Banknotes of the New Zealand dollar

This article concerns the banknotes of the New Zealand dollar.

History

Banknotes of the New Zealand dollar have all been issued by the Reserve Bank. Consequently the numbering of RB banknote issues commences from the pre-dollar pound issues. So the first dollar issue is the Third Issue of banknotes by the Reserve Bank.

First and Second issues: Pre-dollar

Main article: New Zealand pound

Prior to 10 July 1967, the New Zealand pound, using the £sd system, was the main currency of New Zealand. Since 1934, banknotes of the New Zealand pound were issued by the Reserve Bank of New Zealand, and came in denominations of 10s, £1, £5, £10, and £50.

Third issue: 1967 - 1981

Decimalisation of the New Zealand currency occurred on 10 July 1967, when the New Zealand pound was replaced by the New Zealand dollar at a rate of one pound to two dollars (10 shillings to a dollar). On the same day, new decimal banknotes were introduced to replace the existing pound banknotes, in denominations of $1, $2, $5, $10, $20, and $100.

These first decimal banknotes all featured a portrait of Queen Elizabeth II, the Queen of New Zealand, on the obverse. The reverse featured a native New Zealand bird and a native New Zealand plant. The colour scheme on all but the $5 note (which was an entirely new denomination, worth £2 10s) remained the same on equivalent pound and dollar notes to ease the transition (e.g. £10 and $20 were both green).

Fourth issue: 1981 - 1991

The second issue of New Zealand dollar banknotes occurred in 1981, when the Reserve Bank changed the printer from De La Rue to Bradbury, Wilkinson & Co. The new notes had a different design from the first decimal currency issue. The portrait of Queen Elizabeth II was updated, and she now faced forward, rather than to the left. It was based upon a photograph by Peter Grugeon, with the Queen wearing Grand Duchess Vladimir's tiara and Queen Victoria's golden jubilee necklace.

The $50 note was introduced in 1983 to fill the long gap between the $20 and the $100 notes. $1 and $2 notes were discontinued in 1991 and replaced by gold-coloured coins. Requests for a donation (koha) eg for admission often now say gold coin please.

Fifth issue: 1991 - 1999

In 1991, the existing $1 and $2 notes were withdrawn ($1 and $2 coins had been introduced in the previous year) and all the other banknotes were redesigned. The new series featured notable New Zealanders on the obverse, with the exception of the $20 note, which still featured the Queen, while the reverse sides were redesigned to incorporate a natural New Zealand scene, with a native New Zealand bird in the foreground. The Queen replaced Captain Cook as the image for the watermark.

A notable feature of the new series was the inclusion of the portrait of Sir Edmund Hillary on the obverse of the $5 note. Hillary was one of the few living non-heads of state to ever feature on a banknote in the world, and this remained true until his death on 11 January 2008.

The banknote redesign was needed because when the Reserve Bank governor Don Brash told the existing printer that the bank proposed to put the printing of banknotes (its largest cost) out to tender, the firm said that they owned the copyright on the plates. "Apparently, when we went to decimal currency in 1967, somebody in the Treasury or the Reserve Bank had signed away the copyright of the New Zealand banknotes to a company in Whangarei, in perpetuity". So the only way out of a hopeless bargaining position was to redesign the banknotes. The Whangarei firm was a subsidiary of a British company, and after going out to tender the same Whangarei company won, but this time the price per note was substantially less.

Sixth issue: 1999 - present

In 1999, New Zealand changed from paper banknotes to polymer banknotes. The change increased the life of the banknotes fourfold, and also allowed new and improved security features to prevent counterfeiting. The overall design of the notes remained unchanged albeit for slight modifications for the new security features.

In 2000, a commemorative $10 note was issued for the new millennium.

Seventh issue: 2015

In July 2011, the Reserve Bank of New Zealand announced a new issue of banknotes will be released for circulation from 2015. The new issue will use the same basic designs as the fifth and sixth note issues, but the overall look will be refreshed and the security features will be upgraded.

Current banknotes

These banknotes are in regular circulation as of August 2012.

Value	Dimensions	Main Colour	Description			Date of issue
			Obverse	Reverse	Watermark
$5	135 × 66 mm	Orange	Edmund Hillary Aoraki/Mount Cook Ferguson TE20 tractor	Campbell Island scene Hoiho (Yellow-eyed Penguin) Ross Lily Pleurophyllum speciosum(Campbell Island Daisy) Bull kelp	Queen Elizabeth II	1999
$10	140 × 68 mm	Blue	Kate Sheppard White camellia flowers	River scene Whio (Blue Duck) Parahebe catarractae Blechnum fern
$20	145 × 70 mm	Green	Elizabeth II, Queen of New Zealand New Zealand Parliament Buildings	New Zealand alpine scene Karearea (New Zealand falcon) Marlborough rock daisy Flowering red tussock Mount Tapuaenuku
$50	150 × 72 mm	Purple	Sir Apirana Ngata Porourangi Meeting House	Conifer broadleaf forest scene Kōkako (Blue wattled crow) Supplejack (kareao) Sky-blue mushroom
$100	155 × 74 mm	Red	Lord Rutherford of Nelson Nobel Prize medal	Beech forest scene Mohua (Yellowhead) Red Beech South Island lichen moth
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Past banknotes

Due to changes in printer, designs, and base material, there have been several designs on New Zealand banknotes. With the exception of the demonetised $1 and $2 notes, all decimal notes are still legal tender, although it is rare to see them in regular circulation.

