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The history of bank notes in New Zealand

A brief history of bank notes

Records exist of banking facilities in Babylon four thousand years ago, and there is evidence that the Chinese, Greeks and Romans had banking facilities long before the Christian era.

The first true paper money appeared in China about 700 AD, but several centuries passed before paper was used in Europe.

The Bank of England began issuing notes in 1694. There were just a few lines of engraved text, promising to pay a specified sum at the Bank's premises. Also on the note were spaces for a handwritten date, number, signature and the name of the payee. The note showed the figure of Britannia, but there were few other decorative features.

In New Zealand, paper money arrived with the Europeans. Prior to 1934, the six trading banks had produced the bank notes that were in common circulation. However these banks were not obliged to accept each other’s notes. In 1924 the trading banks reached an agreement on a uniform design.

The Reserve Bank issues bank notes

By the 1920s there was a general push to establish a central bank that would issue a single national currency. Talk of establishing a Reserve Bank in New Zealand went on through the 1920s. The decision was finally taken in 1930, and steps went ahead to set it up with sole authority to issue New Zealand’s currency.

Work to design new banknotes began in 1932. They were finally issued in August 1934, six months after the Reserve Bank started.

The First Issue

These first notes were intended to be temporary. They had been designed in a hurry amid heated debate over what they should look like. In the end they included features of notes already in circulation. The design included a Kiwi, the Arms of New Zealand, a sketch of Mitre Peak and a portrait of King Tawhaio, the second Maori king.

The colours of the original bank notes were similar to the previous trading bank notes. All the notes carried the same design, but different colours distinguished the denominations. Notes of 10/- (ten shillings), £1 (one pound), £5 and £50 were coloured orange, mauve, blue-green and red respectively. The bank notes were all the same size (7" x 3½").

The first bank note was introduced on 1st August 1934, and was signed by the first Governor of the Reserve Bank, Leslie Lefeaux. They were printed by Thomas De La Rue And Company Limited, London.

Signatories on Reserve Bank of New Zealand bank notes

The Second Issue

The second series was issued on 6th February 1940. The design and colours for the 10/- and £50 notes were changed. A portrait of Captain James Cook replaced that of King Tawhiao. A green coloured £10 note was also introduced at this time. These notes stayed in circulation until the change to decimal currency in 1967.

DENOM.

FRONT

BACK

10/-

Brown

5 ½” x 3 ⅛”

Left: an elliptical space containing the window watermark

Centre: the Arms of New Zealand with the words “Promise to Pay”

Right: an engraved portrait of Captain Cook

Left: a kiwi

Centre: an engraving of the “Treaty of Waitangi” signing group

Right: the watermark panel

£1

Mauve

6 1/16” x 3 5/16”

as for 10/-

Centre: an engraving of Captain Cook’s ship Endeavour off the East Coast of New Zealand

Right: the watermark panel

£5

Blue

6 ¾” x 3 ½”

as for 10/-

Left: a fantail (piwakawaka)

Centre: an engraving of Lake Pukaki and Mount Cook / Aoraki

Right: the watermark panel

£10

Green

7 ¼” x 3 ⅞”

Left: the Arms of New Zealand beside forepart of a ship in full sail with the watermark appearing in the foresail

Centre: the words “Promise to Pay”

Right: an engraved portrait of Captain Cook

Centre: an engraving of a New Zealand sheep farming scene

Right: the watermark panel

£50

Red

7 ¼” x 3 ⅞”

as for £10

Left: a tui

Centre: an engraving of a New Zealand dairy farming scene with Mount Egmont / Taranaki in the background

Right: the watermark panel

Change to decimal currency

Imperial currency was relatively complex; pounds were divided into 20 shillings or 240 pence, resulting in 12 pence to the shilling. Guineas were worth slightly more than a pound but not in common use. People became accustomed to doing the fractions, but it was complex and the system of 100 cents to the dollar was simpler.

In 1963 the Government decided to decimalise — the changeover, dubbed ‘Decimal Currency’ (DC) day, was set for 10 July 1967. There were public discussions over what the new decimal money might be called. Words such as ‘kiwi’ and ‘zeal’ were proposed to avoid confusion with ‘dollar’, which most people at the time associated with American money. In the end, though, the word ‘dollar’ was selected, and “Mr Dollar” became the symbol of the transition.

The Third Issue

The third series was issued on 10th July 1967. These notes all featured HM Queen Elizabeth II on the front.

DENOM.

FRONT

BACK

$1

Brown

140 x 70mm

A large free-standing portrait of Her Majesty the Queen.

Various geometric patterns used to supply the necessary security and enhance the design.

