View source for New Zealand dollar

{{short description|Currency of New Zealand}}
{{Use New Zealand English|date=March 2013}}
{{Use dmy dates|date=July 2020}}
{{Infobox currency
| local_name1 = New Zealand dollar
| local_name_lang1 = en
| local_name2 = tāra o Aotearoa
| local_name_lang2 = mi
| name_abbr = $NZ<ref name=WBSG>{{cite web | url=https://openknowledge.worldbank.org/bitstream/handle/10986/33367/33304.pdf?sequence=2 |title=World Bank Style Guide |publisher=[[World Bank]] | pages= 134{{ndash}}137}}</ref>
| image_1 = New Zealand one hundred-dollar banknote, Series 7.jpg
| image_title_1 = [[New Zealand one hundred-dollar note|$100 banknote]], [[obverse and reverse|obverse]]
| image_2 = NZ one dollar reverse.jpg
| image_title_2 = [[New Zealand one-dollar coin|$1 coin]], depicting a [[Kiwi (bird)|kiwi]] on the reverse, from where the currency gets its informal name, the Kiwi dollar
| image_width_2 = 100px
| iso_code = NZD
| using_countries = '''{{flagcountry|NZL}}'''
{{Collapsible list
| title = 2 nations in [[Associated state|free association]] with New Zealand
|{{flag|Cook Islands}}
|{{flag|Niue}}}}
{{Collapsible list
| title = 2 [[Realm of New Zealand|New Zealand dependent territories]]
|{{flag|Ross Dependency}}
|{{flag|Tokelau}}}}
{{Collapsible list
| title = 1 [[British Overseas Territories|British Overseas Territory]]
|{{flag|Pitcairn Islands}}}}
| inflation_rate = 3.0% (New Zealand only)
| inflation_source_date = ''[https://www.rbnz.govt.nz/ Reserve Bank of New Zealand]'', September 2025|
| pegged_by = [[Cook Islands dollar]] (historical), [[Niue dollar]] and [[Pitcairn Islands dollar]] (all at par)
| unit = dollar
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = [[Cent (currency)|cent]]
| symbol = [[Dollar sign|$]]
| symbol_subunit_1 = c
| nickname = kiwi
| frequently_used_coins = [[New Zealand ten-cent coin|10c]], [[New Zealand twenty-cent coin|20c]], [[New Zealand fifty-cent coin|50c]], [[New Zealand one-dollar coin|$1]], [[New Zealand two-dollar coin|$2]]
| coin_article = Coins of the New Zealand dollar
| frequently_used_banknotes = [[New Zealand five-dollar note|$5]], [[New Zealand ten-dollar note|$10]], [[New Zealand twenty-dollar note|$20]], [[New Zealand fifty-dollar note|$50]], [[New Zealand one hundred-dollar note|$100]]
| banknote_article = Banknotes of the New Zealand dollar
| date_of_introduction = {{Start date and age|1967|7|10}}
| replaced_currency = [[New Zealand pound]]
| issuing_authority = [[Reserve Bank of New Zealand]]
| issuing_authority_website = {{URL|https://www.rbnz.govt.nz/|rbnz.govt.nz}}
| printer = [[Note Printing Australia]] (provides base polymer note material)
| printer_website = {{URL|https://www.noteprinting.com/|noteprinting.com}}
| mint = Primarily [[Royal Canadian Mint]] and [[Royal Mint]] (UK), others previously
}}

The '''New Zealand dollar''' ({{langx|mi|tāra o Aotearoa}}; [[currency sign|sign]]: '''$'''; [[ISO 4217|code]]: '''NZD''') is the official [[currency]] and [[legal tender]] of [[New Zealand]] including 2 [[Associated state|freely associated states]] of New Zealand ([[Cook Islands]] and [[Niue]]), 2 [[Dependent territory|dependent territories]] of New Zealand ([[Ross Dependency]] and [[Tokelau]]) and a British territory, the [[Pitcairn Islands]].<ref>{{cite web|title=New Zealand Dollar (NZD) Profile {{!}} Foreign Exchange Conversion - Money Calculator|url=http://currency7.com/NZD|website=currency7.com|access-date=6 February 2017}}</ref> Within New Zealand, it is almost always abbreviated with the [[dollar sign]] ($). The abbreviations "'''$NZ'''"<ref name=WBSG /> or "'''NZ$'''" are used (outside New Zealand) when necessary to distinguish it from other [[dollar]]-denominated currencies.

