Dollars And Cents

Press, Volume CIII, Issue 30388, 12 March 1964, Page 14

Dollars And Cents

The Government’s choice of dollars and cents as the names for New Zealand’s decimal currency units is disappointing. Admittedly, there is some objection to every suggestion so far canvassed; but the choice of “ dollar ’’ for the principal unit is open to a serious objection. By 1967 the New Zealand dollar would be one of at least 11 dollars. That 10 other countries have already adopted the name is no reason why New Zealand should add to the ■ confusion, for confusion there would certainly be. The Government’s choice, however, is not final; perhaps a better name will be found before the legislation naming the new currency units comes before Parliament. There will be much less opposition to the “ cent ”, although many will probably call it a “ penny ”, as Americans still do. The Government has not yet decided on the denominations of the other coins and notes of the new currency. A good system uses as few coins as possible, and the introduction of decimal coinage to New Zealand is a unique opportunity to reduce the

. denominations from the ■present seven (apart from commemorative crowns) to five or even four. The halfpenny being virtually useless, a half-cent coin may not be necessary. A smaller unit of currency for accounting, but not for coinage, is desirable; and for this purpose “ mills ” (10 to a cent) might be preferable to half-cents. The basic coins in the new system might then be: 1-cent (equivalent to 1.2 d ■in present-day currency), 5-cent (6d), 10-cent (Is), and 20-cent (2s) or 25-cent (2s 6d). Denominations of the new notes would probably be one, five, 10, 50, and 100 dollars. The design of the new coins and notes is itself an important matter. The coins' should be easily distinguishable by appearance, by touch, and by weight, and not as clumsy as some of our present coins. A judicious choice of metals, dimensions, and finish (plain or milled edges) should satisfy all these requirements. The new notes should be differentiated by colour or size, or perhaps both, though some countries seem to manage with uniform colour and size.