Window watermark panel containing portrait of Captain Cook

Value of note on top left and bottom right corners with the serial number opposite.

Central portion carries the words: “This note is legal tender for....”

New Zealand fantail or piwakawaka (Rhipidura fulginosa) is pied black and white in colour and is characterised by its fan-shaped tail.

New Zealand clematis (Clematis paniculata) is a climbing plant with starry white petals usually seen at the top of trees.

$2

Mauve

145 x 72.5mm

same as for $1

Rifleman or titipounamu (Acanthisitta chloris), a New Zealand native bird whose name stems from a fancied resemblance of its plumage to the uniform of an early colonial regiment.

Mistletoe (Peraxilla tetrapetala), a parasite shrub growing mostly on native beech trees.

$5

Orange

150 x 75mm

same as for $1

Tui (Prosthermadera novaeseelandiae), a honey-eating bird with a characteristic white plumage at the throat and a beautiful bell-like song.

Kowhai (Sophora microphylla), a tree with large golden nectar-secreting blossoms.

$10

Blue

155 x 77.5mm

same as for $1

Kea (Nestor notabilis), a native parrot with beautiful plumage of olive green. The undersides of their wings are bright red.

Mountain lily (Ranunculus lyallii) is a member of the buttercup family with large waxy white flowers.

$20

Green

160 x 80mm

same as for $1

Wood Pigeon or kereru (Hemiphaga novaeseelandiae) is a large bird with greyish green feathers on its back and head, and a smart white vest.

Miro (Prumnopitys ferruginea), is a large tree with fleshy yellow berries that turn bright red.

$100

Crimson

160 x 80mm

same as for $1

Takahe (Porphyrio mantelli), a very rare flightless bird found in the Southwest of the South Island.

Mountain daisy or pekapeka (Celmisia gracilenta) is found in sub-alpine areas and has a white flower. It is a popular subject for outdoor sketches.

The Fourth Issue

The fourth series was issued in 1981, largely as a result of a change in printer.

Previously the Reserve Bank of New Zealand notes had been printed by Thomas De La Rue and Company of London. In 1979 the Reserve Bank put the next year's note order out to international tender. The contract went to Bradbury Wilkinson and Company (NZ) Ltd who had recently built a note printing plant in Whangarei.

The change of printer presented the opportunity for a re-design of the notes because of the necessity for new plates to be engraved. The most obvious change was an updated portrait of the Queen.

Moving into the 1980s, it became apparent that there was a need for a note between the $20 and the $100. A $50 note was introduced at the end of 1983.

DENOM.

FRONT

BACK

$50

Orange/Mango

160 x 80mm

same as for $1

Morepork or ruru (ninox), is New Zealand’s only surviving native owl. It has an unusual cry that is a distinct rendition of its name ‘Morepork’.

Pohutukawa (Metrosideros excelsa) is native tree usually found near the coast. It is known for its masses of brilliant red flowers, which appear in December leading to it being called the ‘New Zealand Christmas Tree’.

The Fifth Issue

In 1990, the Reserve Bank decided to completely revamp the appearance and features of New Zealand's bank notes. This was the first complete re-design since the introduction of Decimal Currency 23 years earlier. The result, after the Bank had consulted widely with the public, was a new series of notes with distinctly New Zealand designs.

DENOM.

FRONT

BACK

$5

Orange

135 x 66mm

Sir Edmund Hillary

(1919 - 2008) was New Zealand’s best known explorer. In 1953 he became the first man to climb Mount Everest, and in 1958 he was the first man to drive overland to the South Pole.

Mount Cook/Aoraki is the highest mountain in New Zealand.

Massey Ferguson tractor, a stalwart of New Zealand farming, was used by Hillary, with minor adjustments, in his trek to the South Pole.

Campbell Island scene

Yellow eyed penguin or hoiho (Megadyptes antipodes), is one of the world’s rarest penguins. It has a distinctive yellow iris and yellow band of feathers across the back of the head.

Subantarctic lily (Bulbinella rossii) produces spectacular yellow flower heads in early summer and grows to a height of about one metre.

Pleurophyllum speciosum is a giant member of the daisy family, and has unique colourful white and violet flowers.

Bull kelp (Durvillaea antarctica) can grow up to several metres long. It has very tough skin and the strands are honeycombed inside for buoyancy.

$10

Blue

140 x 68mm

Kate Sheppard

(1848 – 1934) was a prominent leader of the campaign to give women the vote in New Zealand. A long campaign ended in 1893 when New Zealand became the first country in the world to give all people the vote.

White camellia flowers were given to Members of Parliament who had supported the bill to give women the vote. The flower has become the symbol of New Zealand women’s fight for the vote.