Image		Value	Dimensions	Main Colour	Description			Date of		Remarks
Obverse	Reverse				Obverse	Reverse	Watermark	Issue	Withdrawal
		$1	140 × 70 mm	Brown	Queen Elizabeth II	Piwakawaka (New Zealand fantail) New Zealand clematis	Captain James Cook	10 July 1967	1991
File:NZ One Dollar bill.png								1981
		$2	145 × 72.5 mm	Mauve		Titipounamu (Rifleman) Mistletoe		10 July 1967
File:NZ Dollar Two bill.png								1981
[1]		$5	150 × 75 mm	Orange		Tui Kowhai		10 July 1967	still legal tender
File:NZ Dollar Five.png								1981
			135 × 66 mm		(as today)	(as today)	(as today)	1992		Paper version of today's note
[2]		$10	155 × 77.5 mm	Blue	Queen Elizabeth II	Kea Mount Cook lily	Captain James Cook	10 July 1967
								1981
			140 × 68 mm		(as today)	(as today)	(as today)	1992		Paper version of today's note
		$20	160 × 80 mm	Green	Queen Elizabeth II	Kereru (wood pigeon) Miro	Captain James Cook	10 July 1967
								1981
			145 × 70 mm		(as today)	(as today)	(as today)	1992		Paper version of today's note
		$50	160 × 80 mm	Orange/Mango	Queen Elizabeth II	Morepork (ruru) Pōhutukawa	Captain James Cook	1983
			150 × 72 mm	Purple	(as today)	(as today)	(as today)	1992		Paper version of today's note
[3]		$100	160 × 80 mm	Crimson	Queen Elizabeth II	Takahe Pekapeka (mountain daisy)	Captain James Cook	10 July 1967
								1981
			155 × 74 mm	Red	(as today)	(as today)	(as today)	1992		Paper version of today's note

Commemorative banknotes

In October 1999, a commemorative $10 note was issued for the new millennium. The note demonstrated the security features that were possible with polymer banknotes, which were being introduced into general circulation at the time.

Image		Value	Dimensions	Main Colour	Description			Date of issue
Obverse	Reverse				Obverse	Reverse	Watermark
		$10	140 × 68 mm	Blue	The Journey - Socially and Technologically A Māori waka to represent the Māori migration to New Zealand around 1000 AD; binary digits and satellite dish to represent the digital age	The Kiwi Spirit - A Sense of Adventure Several images representing the Kiwi lifestyle	A Māori carved face	October 1999

Security features

New Zealand's banknotes incorporate many security features to prevent counterfeiting. The use of polymer makes the current series of banknotes very difficult and expensive to counterfeit due to the vast array of security features.

Some of the security features are:

• There are two transparent windows in the note. The transparent window on the centre right side (when looking at the obverse) is oval-shaped and contains the denomination of the currency (5, 10, 20, etc.) embossed in the transparent section. The transparent window on the left hand side is in the shape of a curved fern leaf.
• There is a curved fern leaf directly above the transparent fern on both sides of the note. When held up to a light source, the fern on one side should match perfectly with the fern on the other side.
• When the note is held up to a light source, a watermark image of Queen Elizabeth II should be seen in the area to the left (when looking at the obverse) of the transparent oval.
• When running your finger across the note, you should be able to feel the raised printing.
• Tiny micro-printed letters, reading “RBNZ”, should be visible with a magnifying glass in the bottom right of the note (in the band between the person and the denomination).
• The images on the note should appear sharp and well defined, not fuzzy and washed out.
• The serial number of the note should be printed both horizontally and vertically on the note.
• Under ultra-violet light, the note should appear dull, except for a patch on the front showing the denomination of the note that glows under UV light.
• The note should feel plastic, not paper.
• The note should be very difficult to tear without the aid of scissors. However, once a rip is initiated, the note should tear very easily.
• The first two numerals of the serial number represent the year of printing (e.g. note AA05000001 was printed in 2005). The Reserve Bank Governor's signature in the top left corner should match the governor in office at time of printing - Donald T Brash for notes printed 1999 (99) to 2002 (02), and Alan Bollard for notes printed 2003 (03) onwards.

Damaged notes

The Reserve Bank accepts all New Zealand currency for payment at face value. This applies to all demonetised or withdrawn currency, however such currency need not be accepted by money changers as this is no longer legal tender. All decimal notes are legal tender except $1 and $2 notes as these have been withdrawn.

Damaged notes are still usable so long as they are recognisable. In particular, the legibility of the note's serial numbers is important. The Reserve Bank website notes that as a rule of thumb if there is more than half a bank note they will pay its full value. In practise banks may pay a quarter of the value for every visible denomination figure on the note, of which there are four. For instance, if a $5 note is ripped in half vertically, two "5" symbols will still be visible on each half, and the amount exchanged will $2.50 for each. To receive payment people can return in the note to any commercial bank or the Reserve Bank in Wellington.