Tracing the Rich History of Gold Coins in New Zealand
May
New Zealand has a rich and vibrant history of gold coins, and, as with most countries, this history begins with a Gold Rush. Find out about New Zealand’s Gold Rush and plenty more, below.
When did New Zealand’s Gold Rush begin?
The 1850s is the first time we can see the beginning of a Gold Rush in New Zealand. Discovered in fields, thousands eventually began to flock to these areas across New Zealand in the hopes of uncovering gold for themselves. Prior to the 1850s, and the extensive colonisation of New Zealand, local Māori tribes traditionally placed no worth on gold, or gold coins.
Yet, the collective value of this ever-growing pile of discovered gold eventually kickstarted New Zealand’s economy!
It’s no surprise that the Gold Rush, and the ensuing ‘Gold Rush fever,’ provoked a massive burst in New Zealand’s gold mining operations, which aided the production of gold coins in great quantities. Why was gold so in demand, you ask? Read on!
The reasons behind the ‘fever’ for gold
Gold coins were so sought after prior to the Great Depression and a mid-20th century ravaged by another world war because European currencies were inextricable from the “Gold Standard.” And, it was predominantly European migrants that were fleeing to New Zealand across the 19th and 20th centuries for wealth and prosperity!
This “Gold Standard” meant that the value of a country’s currency was tied to a fixed quantity of gold and silver. In other words, if money wasn’t backed by the right amount of gold and silver – generally circulated in coins – it simply wasn’t valuable. When these reserves were depleted by war or other economic struggles, rapid inflation created a desperate ‘fever’ for more gold.
We can see multiple gold rushes in New Zealand’s history as a result, and can better understand the explosive drive for gold mining!
How have gold coins in New Zealand evolved over time?
Gold coins have evolved alongside New Zealand’s ever-changing social and economic landscape. There are a few significant markers in the evolution of gold coins that we must consider:
1850s – In the 1850s, it was more common to see British gold, silver and bronze coins circulated alongside foreign coins in New Zealand. These coins could have arrived from countries all over the world, in and outside of Europe.
1870 – British gold, silver, bronze and copper coins became the official legal tender of New Zealand after the Imperial Coinage Act of 1870. Gold coins actually disappear from circulation for some time, because of various social, political and financial factors.
1933 – New Zealand introduced its very own coinage, and got rid of British coins as legal tender! These coins mirror British denominations and weights, which helps to keep the value of gold coins stable.
1967 – New Zealand switches to a decimal currency that entirely replaces the imperial system. However, don’t worry! Gold coins continue to be produced in 9999 fine gold today, and appear the same – if not more refined – than they did all those years ago.
Buy gold coins online and take New Zealand’s history into your own hands through the Commonwealth Vault. The rich history of gold coins in New Zealand demonstrates that their value extends beyond the monetary world, and into something much more sentimental.
Don’t hesitate to contact a member of the Commonwealth team with any further enquiries – we treasure all of our NZ customers by stocking bullion of the highest purity, and taking strict security measures to protect your purchase.