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Article: Lost in circulation? New Zealand trading banks had a long and colourful history of issuing banknotes prior to the Reserve Bank of New Zealand becoming the sole banknote issuer in 1934. But what happened to 330,000 [pounds sterling] of notes that were never redeemed?(Banking History I)
- Article from:
- Journal of Banking and Financial Services
- Article date:
- February 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Australian Institute of Banking and Finance. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Banknotes have been issued in New Zealand by banks trading here since the very first settlements in the early 1840s. These banknotes helped to start the wheels of commerce when New Zealand was first established as a colony.
The first banknotes issued by these banks were known as 'Private Trading Banknotes'. Until about 100 years later, there was no central bank to act as a central currency issuing authority. Instead the various trading banks issued their own banknotes of various denominations and designs.
The very first New Zealand banknotes issued were made in 1840. This was a series of banknotes ranging from a one-pound note to a 20 [pounds sterling] ...