The pound was the first currency of New Zealand between 1840 and 1967. Like the British pound, the coin was subdivided into 20 shillings each of 12 pence. As a result of the great depression in 1930, the New Zealand agricultural export market to the UK was badly affected.
The Australian banks which controlled the New Zealand exchanges with London decided to lessen the New Zealand pound. In 1948 the New Zealand pound was once again restored to its original sterling value. In 1967 New Zealand replaced the pound with the dollar at a rate of 2 dollars = 1 pound. Shortly after that in November 1967, the pound sterling lessened and New Zealand used this as an opportunity to re-align its new dollar to equivalence with the Australian dollar.