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Auction: 403 - World Banknotes at NY INC
Lot: 426

The Reserve Bank of New Zealand, £50, Wellington, 1st August 1934, serial number T006874, The Reserve Bank of New Zealand, series 1, £50, Wellington, 1st August 1934, serial number T006874, this £50 banknote is an extraordinary survivor that captures a defining moment in New Zealand's history. As the highest denomination produced by the newly established Reserve Bank of New Zealand, it symbolises the nation's transition to greater financial independence during a transformative era of economic and political change. The establishment of a central bank in New Zealand wrested control of the nation's currency from private trading banks, whose note issues were met with scepticism and confusion due to a lack of universal acceptance. This move was seen as a step toward consolidating national sovereignty in the wake of the economic devastation of the Great Depression. The new centralised system aimed to provide a robust and reliable monetary framework to support economic recovery and development.
The note's design is equally significant, reflecting artistic excellence and national pride. The portrait on the right, illustrated by Lindauer, depicts King Tawhiao, the second Maori king, whose reign from 1860-1894 is remembered for his efforts to preserve Mori autonomy and culture in the face of increasing European settlement and land confiscations. This tumultuous period in New Zealand's history was characterised by the New Zealand Wars and the Crown's aggressive acquisition of Maori land. A similar depiction of Tawhiao appeared on the Uniform series of the Bank of New Zealand, which served as the immediate precursor to the Reserve Bank's notes. Gottfried Lindauer, a Bohemian-born artist who emigrated to New Zealand, is renowned for his depictions of Maori leaders and their traditional attire, with his works being among the best-known paintings that depict Maori culture.

To the left of the portrait is the Kiwi, New Zealand's iconic flightless bird. The depiction originates from an engraving in Buller's Birds of New Zealand (1872-1873) by Dutch ornithologist and illustrator John Gerrard Keulemans. Although Keulemans never visited New Zealand, his scientifically accurate illustrations, based on specimens and descriptions, introduced the world to the nation's unique avian biodiversity. His depictions of the Kiwi and other native species played a significant role in fostering global appreciation for New Zealand's natural wildlife and elevating its national identity. On the reverse, the majestic Mitre Peak is showcased, soaring dramatically from the waters of Milford Sound in Fiordland. This peak, named for its resemblance to a bishop's mitre, is one of New Zealand's most iconic natural landmarks. Fiordland National Park, located in the South Island, is a UNESCO World Heritage Site celebrated for its pristine wilderness, steep fiords, and dense rainforests. It is home to rare wildlife such as the Fiordland crested penguin and the Takahe, a flightless bird once considered extinct. Mitre Peak's inclusion on the note symbolises the awe-inspiring landscapes that define New Zealand's identity and draws visitors from around the world.

The 1934 £50 note was produced under extraordinary circumstances. Designed as a temporary issue during the Reserve Bank's early days, this series hastily incorporated elements from earlier trading banknotes to expedite production. The advent of World War II introduced further complications. Fearing potential air raids on England, authorities transferred the printing plates to Australia for security. While notes printed in Australia were identical in design, they lacked the "Thomas De La Rue" stamp on the reverse, a hallmark of those from England. These Australian-printed notes were never circulated in New Zealand, as the precautionary stock proved unnecessary. Instead, some were later repurposed for use in Fiji, creating a fascinating numismatic connection between the two island nations.

Exceptionally rare today, with only a small number of 50 Pounds enduring the passage of time. Only 60 examples of this series are recorded to have survived, according to New Zealand banknote specialist Robert Pepping (in his 2024 publication New Zealand Pre-decimal History Noted), contrary to previous estimates from the 1990s suggesting a figure of approximately 80. Signed by Leslie Lefeaux, the Reserve Bank's first Governor, this note holds immense historical significance as part of the inaugural series issued by the newly established RBNZ, marking New Zealand's economic independence with the transition to a centralised currency system. Printed in an elegant cerise hue, with all text in English, this note bears a reasonably low serial number, T006874 and represents one of the few surviving pieces from a time when high-denomination notes were seldom retained. Due to its substantial face value, most were quickly exchanged as newer issues emerged. Consequently, finding this note in any condition is truly a rarity, and it is notably absent from even the most extensive New Zealand and South Pacific collections, making it a coveted piece for dedicated collectors
(Pick 157, BNB 104), very fine, and undoubtedly the most sought-after New Zealand banknote-an incredible rarity.

Estimate
$12,000 to $18,000

Starting price
$8000