The New Zealand dollar was introduced in 1967. It is subdivided into 100 [[Cent (currency)|cents]]. Altogether it has five coins and five banknotes with the smallest being the [[New Zealand ten-cent coin|10-cent coin]]; smaller denominations have been discontinued due to inflation and production costs.

In the context of currency trading, the New Zealand dollar is sometimes informally called the "Kiwi" or "Kiwi dollar",<ref>{{cite web|author=Jazial Crossley |url=http://www.stuff.co.nz/business/market-data/currencies/6559207/Kiwi-follows-Aussie-dollar-down |title=Currency &#124; Kiwi Follows Aussie Dollar Down |publisher=Stuff.co.nz |date=2012-03-12 |access-date=2012-05-23}}</ref> since the [[flightless bird]], the [[Kiwi (bird)|kiwi]], is depicted on its [[New Zealand one-dollar coin|one-dollar coin]]. It is the tenth most traded currency in the world, representing 2.1% of global foreign exchange market daily turnover in 2019.<ref name="10th">{{Cite web|date=2019-09-16|title=Foreign exchange turnover in April 2019|url=https://www.bis.org/statistics/rpfx19_fx.htm|language=en}}</ref>

==History==

===Introduction===

Prior to the introduction of the New Zealand dollar in 1967, the [[New Zealand pound]] was the currency of New Zealand, which had been distinct from the [[pound sterling]] since 1933.<ref>{{cite encyclopedia |last1=Pollock |first1=Kerryn |title=Coins and banknotes - A national currency, 1930s to 1960s |url=https://teara.govt.nz/en/coins-and-banknotes/page-2 |encyclopedia=[[Te Ara: The Encyclopedia of New Zealand]] |access-date=10 May 2020 |date=20 June 2012}}</ref> The pound used the [[£sd]] system, in which the pound was divided into 20 shillings and one shilling was divided into 12 pence, a system which by the 1950s was considered complicated and cumbersome.

[[Decimalisation|Switching to decimal currency]] had been proposed in New Zealand since the 1930s, although only in the 1950s did any plans come to fruition.<ref>{{cite encyclopedia |last1=Pollock |first1=Kerryn |title=Coins and banknotes - Decimal currency, 1960s to 2000s |url=https://teara.govt.nz/en/coins-and-banknotes/page-3 |encyclopedia=Te Ara: The Encyclopedia of New Zealand |access-date=10 May 2020 |date=20 June 2012}}</ref> In 1957, a committee was set up by the Government to investigate decimal currency. The idea fell on fertile ground, and in 1963, the Government decided to decimalise New Zealand currency.<ref name="RBNZexplain">{{cite web |url= http://www.rbnz.govt.nz/notes_and_coins/explaining_currency.pdf |title= Explaining New Zealand's currency |publisher=[[Reserve Bank of New Zealand]] |access-date= 17 August 2010 |url-status= dead |archive-url= https://web.archive.org/web/20130712052241/http://www.rbnz.govt.nz/notes_and_coins/explaining_currency.pdf |archive-date= 12 July 2013}}</ref> The Decimal Currency Act was passed in 1964, setting the date of transition to 10 July 1967.<ref>{{cite web|title=Decimal Currency Act 1964 No 27 (as at 01 February 1990), Public Act Contents – New Zealand Legislation|url=http://www.legislation.govt.nz/act/public/1964/0027/latest/DLM351233.html|website=www.legislation.govt.nz|access-date=6 February 2017|language=en-NZ}}</ref> Words such as "fern", "kiwi" and "zeal" were proposed to avoid confusion with the word "dollar", which many people associate with the [[United States dollar]].<ref name="NZ History">{{cite web|title=New Zealand adopts decimal currency|url=https://nzhistory.govt.nz/nz-adopts-decimal-currency|website=nzhistory.govt.nz|publisher=Ministry for Culture and Heritage|access-date=6 February 2017|date=10 January 2017}}</ref><ref>{{cite web|title=New Zealand dollar|url=http://www.global-exchange.com.au/currencies-of-the-world/new-zealand-dollar|publisher=Global Exchange|access-date=6 February 2017}}</ref> In the end, the word "dollar" was chosen anyway, and an [[Anthropomorphism|anthropomorphic]] dollar note cartoon character called "Mr. Dollar" became the symbol of transition in a huge publicity campaign.<ref>{{cite web | author= The Film Archive | url= http://www.filmarchive.org.nz/sellebration/view.php?id=212 | title= Decimal Currency, Mr. Dollar | access-date= 8 March 2012 | archive-url= https://web.archive.org/web/20120803121122/http://www.filmarchive.org.nz/sellebration/view.php?id=212 | archive-date= 3 August 2012 | url-status= dead}}</ref>

