Explaining Currency: New Zealand's bank notes and coins

‘imperial’ system of currency was complicated and difficultto master. Under the imperial system, pounds were dividedinto twenty shillings, and subdivided further into 240 pence(making twelve pence per shilling). In 1933, decimal currencywas rejected because it would have been too expensive toput in place at that time, especially as New Zealand was inthe midst of the Great Depression.In 1957, a special committee was set up by the Governmentto take another look at the pros and cons of decimal currency.This committee supported the introduction of the decimalsystem and paved the way for New Zealand’s move to decimalcurrency. In August 1963, the Government announced that10 July 1967 would be ‘DC Day’, and a massive publicitycampaign was organised to smooth the shift from the imperialto decimal system.Public discussions were held as to what the new decimal unitmight be called, and suggestions such as the “kiwi” and the“zeal” were debated before the “dollar” was finally settledupon. Many New Zealanders remember “Mr Dollar”, acartoon character that symbolised the changeover. On DCDay, dollars and cents replaced pounds, shillings and penceas New Zealand’s units of currency.In 1990, the Reserve Bank decided to completely revamp theappearance and features of New Zealand’s bank notes - thefirst overhaul since the introduction of decimal currency in1967. The result, after the Reserve Bank had consulted widelywith the New Zealand public, was an all-new series of noteswith a distinctive New Zealand look. The designs of the noteswere changed slightly in 1999 when the Reserve Bankintroduced polymer bank notes. These designs are detailedon pages 8-12.Defacing bank notesThe Reserve Bank Act 1989 says that “No person shall,without the prior consent of the Bank, wilfully deface,disfigure, or mutilate any bank note.” A person can be finedup to $1,000 if caught defacing a bank note.Are damaged notes worthanything?If you come across a badly damaged bank note, don’t throwit away, as it will normally have some value. The ReserveBank is liable to pay on currency it issues, provided that thenote is not so badly damaged that it is unrecognisable. Inextreme cases, individual assessments of notes may need tobe made. As a rule of thumb, if you have half a note, theReserve Bank will pay half its value. To receive payment on adamaged note, you need to present it to a bank or to theReserve Bank in Wellington.Real notes fluoresce under ultraviolet light. An operatorin the Reserve Bank checks a note for validity.Reproducing or imitatingcurrencyIt is an offence to reproduce or imitate currency without theprior consent of the Reserve Bank. The Reserve Bank Actsays that you cannot “make, design, engrave, print, orreproduce; or use, issue, or publish any article or thingresembling a bank note or coin or so nearly resembling orhaving such a likeness to a bank note or coin as to be likelyto be confused with or mistaken for it”.Explaining Currency: New Zealand’s bank notes and coins 19