Pressure from the newly formed Colonial Parliament, the Union Bank of Australasia, and the local commercial sector, along with views developed in the Colonial Office in the United Kingdom to allow experimentation on competition in the issue of banknotes, led to the bank being wound up by the New Zealand Colonial Bank of Issue Winding-Up Act 1856.
Lost in Circulation? New Zealand Trading Banks Had a Long and Colourful History of Issuing Banknotes Prior to the Reserve Bank of New Zealand Becoming the Sole Banknote Issuer in 1934. but What Happened to 330,000 [Pounds Sterling] of Notes That Were Never Redeemed?
Feb 01, 2005; Banknotes have been issued in New Zealand by banks trading here since the very first settlements in the early 1840s. These...