On Monday 10 July 1967 ("Decimal Currency Day"), the New Zealand dollar was introduced to replace the pound at a rate of two dollars to one pound (one dollar to ten shillings, ten cents to one shilling, {{frac|5|6}} cent to a penny).<ref>{{cite book|title=New Zealand official yearbook|date=1967|publisher=New Zealand Department of Statistics|page=1126|volume=72|url=https://books.google.com/books?id=0q4rAQAAIAAJ}}</ref> Some 27 million new banknotes were printed and 165 million new coins were minted for the changeover.<ref name="NZ History" />

===Exchange rate===
The New Zealand dollar was initially pegged to both the British [[pound sterling]] and the [[United States dollar]] at NZ$1 = UK£{{frac|1|2}} = US$1.40. On 21 November 1967 sterling was devalued from UK£1 = US$2.80 to US$2.40 (see [[Bretton Woods system]]), but the New Zealand dollar was devalued even more from NZ$1 = US$1.40 to US$1.12, to match the value of the [[Australian dollar]].<ref name="globalfinancialdata 4017">{{cite web | author= Global Financial Data | url= http://www.globalfinancialdata.com/index.php3?action=detailedinfo&id=4017 | archive-url= https://web.archive.org/web/20070929121127/http://www.globalfinancialdata.com/index.php3?action=detailedinfo&id=4017 | url-status= dead | archive-date= 29 September 2007 | title= New Zealand Dollar (USD per NZD) | access-date= 21 May 2007 }}</ref>

In 1971, the US [[Nixon Shock|devalued]] its dollar [[Gold standard|relative to gold]], leading New Zealand on 23 December 1971 to peg its dollar at US$1.1952, keeping the same gold value.<ref name="ER changes">{{cite web|url=https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/statistics/series/b/b1/new-zealand-dollar-exchange-rate-changes-before-1985.pdf|title=Exchange rate changes to the New Zealand dollar before it was floated on 4 March 1985|publisher=Reserve Bank of New Zealand|access-date=30 March 2025}}</ref> From 9 July 1973 to 4 March 1985 the dollar's value was determined from a trade-weighted basket of currencies.

On 4 March 1985, the NZ$ [[Floating exchange rate|was floated]] at the initial rate of US$0.4444. Since then, the dollar's value has been determined by the financial markets, and has been in the range of about US$0.39 to 0.88.

The dollar's post-float low was US$0.3922 on 22 November 2000, and it reached a post-float high on 9 July 2014 of US$0.8821. Much of this medium-term variation in the exchange rate has been attributed to differences in interest rates.{{Citation needed|date=March 2008}}

The New Zealand dollar is among the 10 most-traded currencies.<ref name="10th" />

On 11 June 2007, the [[Reserve Bank of New Zealand|Reserve Bank]] sold an unknown worth of New Zealand dollars for nine billion [[United States dollar|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.

Two suspected interventions followed, but they were not as successful as the first: the first appeared to be initially effective, with the dollar dropping to approximately US$0.7490 from near US$0.7620. However, within little more than a month it had risen to new post-float highs, reaching US$0.8103 on 23 July 2007.

