I’ve always been interested in history and money, and so was interested to know when did New Zealand change to decimal currency and also a bit about what was involved in the change.
Transitioning to a decimal currency system is no small feat for any country, as it involves a complete overhaul of the way a country’s monetary system operates.
New Zealand made the switch from pounds, shillings, and pence to the decimal dollar on the 10th July 1967.
The decision to switch to decimal currency in New Zealand was part of a broader trend that was taking place around the world during the mid-20th century. The old system of pounds, shillings, and pence was seen as outdated and cumbersome, with calculations often requiring complicated mental arithmetic. Decimal currency, on the other hand, offered a more streamlined and straightforward way of handling money, making it easier for consumers and businesses alike.
The transition to decimal currency in New Zealand was not without its challenges, however. It required extensive planning and coordination across government agencies, banks, businesses, and the general public. Education campaigns were launched to familiarize people with the new currency system, and training programs were put in place to ensure that cashiers and other employees were prepared for the change.
The marketing of the switch used the “Mr Dollar” campaign which seems almost comical now but was quite informative in 1967 when watched on black and white television.
The New Zealand Woman’s Weekly’s published an eight-page guide to navigating the new system was this article, specially written for the magazine by the HON Robert .D. Muldoon, who was the current Minister of Finance.
Known as Decimal Day
On July 10, 1967, known as “Decimal Day,” New Zealand officially made the switch to the decimal dollar. The new currency was based on the dollar, with 100 cents to the dollar. The old coins and banknotes were gradually phased out, replaced by new coins and notes denominated in dollars and cents.
You might also want to know where the term ‘decimal currency’ derives from. This comes from the Latin word ‘decem’, meaning ten, and describes any currency that can be divided into smaller units by dividing by ten or a hundred. The origin of decimalisation and the metrics system of weights and measurement is historically thought to be attributed to the fingers on people’s hands numbering ten, which as we know is how we all learnt to count.
The introduction of decimal currency in New Zealand had a significant impact on the economy and everyday life. It simplified financial transactions and calculations, making it easier for businesses to operate and for consumers to understand the value of goods and services. It also brought New Zealand into line with other countries that had already adopted decimal currency, facilitating trade and commerce on an international level.
In the decades since the switch to decimal currency, New Zealand has continued to evolve its monetary system. The Reserve Bank of New Zealand is responsible for issuing and regulating the country’s currency, and plays a key role in maintaining price stability and economic growth. The design of New Zealand’s coins and banknotes has also evolved over time, reflecting the country’s history, culture, and values.
There are some good articles on Digital NZ.
When Did New Zealand Change to Decimal Currency?
In conclusion, if you are asked “when did New Zealand change to decimal currency” you can now answer that in was on the 10th July 1967 and you can also explain a bit about the transition too.
The transition to decimal currency in New Zealand was a significant milestone in the country’s history.
It modernised the monetary system, making it more efficient and user-friendly, and bringing New Zealand into line with international standards.
While the switch may have presented challenges at the time, it ultimately laid the foundation for a more modern monetary system and one that has now been in existence for over 50-years.
