What is the history of the New Zealand cent?

Answer 1

As was the international trend in the mid to late 20th century, many countries looked towards re-evaluating their currencies and changing over to a decimal system of currency.

New Zealand set up a committee in 1959 to assess their currency requirements and in 1963, announced that New Zealand would change to a decimal system of currency based on the New Zealand Dollar consisting of 100 cents.

The Decimal Currency Act of 1964 prescribed the designs and sizes of the new New Zealand coins and banknotes, and the New Zealand decimal currency was introduced on the 10th of July, 1967.

Since then, the 1 and 2 cent coins were deemed to be no longer an economically viable coin to produce and were subsequently withdrawn and demonetised on the 30th of April, 1990. They are no longer considered to be legal tender.

On the 11th of February, 1991, new One and Two Dollar coins were introduced to replace the One and Two Dollar banknotes, coins being much more durable than low denomination high turnover banknotes.

The 5 cent coins were deemed to be no longer an economically viable coin to produce and were subsequently withdrawn and demonetised on the 1st of November, 2006. They are no longer considered to be legal tender.

On the 31st of July, 2006, the Reserve Bank of New Zealand introduced smaller and lighter plated steel 10, 20 and 50 cent coins. The older coins were withdrawn and demonetised and are now, no longer legal tender.

The current New Zealand coinage is a streamlined, light weight and relatively cheap to produce modern coinage which caters to New Zealands current needs. It consists of 10, 20 and 50 cent coins, and One and Two Dollar coins for general circulation.

Current banknotes include the Five, Ten, Twenty, Fifty and One Hundred Dollar notes.