After reaching its post-float record high in early 2008, the value of the NZ$ plummeted throughout much of the 2nd half of 2008 and the first quarter of 2009 as a response to the global economic downturn and flight by investors away from "riskier" currencies such as the NZ$. The NZ$ bottomed out at approximately US$0.50 on 6 March 2009.<ref name="GOOG">{{cite web |url=https://www.google.com/finance/quote/NZD-USD |title=New Zealand Dollar to United States Dollar |website= Google Finance |access-date=2012-05-23}}</ref> However, it rebounded strongly as the year progressed, reaching the US$0.75 range by November 2009.<ref name="GOOG"/>

By late 2012, the dollar was holding above 80 US cents, occasionally reaching 85¢, prompting calls from [[Green Party of New Zealand|the Green Party]] for [[quantitative easing]].<ref name="3news 271764">{{cite news| url= http://www.3news.co.nz/Greens-call-for-quantitative-easing/tabid/1607/articleID/271764/Default.aspx|work=3 News NZ |title= Greens call for quantitative easing| date=7 October 2012 |url-status=dead |archive-url= https://archive.today/20130413223352/http://www.3news.co.nz/Greens-call-for-quantitative-easing/tabid/1607/articleID/271764/Default.aspx |archive-date= 13 Apr 2013 }}</ref><ref>{{cite news| url= http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10839073|work=[[The New Zealand Herald]] |title= Labour sees merit in Green call to print cash| date=8 October 2012 |first1=Audrey |last1=Young |url-status=live |archive-url=https://web.archive.org/web/20191217150542/http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10839073 |archive-date= 2019-12-17}}</ref> Unions also called on the Government and the [[Reserve Bank of New Zealand|Reserve Bank]] to take action, but as of February 2013 both had declined.<ref name="3news 271782">{{cite news| url= http://www.3news.co.nz/Govt-rejects-call-to-print-money/tabid/1607/articleID/271782/Default.aspx|work=3 News NZ |title= Govt rejects call to print money| date=27 October 2012 |first1= Emma |last1=Jolliff |url-status=dead |archive-url=https://web.archive.org/web/20140718143229/http://www.3news.co.nz/Govt-rejects-call-to-print-money/tabid/1607/articleID/271782/Default.aspx |archive-date= 2014-07-18}}</ref>

As of early June 2017, the NZD was trading at approximately US$0.71, and in early November 2019 it was valued as US$0.63 = NZ$1.<ref name="XE NZD">{{Cite web|url=http://www.xe.com/currencytables/?from=NZD&date=2017-06-01|title = Historical Rates Tables - NZD |website=Xe.com}}</ref>

==Coins==
{{Main|Coins of the New Zealand dollar}}

===History===
[[File:Unused proposal for New Zealand Currency (9243555441).jpg|thumb|right|Proposed designs for a $1 (10 shilling) coin]]
On the introduction of the dollar, coins came in denominations of 1c, 2c, 5c, 10c, 20c, and 50c. The 1c and 2c coins were bronze, the others were [[Cupronickel|cupro-nickel]].<ref name="RBNZ">{{cite web |url-status=dead |url=http://www.rbnz.govt.nz/currency/Money/0094086.html |title=History of New Zealand Coinage |archive-url=https://web.archive.org/web/20090123153550/http://rbnz.govt.nz/currency/Money/0094086.html |archive-date=23 January 2009 |website= Reserve Bank of New Zealand |access-date=4 April 2009}}</ref> To ease transition, the 5c, 10c, and 20c were the same size as the sixpence, shilling and florin that they respectively replaced, and until 1970, the ten-cent coin bore the additional legend "One Shilling".  The obverse designs of all the coins featured [[Arnold Machin]]'s portrait of [[Elizabeth II|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.

In 1986, New Zealand adopted [[Raphael Maklouf]]'s new portrait of the Queen. The 1c and 2c coins were last minted for circulation in 1987, with collector coins being made for 1988. The coins were demonetised on 30 April 1990.<ref name="RBNZ"/> The lack of 1c and 2c coins meant that cash transactions were normally rounded to the nearest 5c (10c from 2006), a process known as [[Swedish rounding]].

