THE FIRST RESERVE BANK OF NEW ZEALAND BANKNOTE ISSUED

“The Number One”

For much of the 19th and early 20th centuries, New Zealand’s monetary system was shaped by the now-unfamiliar practice of private trading banks issuing banknotes for public circulation.

The Union Bank of Australia, established in 1840 in Petone (then known as Britannia), was the first trading bank in New Zealand. Over a century later, in 1951, it merged with the Bank of Australasia to form the institution Australian and New Zealanders recognise as ANZ Bank. They further expanded in 2003 by acquiring the National Bank of New Zealand.

The Bank of New South Wales, Australia’s oldest bank (founded in 1817), opened its first New Zealand branch in 1861 and rebranded in 1982 following its merger with the Commercial Bank of Australia to form Westpac.

The Bank of New Zealand, established in 1861 and still operating under its original name, BNZ, was the nation’s most prolific issuer of banknotes.

Each of the six major banks above issued New Zealand currency with permission from the Crown. Today, surviving examples of these early colonial-era banknotes are scarce and rarely seen in high grades.

Despite attempts to conform note issues to a uniform standard in the early 20th century, growing demand emerged for a centralised banking system to better support national development and economic stability. Still, many believed at the time that the existing trading banks—with their independent gold reserves and networks—were sufficient to supply New Zealand’s currency needs.

In the wake of the Great Depression amid other economic challenges, the 1933 RBNZ Act was passed, establishing the Reserve Bank of New Zealand as the sole issuer of legal tender coins and banknotes from 1 August 1934.

The First Ten Shillings of the Reserve Bank of New Zealand, issued under Governor Lefeaux, bears the serial number “Z000001” and dated 1st August 1934.

Unusually, the “Z” prefix—typically used in other countries for replacement issue banknotes or the final prefix of a series—was designated as the First Prefix for this historic New Zealand issue.

The portrait on the right, illustrated by Gottfried Lindauer, depicts King Tāwhiao, the second Māori king. A similar depiction appears on the Bank of New Zealand Uniform series, which served as the immediate precursor to the RBNZ currency series. To the left of the portrait is a brown Kiwi, New Zealand’s iconic flightless bird. This depiction originates from Buller’s Birds of New Zealand (1872-1873) by Dutch ornithologist and illustrator John Gerrard Keulemans. Although Keulemans never visited New Zealand, his scientifically accurate illustrations, based on specimens and descriptions, introduced the world to the nation’s unique avian biodiversity and fostered global appreciation for New Zealand’s natural wildlife.

On the back, Mitre Peak is seen from the waters of Milford Sound in Fiordland. This peak, named for its resemblance to a bishop’s mitre, is one of New Zealand’s most iconic natural landmarks. Fiordland National Park, located in the South Island, is a UNESCO World Heritage Site celebrated for its pristine wilderness, steep fiords, and dense rainforests. It is home to rare wildlife such as the Fiordland crested penguin and the Takahe, a flightless bird once considered extinct.

“A truly spectacular rarity of national significance”

The Lefeaux Z000001 was presented to Alexander Dallas Park, OBE CMG, Secretary to the Treasury. Upon his passing, the note first surfaced reportedly at a regional auction in New Zealand during the 1970s, selling for a sum of $2,000 NZD to Eric Moore, a renowned collector from Tauranga who obtained perhaps the finest privately held collection of NZ banknotes. It appeared on the global market in 1994 when first sold by Spink and Son.

On its importance, Joshua Lee, numismatic rarity specialist & collector in New Zealand, commented:

“It is truly a spectacular rarity of national significance as the first [Reserve Bank] New Zealand banknote, and it has been a privilege to play a role in the journey of what is undoubtedly one of NZ’s most significant numismatic items”