint designer Percy Metcalfe was commissioned to design the reverse. Design disagreements plagued the production of the crown, and only an extremely small mintage of 1,128 was struck and distributed to collectors. Released to muted media coverage and a general lack of interest in coin collecting during the economic aftermath of the Great Depression, the coin has become heavily sought by collectors of New Zealand coinage. Regularly selling for thousands of dollars, one pattern issue of the coin auctioned at over $70,000 USD, becoming the most expensive New Zealand coin ever sold.
The New Zealand penny is a large bronze coin issued from 1939 to 1965. Introduced seven years after the larger denominations of New Zealand pound coinage, the coin's issuing was scheduled to align with the centennial of the Treaty of Waitangi and the New Zealand centennial, alongside the halfpenny and centennial half-crown. Featuring the standard portrait of the ruling monarch on the obverse, the reverse features a tūī bird perched atop a kōwhai branch.
The New Zealand threepence is a coin of the New Zealand pound issued from 1933 to 1965. Equal to three pence, the coin was the smallest in size of all New Zealand pound coinage and the smallest in denomination of the initial 1933 issue of New Zealand pound coinage, produced due to shortages of British silver coins resulting from the devaluation of local currency relative to the pound sterling. British artist George Kruger Gray designed the coin's reverse design after an earlier pattern design featuring a hei-tiki was rejected by a coinage design committee organised by Gordon Coates. It features two crossed patu below the label "3d". Initially struck in silver by the Royal Mint, it was struck in cupronickel from 1947 onward due to rising precious metal prices. Following decimalisation in 1967, the threepence was replaced by the coinage of the New Zealand dollar.
The half-crown is the largest of five denominations of New Zealand pound coinage first issued in 1933. Introduced due to shortages of comparable British silver coinage following the devaluation of the New Zealand pound relative to the pound sterling, the coin measures roughly 32 mm (1.3 in) in diameter. It was equal to thirty pence, two and a half shillings, or an eighth of a pound.
The Centennial half-crown is a commemorative coin of the New Zealand half-crown released in 1940 to coincide with the hundredth anniversary of the Treaty of Waitangi. A 1938 government-sponsored design competition for the commemorative half-crown, alongside the concurrently released penny and halfpenny, was won by New Zealand artist Leonard Cornwall Mitchell. The coin features a Māori woman surrounded by traditional Māori architecture on her right, a modern cityscape on her left, and a rising sun behind her head. The coin, like other contemporary New Zealand half-crowns, had a diameter of 32 mm and a weight of 14.14 grams, and was struck by the Royal Mint in .500 fineness silver. Unlike the Waitangi crown, the first New Zealand commemorative issue, a large mintage of 100,800 coins was produced and released directly into circulation at face value. However, the popularity of the coin led to it rapidly exiting circulation into private collections.