As a result of the Great Depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected.

All these denominations were the same size and weight as their equivalents in the Australian and UK coinage (although Australia never minted a half-crown).

When the UK introduced the nickel-brass twelve sided threepenny bit, New Zealand continued to use the smaller silver coin until decimalisation in 1967.

The discovery of gold in 1861 encouraged competing banks into New Zealand leading to a variety of note issue.

By 1924, public demand for convenience in usage led to the six remaining issuing banks agreeing a "Uniform" standard size and colour for each denomination.

Under the 1933 Reserve Bank Act the privately held gold was confiscated and paid for in RBNZ banknotes.

A prime example is a first issue Union Bank £1 from the 1840s returned to New Zealand in 1934, for redemption at face value, by its owner in the United States.