New Zealand pound

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.

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.

Notes:

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.