On 11 February 1991, aluminium-bronze $1 and $2 coins were introduced to replace existing $1 and $2 notes.<ref name="RBNZ"/> In 1999, [[Ian Rank-Broadley]]'s portrait of the Queen was introduced and the legend rearranged to read "{{resize|NEW ZEALAND ELIZABETH II}}".

On 11 November 2004, the Reserve Bank announced that it proposed to take the 5c coin out of circulation and to make the 50c, 20c and 10c coins smaller and use plated steel to make them lighter. After a three-month public submission period that ended on 4 February 2005, the Reserve Bank announced on 31 March 2005 that it would go ahead with the proposed changes. The changeover period started on 31 July 2006, with the old coins usable until 31 October 2006.<ref name="RBNZ"/> The old 50c, 20c, 10c and 5c pieces are now no longer [[legal tender]], but they are still redeemable at the Reserve Bank. Prior to the change over, these coins were similar, save for the legend and reverse artwork, to international (mainly [[Commonwealth of Nations|Commonwealth]]) coins of the same British-derived sizes, which led to coins from other currencies, particularly older coins, being accepted by vending machines and many retailers.

Commemorative coins, with face values of 50c, were issued in 2015 and 2018 to mark the centenary of the [[Gallipoli Campaign|Gallipoli landings]]<ref>{{Cite web|url=https://www.rbnz.govt.nz/notes-and-coins/coins/anzac-circulating-commemorative-coin|title=ANZAC Circulating Commemorative Coin|website=Reserve Bank of New Zealand}}</ref> and of [[Armistice Day]].<ref>{{Cite web|url=https://www.rbnz.govt.nz/notes-and-coins/coins/armistice-day-coin|title=Armistice Day Coin|website=Reserve Bank of New Zealand}}</ref>

===Current circulating coins===
[[File:New Zealand dollar coins May 2011.jpg|thumb|centre|500px|The reverse designs of the current circulating New Zealand dollar coins. Image by Reserve Bank of New Zealand.]]

{|class="wikitable" style="font-size: 90%; margin: 1em auto 1em auto;"
|-
! colspan="2" |Image
! rowspan="2" | Value !! colspan=4| Technical Parameters !! colspan=3| Description !! rowspan=2| Date of Issue
|-
!Obverse
!Reverse
! Diameter !! Thickness !! Mass !! Composition !! Edge !! Reverse !! Obverse
|- {{coin-copper-color}}
|[[File:0.10 NZD coin Reverse.jpg|80px|0.10 NZD coin Reverse]]
|[[File:0.10 NZD coin Obverse.jpg|80px|0.10 NZD coin Obverse]]
| '''[[New Zealand ten-cent coin|10c]]'''
| 20.50&nbsp;mm
| 1.58&nbsp;mm
| 3.30 g
| Copper-plated steel
| Plain
| Queen [[Elizabeth II]]
| A Māori ''koruru'', or carved head
| 31 July 2006
|- {{coin-silver-color}}
|[[File:0.20 NZD coin Reverse.jpg|80px|0.20 NZD coin Reverse]]
|[[File:0.20 NZD coin Obverse.jpg|80px|0.20 NZD coin Obverse]]
| '''[[New Zealand twenty-cent coin|20c]]'''
| 21.75&nbsp;mm
| 1.56&nbsp;mm
| 4.00 g
| rowspan=2| Nickel-plated steel
| "[[Spanish flower]]"
| rowspan=2| Queen [[Elizabeth II]]
| Māori carving of Pukaki, a chief of the [[Ngati Whakaue]] ''[[iwi]]'' between traditional [[koru kowhaiwhai]] patterns<ref>Tim Watkin, [http://www.listener.co.nz/issue/3366/artsbooks/2888/figure_of_unity.html Figure of unity], NZ Listener, 13–19 November 2004, Vol 196, No 3366. Accessed 14 June 2007.</ref>
| rowspan=2| 31 July 2006
|- {{coin-silver-color}}
|[[File:0.50 NZD coin Reverse.jpg|80px|0.50 NZD coin Reverse]]
|[[File:0.50 NZD coin Obverse.jpg|80px|0.50 NZD coin Obverse]]
| '''[[New Zealand fifty-cent coin|50c]]'''
| 24.75&nbsp;mm
| 1.70&nbsp;mm
| 5.00 g
| Plain
| [[HM Bark Endeavour|HM Bark ''Endeavour'']] and [[Mount Taranaki]]
|- {{coin-yellow-color}}
|[[File:1 NZD coin Reverse.jpg|80px|1 NZD coin Reverse]]
|[[File:1 NZD coin Obverse.jpg|80px|1 NZD coin Obverse]]
| '''[[New Zealand one-dollar coin|$1]]'''
| 23.00&nbsp;mm
| 2.74&nbsp;mm
| 8 g
| rowspan=2| Aluminium bronze
| Intermittent milling
| rowspan=2| Queen [[Elizabeth II]]
| [[Kiwi (bird)|Kiwi]] and [[silver fern]]
| rowspan=2| 11 February 1991
|- {{coin-yellow-color}}
|
|
| '''[[New Zealand two-dollar coin|$2]]'''
| 26.50&nbsp;mm
| 2.70&nbsp;mm
| 10 g
| Grooved
| [[Kotuku]] (great egret)
|- colspan=12|
|}