River scene

Blue duck or whio (Hymenolaimus malacorhynchos,) is an endangered species. It is found mainly in mountainous areas, living in the fast-flowing rivers of New Zealand.

Parahebe catarractae is a close relative of the Hebe, the largest plant group unique to New Zealand. It can grow up to 60cm high and is notable for its trailing stems and attractive purple flowers.

Blechnum fern or mountain kiokio, is a very common fern throughout New Zealand. It grows best in damp and shady places. In young plants, like the specimen on the note, the fronds are tinged pink.

$20

Green

145 x 70mm

Her Majesty Queen Elizabeth II

(1926 – ) This portrait of the Queen was taken at Government House, Wellington on 26 February 1986 by Ronald Woolf. Her Majesty is wearing the Sovereign’s Badge of the Order of New Zealand. The ribbon is based on a taniko pattern.

Parliament Buildings

The note shows two of the three buildings of the New Zealand Parliament, situated in Wellington. The older building, clad in Takaka marble, was finished in 1922 and houses the Legislative Chamber. Construction of the 'Beehive' Executive Wing, designed by Sir Basil Spence, began in 1969 and was completed in 1981.

New Zealand Alpine Scene

New Zealand falcon or karearea (Falco novaeseelandiae), is a striking and majestic bird. A fearless hunter, it is mainly found in bush-clad mountain valleys.

Marlborough rock daisy (Pachystegia insignis) is a small spreading shrub, with thick leathery leaves and large, spectacular flower heads. It grows in inaccessible places, and can flourish in areas from sea level to 1,200 metres.

Flowering red tussock (Chionchloa rubra) is one of the 23 species of tussock grass in New Zealand. They are primarily found in the alpine zone above the tree line. Red tussock has a distinct red tinge to its leaves.

Mount Tapuaenuku, the highest peak in the South Island’s Inland Kaikoura range at 2,885 metres high. The view on the note is from the east side of the Inland Kaikouras, looking up from the Awatere Valley floor.

$50

Purple

150 x 72mm

Sir Apirana Ngata

(1874 – 1950) played a significant role in the revival of Maori people and culture during the early years of the twentieth century. He was the first Maori to graduate from a New Zealand university, and an elected Member of Parliament for 38 years.

Porourangi Meeting House was designed by Sir Apirana himself. It stands at Waiomatatini Marae, near Ruatoria, and is a showcase for Maori art.

The Tukutuku pattern was designed by Sir Apirana Ngata and is known as 'poutama porourangi'. 'Poutama' is the style of tukutuku pattern meaning 'stairway to heaven' and 'Porourangi' is the name of the Ngati Porou meeting house which features the pattern.

Conifer broadleaf forest scene

Blue wattled crow or kokako (Callaeas cinerea wilsoni) is a large native bird with a distinctive steel grey body with a black face ‘mask’ and sky blue wattles. The variety on the note is the North Island kokako.

Pureora Forest is part of 78,000 hectare Pureora Forest Park, in the central North Island. It is one of the most ecologically significant forests in New Zealand and is home to a large population of kokako.

Supplejack or kareao (Ripogonum scandens) leaves are eaten by kokako. The plant forms impenetrable thickets used by the birds for nesting. Supplejack produces bright red berries once it emerges from the shade of the forest canopy.

Sky-blue mushroom (Entoloma hochstetteri) grows throughout New Zealand. It is notable for its bright blue colour which fades with age.

$100

Red

155 x 74mm

Ernest, Lord Rutherford of Nelson

(1871 – 1937) is internationally recognised as the ‘father of the atom’. He changed the basic understanding of atomic science on three occasions. He explained the perplexing problem of naturally occurring radioactivity; determined the structure of the atom; and changed one element into another.

Nobel Prize Medal which Lord Rutherford received in 1908. Overlaying the medallion is a graph plotting the results from Lord Rutherford’s investigations into naturally occurring radioactivity.

Beech Forest Scene

Yellowhead or mohua (Mohoua ochrocephala) is sometimes known as the Bush Canary. This small and colourful bird lives in tracts of native bush throughout the South Island.

Red Beech or tawhairaunui (Nothofagus fusca) grow up to 30 metres high and are named for the colouring of their young leaves. They are the favoured habitat of the yellowheads in Eglinton Valley.

Eglinton Valley is located within the Fiordland National Park on Te Anau-Milford Sound highway. It is home to a particularly fine stand of red beech and a declining population of Yellowhead.

South Island lichen moth (Declana egregia) is found in Fiordland beech forests. The moths blend perfectly with the lichens that cling to the trunks of the trees.