NEW ISSUE OF BANK NOTES

Southland Times, Issue 24039, 1 February 1940, Page 6

NEW ISSUE OF BANK NOTES

To Be Released On February 6

SEVERAL CHANGES IN CURRENCY

(United Press Association)

WELLINGTON, January 31

The Reserve Bank announces that a new issue of bank notes will be released for circulation on and after February 6. Although this issue coincides with the Centennial celebrations and embodies certain historical features it is not intended merely as a commemorative issue, but is to replace gradually the existing Reserve Bank notes which have aways been regarded as of a temporary nature. The new notes differ considerably from the present ones in both size ana design and fresh features have been embodied with a view to affording tne maximum protection to the currency. Ten shilling and £1 notes have been reduced to a size which it is believed will be found more convenient tor the public while the grading of the dimensions of the various denommations is in line with modern practice and provides further means of distinguishing between one value and another. The introduction of a £lO note will increase the range of denominations available and although this note and the £5O note are of the same size, the possibility of confusion has been avoided by providing markedly distinctive colourings and completely diiferent back designs. BASIC COLOURS The basic colours of the notes are red for £5O, green for £lO, blue for £5, mauve for £1 and brown for 10/notes. The general face design of the 10/-, £1 and £5 notes is not greatly dissimilai - from that of the present issue but a portrait of Captain Cook has been substituted for that of King Tawhiao, while the profile of the head of the latter appears as a window watermark in the space occupied by the kiwi in the notes of the existing issue. The face design of the £lO and £5O notes depicts symbolically on the left-hand side the fore-part of a ship in full sail, partially obscured by the New Zealand coat of arms with a native canoe in the foreground. A portrait of Captain Cook is on the right and the watermark head appears in the mainsail of the ship. The designs on the backs of the notes are varied. They include an engraving of Mount Egmont with a dairy farm scene in the foreground on the £5O note, a sheep-farming scene on the £lO note, a view of Lake Pukaki and Mount Cook on the £5, a picture of his Majesty’s ship Endeavour on the £1 note and a group illustrating the signing of the Treaty of Waitangi on the 10/- note. The signature on all the notes is that of the chief cashier, Mr T. P. Hanna.

The Reserve Bank wishes to make clear that the new issue is not intended to replace the existing notes at once and the latter are expected to remain in circulation for some considerable time. Further, as a war-time economy measure, the public is again requested to handle the notes with as much care as possible with a view to prolonging their life in circulation.