=== Future ===
After the death of Queen Elizabeth II in September 2022, the Reserve Bank said it would exhaust its existing coin stocks before introducing new coins featuring [[Charles III|King Charles III]]. Based on current stock levels, this would likely be several years away.<ref name=":0">{{Cite web |last=Edmunds |first=Susan |date=2022-09-09 |title=What happens now to New Zealand's coins and bank notes? |url=https://www.stuff.co.nz/business/money/300683373/what-happens-now-to-new-zealands-coins-and-bank-notes |access-date=2022-09-12 |website=Stuff |language=en}}</ref>

==Banknotes==
{{Main|Banknotes of the New Zealand dollar}}

===History===
In 1967, notes were introduced in denominations of [[New Zealand one-dollar note|$1]], [[New Zealand two-dollar note|$2]], [[New Zealand five-dollar note|$5]], [[New Zealand ten-dollar note|$10]], [[New Zealand twenty-dollar note|$20]] and [[New Zealand one hundred-dollar note|$100]], with all except the $5 replacing their pound predecessors. The original series of dollar notes featured on the obverse a portrait of Queen Elizabeth II wearing [[Queen Alexandra]]'s Kokoshnik tiara, King George's VI festoon necklace, and Queen Mary's floret earrings, while the reverse featured native birds and plants.<ref name="The Banknote Book">{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = New Zealand | publisher = BanknoteNews.com | year = 2012 | location = San Francisco, CA | url = http://www.banknotebook.com}}</ref> The notes were changed slightly in 1981 due to a change of printer (from De La Rue to Bradbury, Wilkinson & Co.)—the most noticeable difference being the portrait based upon a photograph by Peter Grugeon, in which Queen Elizabeth II is wearing Grand Duchess Vladimir's tiara and Queen Victoria's golden jubilee necklace.<ref name="The Banknote Book"/> The [[New Zealand fifty-dollar note|$50]] note was added in 1983 to fill the long gap between the $20 and the $100 notes. $1 and $2 notes were discontinued in 1991 after being replaced with coins.

A new series of notes, known as Series 5 was introduced in 1992. The obverse of each note featured a notable New Zealander, while the reverse featured a native New Zealand bird and New Zealand scenery. The Queen remained on the $20 note. 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.

In 2015–16, new Series 7 notes were issued,<ref name="issueseries7-nz-gov">{{Cite web |title=Issuing series 7 - Reserve Bank of New Zealand |url=https://www.rbnz.govt.nz/notes-and-coins/notes/banknotes-in-circulation/issuing-series-7 |access-date=2022-03-05 |website=RBNZ|date=28 February 2022 }}</ref> refreshing the note design and improving security features. As of 2021, Series 6 and 7 notes are currently legal tender.<ref name="banknotesincirculation-nz-gov">{{Cite web |title=Banknotes in circulation - Reserve Bank of New Zealand |url=https://www.rbnz.govt.nz/notes-and-coins/notes/banknotes-in-circulation |access-date=2022-03-05 |website=RBNZ}}</ref>

In September 2022, following the death of Queen Elizabeth II, the Reserve Bank said it would exhaust its existing stocks of $20 notes before introducing new notes featuring King Charles III.<ref name=":0" />

=== Current circulating banknotes ===

The most recent issue of New Zealand banknotes is the seventh series, first released in October 2015 and May 2016.

