NZ adopts decimal currency 10 July 1967 Pounds, shillings and pence were replaced with dollars and cents − 27 million new banknotes and 165 million new coins, to be precise. In 1963 the government decided to ‘decimalise’. Imperial currency was relatively complex: pounds were divided into 20 shillings and 240 pence, with 12 pence to the shilling. People had got used to doing the fractions, but it was complicated. The system of 100 cents to the dollar was simpler and ‘Decimal Currency’ (DC) day was set for 10 July 1967. There was public discussion over what to call the new decimal money. ‘Kiwi’ and ‘zeal’ were proposed to avoid confusion with ‘dollar’, which most people associated with American currency. In the end, though, the word dollar was selected. ‘Mr Dollar’ became the symbol of the transition, children had the opportunity to become ‘dollar scholars’, and a jingle released in 1966 to promote the change told New Zealanders not to ‘shed a tear in July next year for cumbersome pounds and pence’. With the changeover 5 shillings (one crown) became 50 cents, 2 shillings (one florin) became 20 cents, 1 shilling (one bob) became 10 cents, 6 pence became 5 cents, 3 pence became 2 cents and a penny became 1 cent. The old bank notes (10s, £1, £5, £10 and £50) were replaced with dollar notes in the following denominations: 1, 2, 5, 10, 20 and 100. A $50 note was introduced in 1981, and in 1990 the $1 and $2 notes were replaced by coins. By 2010 inflation had reduced the value of a New Zealand dollar to less than 1/16th of what it was worth when it was introduced in 1967.
Posted on: Sun, 19 Oct 2014 07:49:10 +0000
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