The Complete Guide of the New Zealand Dollar in 2023
Introduction The history of the New Zealand Dollar (NZD) is a fascinating tale of economic evolution and independence. The NZD, symbolised as $ and often referred to as the 'Kiwi', is the official currency of New Zealand. Its journey reflects the country's economic development, from its colonial past to its emergence as a modern, independent nation. Early Currency: The Pound Era Before the NZD, New Zealand used the pound (£) as its currency, reflecting its status as a British colony. The New Zealand pound, introduced in 1840, was initially pegged to the British pound sterling. Coins were struck in denominations of pennies and shillings, while banknotes were issued in pounds. The country's early economic history was marked by periods of inflation, deflation, and economic instability. The gold rush of the 1860s brought an influx of wealth, but also economic volatility. The New Zealand pound was subject to fluctuations in the value of the British pound, which was affect