New Zealand pound

The pound was the currency of New Zealand between 1840 and 1967. Like the British pound, it was subdivided into 20 shillings each of 12 pence. As a result of the great depression in 1930, 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 fa... more

The pound was the currency of New Zealand between 1840 and 1967. Like the British pound, it was subdivided into 20 shillings each of 12 pence. As a result of the great depression in 1930, 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 went decimal and replaced the pound with the dollar at a rate of 2 dollars = 1 pound (1 dollar = 10 shillings). Shortly after that in November 1967, the pound sterling devalued and New Zealand used this as an opportunity to re-align its new dollar to parity with the Australian dollar. Initially, British and Australian coins circulated in New Zealand. The devaluation of the New Zealand pound relative to... less