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New Zealand CurrencyThe New Zealand dollar having the currency code of NZD is the official currency of the nation. The currency is generally abbreviated by the dollar sign of $ or NZ$. This is done so as to distinguish it from other dollar prevalent nations. The Kiwi Dollar is often divided into 100 cents and happens to be one of the 16 most currencies of the world that are used for various trading purposes. The year 1967 saw the introduction of 1, 2, 5, 10, 20 and 50 cents and whiles the 1 and 2 cent coins were minted in bronze, the rest of the lot that is the 5, 10, 20 and 50 were all in cupro-nickel. Till the year 1970, all the 10 cent coins had the ‘one shilling’ legend carved on them and featured the portrait of Elizabeth II done by popular artist Arnold Machin. The year 1986 saw the Kiwi government adopting the portrait of the Queen done by Raphael Maklouf on every side and the 1 and 2 cent coins were minted at the last moment to be circulated in 1987. The coins were finally demonetized on the Firs of May 1990. Several aluminum-bronze 1 and 2 dollar coins were introduced in 1990. These coins replaced the all ready existing $1 and $2 notes. In the year 1999, the portrait of the Queen by Ian Rank-Broadley was introduced and the legend was rearranged to be read as the NEW ZEALAND ELIZABETH II. Presently the older 50, 20, 10 and 5 cent pieces are no longer in use and are out of the legal tender. However, some are still redeemable at the Reserve Bank. |
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