New Zealand Pound - Banknotes

Banknotes

Until 1934, private trading banks issued notes. The first bank notes were issued in New Zealand in 1840 by the New Zealand Banking Company at Russell followed a few months later by the Union Bank of Australia in Wellington. These banks issued notes in New Zealand:

• New Zealand Banking Company (1840–1845)
• Union Bank of Australia (1840–1934)
• Otago Banking Company (unsuccessful issuer in 1851)
• Oriental Bank Corporation (1857–1861)
• Bank of New South Wales (1861–1934)
• Bank of New Zealand (1861–1934)
• Commercial Bank of New Zealand (1863–1866)
• Bank of Australasia (1863–1934)
• Bank of Auckland (1864–1867)
• Bank of Otago (1864–1874)
• Colonial Bank of New Zealand (1873–1895)
• National Bank of New Zealand (1874–1934)
• Bank of Aotearoa (unsuccessful issuer c. 1886)
• Commercial Bank of Australia (1912–1934)

Between 1852 and 1856, the Colonial Bank of Issue was the only banknote issuing body. Public distrust of these notes soon led to their redemption with Union Bank notes. The discovery of gold in 1861 encouraged competing banks into New Zealand leading to a variety of note issue. By 1924, public demand for convenience in usage led to the six issuing banks agreeing a "Uniform" standard size and colour for each denomination.

When the Reserve Bank of New Zealand was established on 1 August 1934 by the Reserve Bank of New Zealand Act 1933, it became the sole issuer of notes. This government agency introduced notes for 10s, £1, £5 and £50. In 1940, £10 notes were added. Only two series of £1 notes were printed. The first (1934–40) featured the portrait of Matutaera Te Pukepuke Te Paue Te Karato Te-a-Pōtatau Tāwhiao, the second (1940–67) featured Captain James Cook.