{|class="wikitable" style="font-size: 90%; margin: auto"
|-
! Image
! rowspan=2| Value
! rowspan=2| Dimensions
! rowspan=2 colspan=2| Main Colour
! colspan=3| Description
! rowspan=2| Date of Issue
|-
! Obverse <!-- add this when we need an extra column for the reverse banknote images:
! Reverse
-->
! Obverse
! Reverse
! Watermark
|-
| style="text-align:center"| [[File:New Zealand five-dollar banknote, Series 7.jpg|95px]]
| style="text-align:center"| '''[[New Zealand five-dollar note|$5]]'''
| {{nowrap|135 × 66 mm}}
| style="text-align:center; background:#c70;"|
| Orange
| '''[[Edmund Hillary]]''' <br /> [[Aoraki / Mount Cook]] <br /> 
| ''[[Campbell Island, New Zealand|Campbell Island]] scene'' <br /> '''[[Yellow-eyed penguin|Hoiho (yellow-eyed penguin)]]''' <br /> [[Bulbinella rossii|''Bulbinella rossii'' (Ross lily)]] <br /> [[Pleurophyllum speciosum|''Pleurophyllum speciosum'' (Campbell Island daisy)]] <br /> [[Durvillea|Bull kelp]]
| Elizabeth II
| October 2015
|-
| style="text-align:center"| [[File:New Zealand ten-dollar banknote, Series 7.jpg|98px]]
| style="text-align:center"| '''[[New Zealand ten-dollar note|$10]]'''
| {{nowrap|140 × 68 mm}}
| style="text-align:center; background:#46a;"|
| Blue
| '''[[Kate Sheppard]]''' <br /> White [[camellia]] flowers
| ''River scene'' <br /> '''[[Blue duck|Whio (blue duck)]]''' <br /> ''[[Parahebe catarractae]]'' <br /> ''[[Blechnum]]'' fern
| Elizabeth II
|October 2015
|-
| style="text-align:center"| [[File:New Zealand twenty-dollar banknote, Series 7.jpg|102px]]
| style="text-align:center"| '''[[New Zealand twenty-dollar note|$20]]'''
| {{nowrap|145 × 70 mm}}
| style="text-align:center; background:#180;"|
| Green
| '''[[Elizabeth II]]'''<br /> [[New Zealand Parliament Buildings]]
| ''New Zealand alpine scene'' <br /> '''[[New Zealand falcon|Kārearea (New Zealand falcon)]]''' <br /> [[Pachystegia insignis|Marlborough rock daisy]] <br /> [[Chionochloa rubra|Red tussock in flower]] <br /> [[Mount Tapuae-O-Uenuku]]
| Elizabeth II
|May 2016
|-
| style="text-align:center"| [[File:New Zealand fifty-dollar banknote, Series 7.jpg|105px]]
| style="text-align:center"| '''[[New Zealand fifty-dollar note|$50]]'''
| {{nowrap|150 × 72 mm}}
| style="text-align:center; background:#74a;"|
| Purple
| '''[[Āpirana Ngata]]''' <br /> Porourangi Meeting House
|  ''Conifer broadleaf forest scene'' <br /> '''[[Kōkako|Kōkako (blue wattled crow)]]''' <br /> [[Ripogonum scandens|Supplejack]] (kareao) <!-- (Ripogonum scandens)-->  <br /> [[Entoloma hochstetteri|Sky-blue mushroom]]  
| Elizabeth II
|May 2016
|-
| style="text-align:center"| [[File:New Zealand one hundred-dollar banknote, Series 7.jpg|109px]]
| style="text-align:center"| '''[[New Zealand one hundred-dollar note|$100]]'''
| {{nowrap|155 × 74 mm}}
| style="text-align:center; background:#b30;"|
| Red
| '''[[Ernest Rutherford]]''' <br /> [[Nobel Prize medal]]
| ''Beech forest scene'' <br /> '''[[Yellowhead (bird)|Mohua (yellowhead)]]''' <br /> [[Fuscospora fusca|Red beech]]<!-- or tawhairaunui-->  <br /> [[Declana egregia|South Island lichen moth]] 
| Elizabeth II
|May 2016
|-
| colspan=9| {{Standard banknote table notice|standard_scale=y|BrE=y}} {{small|For details of the circulating series 6 designs, see [[Banknotes of the New Zealand dollar]]. }}
|}

