New Zealand banknotes

New Zealand's first paper money were privately issued through chartered banks. The Union Bank and the New Zealand banking company were the first to issue notes in 1840. This practice was discontinued in 1847 when the government created Colonial bank of issue became the only bank to be allowed to issue notes. Due to public distrust and lobbying the Colonial bank of issue was wound up in 1856. Many chartered trading banks have issued notes from 1856 to 1934. In 1934 the Reserve Bank of New Zealand became the sole issuer of banknotes. The first issue was hurried together and styled on the Bank of New Zealand uniform note issue. While the Bank of New Zealand was a private bank it had close Government ties. The legal numismatic history is explained in detail on Kurt Schuler's site. For specimen notes and proposed designs nzbanknotes.com is well worth a visit.