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New Zealand Dollar
The official currency of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands is the New Zealand dollar also referred to as "Kiwi" or "Kiwi dollar (symbol: sign: $, NZ$; code: NZDโ).
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New Zealand Dollar Currency
Currency Exchange Rates
Currency Details
In 1967 the NZD dollar was introduced. There are five coins and five bills, with the lowest amount being a 10 cent coin. However, the NZD dollar was not the first currency within the country. Prior to 1967 New Zealand produced the New Zealand pound, made up of 20 shillings that could also be divided by 12 pence. By the 1950s, this system was outdated and complicated. Action was beginning to take place to transition the countries currency to decimal currency.ย
Not until 1964 did the Decimal Currency Act passed, stating that by July 10th, 1967, New Zealand would have a new type of decimal based currency. The NZD dollar we know today replaced the pound at the time of a rate of two dollars to one pound.ย
The new coins originally came in the follow values of 1c, 2c, 5c, 10c, 20c, and 50c. In addition, the banknotes were in denominations of $1, $2, $5, $10, $20 and $100.ย
Over the years the currency design, material, and value has change and evolved. The banknotes were given new security feature upgrades such as two transparent windows. From 2015 to 2016, the series 7 notes were issued, advancing the note design to include even newer security features.ย
As for the coins, in November 2004 the Reserve Bank announced their plan to take the 5c coin out of circulation and to manufacture smaller coins using plated steel for the 50c, 20c and 10c to make them lighter. The transition period began July 31st, 2006. With the old coins valid until October 31st, 2006. Since then, the 50c, 20c, 10c and 5c pieces are no longer legal tender, but are still accepted at the Reserve Bank.
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