==In foreign exchange markets==
===History===
With the breakdown of the Bretton Woods system in 1971, both Australia and New Zealand converted the mostly-fixed foreign exchange regimes to a moving peg against the US dollar. In September 1974, Australia moved to a peg against a basket of currencies called the [[trade weighted index]] (TWI) in an effort to reduce fluctuations associated with its peg to the US dollar. The peg to the TWI was changed to a moving peg in November 1976, causing the actual value of the peg to be periodically adjusted.<ref>{{cite web |last1=Sullivan |first1=Richard |title=New Zealand History of Monetary and Exchange Rate Regimes |url=https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/events/Mar2013/5200816.pdf |publisher=Reserve Bank of New Zealand |access-date=24 September 2022 |date=March 2013}}</ref>

===Current exchange rates===
{{Exchange rate|NZD|KRW|SGD|JPY|USD}}

===In currency trading===
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.

According to the [[Bank for International Settlements]], the New Zealand dollar's share of global foreign exchange market daily turnover in 2016 was 2.1% (up from 1.6% in 2010) giving it a rank of 11th.<ref name="BIS2">{{cite web|title=Triennial Central Bank Survey, April 2013|url=http://bis.org/publ/rpfx13fx.pdf|access-date=25 March 2014|work=Triennial Central Bank Survey|publisher=[[Bank for International Settlements]]}} [pg.10 of PDF]</ref> Trading in the currency has climbed steadily since the same survey in 1998 when the NZD's ranking was 17th and the share of turnover was just 0.2%.

{{center|{{Most traded currencies}}}}
{{clear}}

==See also==
* [[Australian dollar]]
* [[Cook Islands dollar]]
* [[Economy of New Zealand]]
* [[History of Chatham Islands numismatics]]
* [[Kauri bond]]
* [[Pitcairn Islands dollar]]
* [[Postal orders of New Zealand]]

== Notes ==
{{notelist}}

== References ==
{{Reflist}}

==External links==
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* [http://intl.econ.cuhk.edu.hk/exchange_rate_regime/index.php?cid=35 International economics] – History of the regulation surrounding the NZ$ exchange rate ==> Server not found
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* [http://www.anz.co.nz/commercial-institutional/economic-markets-research/exchange-rate-graphs/nzd-usd/ ANZ New Zealand] – View the current exchange rate graphs of NZ$/inr
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* [http://www.newcoins.govt.nz/ Change for the Better] – Information about changes to coins from 31 July 2006. ==> Server not found
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* [http://www.rbnz.govt.nz/ Reserve bank of New Zealand] – Money issuing Authority
* [http://www.banknotes.ws/ Historical New Zealand Trading bank notes] – Old extremely rare banknotes of New Zealand
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* [http://bestbanknotes.com/nz.html New Zealand banknote history] ==> this page don't works (2017/03/15)
* [http://users.erols.com/kurrency/nz.htm Legal and economic framework] ==> URL not found
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* [https://colnect.com/banknotes/list/country/4122 Images of historic and modern New Zealand bank notes]
* [http://www.bis-ans-ende-der-welt.net/Neuseeland-B-En.htm Current and historical banknotes of New Zealand] {{in lang|en|de}}

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{{Economy of New Zealand}}
{{Dollar}}
{{Currencies of Oceania}}
{{New Zealand currency and coinage}}
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[[Category:Currencies of New Zealand]]
[[Category:Currencies of dependent territories of the United Kingdom]]
[[Category:Dollar]]
[[Category:Currencies introduced in 1967]]
[[Category:1967 in New Zealand|Dollar]]
[[Category:Currencies of the Cook Islands]]
[[Category:Currencies of Oceania]]
[[Category:Circulating currencies]]