New Zealand Pound
The pound (symbol £, or NZ£ for distinction) was the currency of New Zealand from 1840 until 1967, when it was replaced by the New Zealand dollar.
Like the British pound, it was subdivided into 20 shillings (symbol s) each of 12 pence (symbol d). As a result of the great depression of the early 1930s, 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 decimalised its currency, replacing the pound with the dollar at a rate of $2 = £1 (or $1 = 10s). In November of that year, the pound sterling devalued, and New Zealand used this as an opportunity to re-align its new dollar to parity with the Australian dollar. For a more general view of history in the wider region, see Pound sterling in Australia, New Zealand, and Oceania.
Read more about New Zealand Pound: Coins, Banknotes, Present Status
Famous quotes containing the words zealand and/or pound:
“Teasing is universal. Anthropologists have found the same fundamental patterns of teasing among New Zealand aborigine children and inner-city kids on the playgrounds of Philadelphia.”
—Lawrence Kutner (20th century)
“Mass ought to be in Latin, unless you cd. do it in Greek or Chinese. In fact, any abracadabra that no bloody member of the public or half-educated ape of a clargimint cd. think he understood.”
—Ezra Pound (1885–1972)