Introduced in 1840, the New Zealand Pound was the first official currency of New Zealand. Until that point, both British and Australian coins circulated in New Zealand, and continued to do so until 1897. The Pound banknotes were produced by the six different trading banks until 1924, when a single uniform design was implemented. A decade later, the Reserve Bank of New Zealand was established. The New Zealand dollar is the official currency of New Zealand. The currency code for the New Zealand dollar is NZD.
United States Dollar
On 11 June 2007 the Reserve Bank sold an unknown worth of New Zealand dollars for nine billion USD in an attempt to drive down its value. This is the first intervention in the markets by the Bank since the float in 1985. Each banknote and coin of New Zealand’s currency looks different. The currency usually has a bird on one side of a banknote or coin time series analysis as well as an important historical figure of New Zealand. It is estimated that the polymer note lasts four times longer than regular linen or paper notes. Interestingly, the polymer note can go through a washing machine without suffering any material damage.
Since 1999, the New Zealand government has produced polymer or plastic versions of the New Zealand dollar, which has made the note more secure against counterfeiting. In addition, the new polymer composition has increased the longevity of the note. The NZD is affectionately referred to as the ‘Kiwi,’ in honor of a flightless bird called a kiwi, which is pictured on one side of the country’s $1 coin. In 1971 the US devalued its dollar relative to gold, leading New Zealand on 23 December to peg its dollar at US$1.216 with a 4.5% fluctuation range, keeping the same gold value.
From 9 July 1973 to 4 March 1985 the dollar’s value was determined from a trade-weighted basket of currencies. During the turbulence in global financial markets during mid to late 2008, the cumulative net long positions held by Japanese margin traders in the NZD fell by nearly 90%. When the Fed intervenes in open market activities to make the U.S. dollar stronger, for example, the value of the NZD/USD cross could decline, due to a strengthening of the U.S. dollar when compared to the New Zealand dollar. NZD/USD is affected by factors that influence the value of the New Zealand dollar and/or the U.S. dollar in relation to each other and other currencies. For this reason, the interest rate differential between the Reserve Bank of New Zealand (RBNZ) and the Federal Reserve (Fed) will affect the value of these currencies when compared to each other.
New Zealand is one of the world’s biggest exporters of whole milk powder. This bytecoin price prediction 2020 2025 means that if milk prices are on the rise the New Zealand economy is likely to be doing well, which will push up the currency. The New Zealand dollar is considered a carry-trade currency in that it is relatively high-yielding so investors will often buy the NZD and fund it with a lower-yielding currency such as the Japanese yen or the Swiss franc. Need to know when a currency hits a specific rate? The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs.
Its symbol is usually written as $, and sometimes NZ$ is used to distinguish it from other currencies that use the same sign. Informal nicknames for the New Zealand dollar are ‘kiwi’ and ‘buck’. A kiwi is a bird indigenous to New Zealand and is featured on the $1 coin. New Zealanders are also colloquially called ‘kiwis’.
These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the highest points the exchange rate has been at in the last 30 and 90-day periods. The New Zealand dollar contributes greatly to the total global exchange market—far in excess of New Zealand’s relative share of population or global GDP. The most recent issue of New Zealand banknotes is the seventh series, first released in October 2015 and May 2016.
Convert New Zealand Dollar to US Dollar
The obverse of each note featured a notable New Zealander, while the reverse featured a native New Zealand bird and New Zealand scenery. In 1999, series 6 polymer notes replaced the paper notes. The designs remained much the same, but were changed slightly to accommodate new security features, with the most obvious changes being the two transparent windows. Decimalization of the NZD (division into 100 cents) took place in 1967 when the New Zealand dollar replaced the New Zealand pound at a rate of two dollars to one pound.
US Dollar to New Zealand Dollar stats
- The original notes had a variety of designs, including that of a kiwi, the nation’s Coat of Arms, Maori King Tawhiao, and Fiordland’s Mitre Peak.
- Each banknote and coin of New Zealand’s currency looks different.
- In 1986, New Zealand adopted Raphael Maklouf’s new portrait of the Queen.
- Other factors affecting the NZD are dairy prices and tourism numbers.
New Zealand currency has had a long history of over 160 years. In fact, during the 1800s, New Zealand used its coins and banknotes before British currency was even legal currency. However, nothing was made official until 1933, when New Zealand issued their first official coins, based on the British pound, shilling, and pence.
New Zealand Dollar to US Dollar stats
The first coins had pictures of the native birds of New Zealand on the “tails” side, a tradition that has continued, with the British monarch on the head side. Wise is a Money Service Business registered with FinCen. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. The New Zealand dollar also circulates in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. It is often informally known as the “Kiwi (dollar)” and is divided into 100 cents.
In 2016, the currency had its most recent update, with even more bright colors and updated security features. Compare our rate and fee with our competitors and see the difference for yourself. Live tracking and notifications + flexible delivery and payment options. The strength of a currency tends to fluctuate so the strength of the NZD may not always be so strong.
The idea of decimalization was first raised in 1933, but was not put into place until 1967, when the New Zealand Dollar replaced the New Zealand Pound. There was much public discussion over what the new currency would be called, with ideas such as ‘kiwi’ and ‘zeal’ being proposed, but in the end, the term ‘dollar’ was chosen. The New Zealand Dollar was initially pegged to the US Dollar at a rate of 1.62 USD bitcoin cash price today, bch live marketcap, chart, and info to 1 NZD. The peg rate changed multiple times until 1985, when the currency began to freely float in the market. In 1999, a new design for the New Zealand Dollar was released in an attempt to modernize, with the new bills being made of polymer.
Initially pegged to the United States dollar, NZD went through a series of changes in the fixed exchange rate until March of 1985, when the currency was allowed to float freely. It took another 30 years before the Reserve Bank replaced the currency of pounds, shillings, and pence with actual dollars and cents. In the year 1967 alone, the Bank printed 27 million new banknotes and 165 million new coins.
On the introduction of the dollar, coins came in denominations of 1c, 2c, 5c, 10c, 20c, and 50c. The obverse designs of all the coins featured Arnold Machin’s portrait of Queen Elizabeth II, with the legend ELIZABETH II NEW ZEALAND [date]. The reverse sides of coins introduced in 1967 did not follow the designs that were originally intended for them. Those modern art and sculpture themed designs were leaked to a newspaper and met a very negative public reaction. The final releases were given more conservative designs in line with public expectations.