Description and research notes
The 10 Shillings banknote issued on 1 August 1934 forms part of the first national paper money series produced for the Reserve Bank of New Zealand after its establishment under the Reserve Bank Act of 1933. The creation of the Reserve Bank replaced the fragmented system of private trading bank notes with a unified national currency, marking a major milestone in the country’s monetary history.
This inaugural series is widely known as the "Lefeaux series", named after Leslie Lefeaux, the first Governor of the Reserve Bank whose printed signature appears on the notes. The series was designed and printed by Thomas De La Rue & Company Limited of London, whose engravers produced some of the most refined banknote artwork of the interwar period.
The obverse combines symbolic and cultural elements that helped define the visual identity of New Zealand’s new national currency. At left appears the kiwi, an iconic native bird that had already become a widely recognized national symbol. At center stands the coat of arms of New Zealand supported by allegorical figures representing agriculture and industry. At right appears the portrait of Tāwhiao, the second Māori King and leader of the King Movement, acknowledging the historical and cultural significance of Māori leadership in the country’s development.
The reverse of the note features the dramatic landscape of Mitre Peak in Milford Sound, one of the most recognizable natural landmarks in New Zealand. The engraved scene captures the steep granite peak rising from the fjord waters and reflects De La Rue’s mastery of landscape engraving, balancing fine linework with tonal depth to convey the grandeur of the Fiordland region.
Although intended as the foundation of the country’s modern currency system, the 1934 series circulated for only a relatively short period before redesigned notes were introduced in 1940. As a result, surviving examples have become important artifacts documenting the formative years of the Reserve Bank of New Zealand.
Catalogued as Pick 154 and graded PMG 25 Very Fine, this example represents a circulated survivor of the first national Reserve Bank issue and provides a direct link to the moment when New Zealand transitioned from private bank currency to a unified state-issued monetary system.