New Zealand pound
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New Zealand Pound 1840 to July 10, 1967 |
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|---|---|
| Country: |
 New Zealand
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| Subdivision: | 20 shillings 240 pence |
| ISO 4217 code : | NZP |
| Abbreviation: | NZP, £ |
|
Exchange rate : (fixed) |
1 NZD = 0.5 NZP |
The New Zealand pound ( English New Zealand Pound (NZP)) was from 1840 until the changeover to the New Zealand dollar (NZD) in 1967, the valid national currency in New Zealand . Like the British pound , the New Zealand pound was divided into 20 shillings of 12 pence each.
history
Until the Treaty of Waitangi was signed on February 6, 1840, annexing New Zealand and becoming a British colony , various means of payment consisting of British gold and silver coins and those of other European countries were in circulation. They were brought in by whalers and traders, and their counter values were usually freely negotiated.
The first bank to put banknotes into circulation in New Zealand was Union Bank of Australia , founded in London in 1837 for Australia , which was also the first bank in New Zealand to open a branch. The banknotes had the same layout as the bank’s Australian banknotes, except that "New Zealand" was printed above the two illustrations on the top left and right .
Until 1844, the legal position of banknotes as a means of payment was unclear. It was not until the Union Bank of Australia Ordinance , an ordinance of Governor Robert FitzRoy , that a legal situation was created that regulated the exchange of gold and silver pieces for banknotes.
In 1893, the Bank Note Issue Act obliged all banks to secure the money they issued with the equivalent of gold and to invest gold reserves accordingly. With the establishment of the Reserve Bank of New Zealand on August 1, 1934, the banks then lost their right to issue banknotes and finally had to sell their gold reserves to the central bank.
In 1963, the New Zealand government decided to decimalize the money . Using the Decimal Currency Act s was the New Zealand pound replaced on July 10 in 1967 by the New Zealand dollar at the rate of 1 pound = 2 NZ $ 1964, one dollar was divided into 100 cents. In 1971 the New Zealand dollar was pegged to the US dollar and has been freely convertible since 1985.
Web links
- The history of bank notes in New Zealand . Reserve Bank of New Zealand,accessed July 30, 2011.
Individual evidence
- ↑ a b Decimal Currency Act 1964 . Legislation New Zealand , accessed August 30, 2014 .
- ^ A b c Ken Matthews : The legal history of money in New Zealand . (PDF 48 kB) In: Bulletin Vol. 66 No. 1 . Reserve Bank of New Zealand , 2003, pp. 40-49 , accessed May 5, 2019 .
- ↑ Union Bank of Australia from 1840 to 1952 . AJ Clifford , archived from the original on July 19, 2004 ; accessed on May 5, 2019 .
- ^ The Bank-Note Issue Act 1893 . (PDF 2.6 MB) The Knowledge Basket - Legislation NZ , accessed on January 19, 2016 .
- ^ The history of bank notes in New Zealand . Reserve Bank of New Zealand , accessed May 5, 2019 .
- ^ History of the New Zealand Dollar . Fairfax media , accessed July 30, 2011 .