introduced in denominations of 1, 2, 5, 10, 20 and 100. Need to convert a different currency? The first sovereign currency traded in New Zealand came into effect in 1840 and was known as the New Zealand pound. It means that you pay more than you need to, and they pocket the difference. One US dollar is currently worth. The New Zealand Dollar was initially pegged to the US Dollar at a rate.62 USD to 1 NZD. The Reserve Bank of New Zealand was established in the 1930s, but it was only in 1967 when the New Zealand dollar replaced the pound. 50 notes were only added in 1983, with the 1 and 2 notes being replaced for coins in 1991. The New Zealand dollar remains in the top ten traded currencies in the world, accounting for approximately.0 of the global foreign exchange markets daily turnover. The lowdown on the New Zealand Dollar.