Tuesday, 24 January 2017

New Zealand Coins : Decimal System



Introduction of Decimal Currency

In 1959, a committee was set up to study and report on decimal coinage. This committee was in favour of such an adoption, and after further study, it was announced in 1963 that New Zealand would change to a decimal coinage system.

In 1964, the Decimal Currency Act, 1964 prescribed the designs, diameters, and standard weights of the decimal coins, which first appeared in circulation on 10th July 1967. These coins were all designed by Reginald George James Berry (known as James) of Wellington. His initials (JB) appear on the reverse of all of our then bronze and cupro-nickel coins.

The word Shilling was included on the 10 cent coin to assist with the transition to decimal currency, it featured on minting of the 10c coin for the years 1967, 1968 and 1969 and was dropped in 1970. The 1968 10 cent coin minting were for collectors sets only.


The coins introduced :           
_________________________________________________________________
New Denomination     Old Denomination      Coin Specification
_________________________________________________________________
50 cents                     5 shillings            Alloy: Cupro-nickel
                                 (one Crown)         Diameter: 31.75mm
                                                            Weight: 13.61gm
Design: The barque Endeavour, commanded by Captain Cook, sailing south, with Mt. Taranaki (Egmont) in the distance under the figure "50"

20 cents                     2 shillings            Alloy: Cupro-nickel
   (one Florin)          Diameter: 28.58mm
                              Weight: 11.31gm
Design: Kiwi facing right and fern bush with figure "20"

10 cents                      1 shilling            Alloy: Cupro-nickel
    (one Bob)            Diameter: 23.62mm
                                                            Weight: 5.66gm
Design: A Maori carved head or koruru under the figure "10" with Maori rafter patterns

5 cents                         6 pence             Alloy: Cupro-nickel
                                                            Diameter: 19.43mm
                                                            Weight: 2.83gm
Design: A tuatara curled on a coastal rock on which is superimposed the figure "5". A gull flies in the background

2 cents                         3 pence             Metal: Bronze
                                                            Diameter: 21.08mm
                                                            Weight: 4.14gm
Design: Two kowhai flowers and leaves surrounding the figure "2"

1 cent                          1 penny             Metal: Bronze
                                                            Diameter: 17.53mm
Weight: 2.07gm
Design: A stylised fern leaf enclosing the figure "1"
___________________________________________________________



On the 31st March 1989, the issue of 1 and 2 cent pieces ceased. Both coins were demonetised on the 30th April 1990.



In December 1990, a new 20 cent piece was introduced to replace the old 20 cent piece, as the Kiwi design on the old 20 cent piece was transferred to the new $1 coin. Both designs of the 20 cent coin are legal tender along with the earlier two shilling piece or florin.
__________________________________________________________
20 cents                  Alloy: Cupro-nickel
                              Diameter: 28.58mm
                              Weight: 11.31gm
Design: A representation of a well-known Maori "pukaki" carving.
__________________________________________________________


On the 11th February 1991, new $1 and $2 coins were introduced to replace the $1 and $2 notes. These two coins and above 20 cent coin were all designed by Robert Maurice Conly, M.B.E. of Wellington.

__________________________________________________________
$1                           Alloy: Aluminium-bronze
                               Diameter: 23.0mm
                               Weight: 8.0gm
                               Design: The kiwi, bringing to reality the colloquial 
                               term ‘Kiwi Dollar'.

$2                           Alloy: Aluminium-bronze
                               Diameter: 26.5mm
                               Weight: 10.0gm
 Design: The kotuku (white heron), flying right. The kotuku is one of  New Zealand's rarest birds and is held in particularly high regard in  Maori mythology.
__________________________________________________________





On the 31st July 2006, the Reserve Bank introduced new smaller and lighter 10, 20 and 50 cent coins made of plated steel.  The Bank started withdrawing the corresponding old silver-coloured cupronickel coins at the same time.  The 5 cent coin was withdrawn and not replaced.  The old coin were demonetised, ie declared no longer legal tender, with effect from 1 November 2006.




No comments: