Up until 1933, New Zealand used the same currency as the U.K. However, in 1933, the country decided to create its own currency called the New Zealand Pound, which followed British coinage at the time, including half crowns, shillings and half pennies. It wasn't until 1967 that the country switched to a decimal system with the creation of the New Zealand dollar. The pound sterling was first adopted by the Bank of England in 1694. However, it wasn't until 1971 that the country adopted a decimalization system, doing away with the shilling.
New Zealand coins are particularly significant because unlike many countries including the United States, New Zealand does not have pennies in circulation. The smallest currency in circulation in New Zealand is 10 cents. Britain continues to debate whether to keep its penny in circulation. If it removed the penny from circulation, its smallest coinage would be the two pence piece.
New Zealand has five coins and five bank notes in circulation. The coins are 10 cents, 20 cents, 50 cents, one dollar and two dollars. The notes in circulation for New Zealand are five, ten, 20, 50 and 100 dollar notes. The U.K currently has eight coins and five bank notes in circulation. The coins in circulation are one penny, two pence, five pence, 10 pence, 20 pence, 50 pence, one pound and two pounds. The bank notes in circulation for the UK are five, ten, 20 and 50 pound notes.
New Zealand coins typically depict aspects of New Zealand culture. The 20 cents coin shows a kiwi and a fern bush, the fern being a national emblem for New Zealand. The one cent coin also shows a fern. The 50 cents coin shows Captain Cook and Mount Taranaki, and the one dollar coin shows a kiwi. In the UK, the 10 pence coin depicts a lion representing Britain's strength. The lion can be seen wearing the crown of the monarch. The 20 pence piece shows a rose, which is the national flower of England and the 50 pence piece shows a picture of Britannia.
New Zealand and Australia are in the midst of debating whether to join their two currencies into one single currency, according to the Sept. 6, 2009, New Zealand Herald. Because the United Kingdom is a member of the European Union, the euro is considered legal tender there, however it has yet to be adopted as the country's currency.
