Reserve Bank of New Zealand, Series I. Governor Leslie Lefeaux. Fifty Pounds. 1 August 1934

Serial number T 005875. Cerise on multicoloured underprint.

References: BNB 104; Pick 157.

Provenance:

Ex. Noble 86 (“faded from cleaning, limp paper, otherwise very good and rare”).

For much of the 19th and early 20th centuries, New Zealand’s monetary system was shaped by the now-unfamiliar practice of commercial trading banks issuing banknotes for circulation.

Each of the six major banks listed below issued legal tender New Zealand currency with the Crown's permission.

• Union Bank of Australia — established in 1840 in Petone (then Britannia) — was the first trading bank in New Zealand. In 1951, it merged with the Bank of Australasia to form what is now the Australia and New Zealand Banking Group. In 2003, ANZ expanded with the acquisition of the National Bank of New Zealand.

• Bank of New South Wales — Australia’s oldest bank- opened its first New Zealand branch in 1861 and later evolved into Westpac following its 1982 merger with the Commercial Bank of Australia.

• Bank of New Zealand (BNZ) — founded in 1861 and still operating under its historic name, was the most prolific issuer of New Zealand trading banknotes.

In the wake of the Great Depression and amid other economic challenges, the Reserve Bank of New Zealand Act 1933 was passed, establishing the Reserve Bank of New Zealand as the sole issuer of legal tender banknotes from 1 August 1934. 

When pre-decimal notes were replaced during Decimalisation in 1967, very few individuals retained the obsolete notes, especially the large denominations due to their substantial value as spending money. Most were redeemed at face value and destroyed as banknotes were not widely viewed as collectibles, and retaining obsolete currency was neither financially practical nor widely considered.  

At the time of issue, £50 was a substantial monetary sum — equivalent in cash to more than $7,800 NZD in 2025 according to the RBNZ inflation calculator. 

The pre-decimal banknote highlight of ANE2026 is unquestionably the Series 1 “Māori Chief” Lefeaux Fifty Pounds, dated 1 August 1934. Current research indicates that 60 examples are recorded as surviving in New Zealand Pre-Decimal History Noted by Robert Pepping, underscoring its exceptional rarity, far less than the ~80 earlier estimates suggested in the 1990s.

A previously undiscovered 61st note in superior condition was recently discovered and is coming up for sale with Spink & Son. The forthcoming “Jersey” Collection of New Zealand Banknotes, to be offered in May 2026, represents one of the most significant offerings of New Zealand material in many years, with more than 100 examples of NZ trading banks and £50 issues featured in this sale. 

The portrait at right depicts Tawhiao, the second Māori King, from 1860 to 1894. A similar representation of him had earlier appeared on the “Uniform” series of notes issued by the BNZ, which served as the immediate precursor to the RBNZ notes.

The vignette at the left of the note features the kiwi, New Zealand’s iconic flightless bird. This depiction is based on an engraving published 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 our nation’s unique avian biodiversity.

The reverse depicts Mitre Peak rising above the waters of Milford Sound in Fiordland National Park. The peak takes its name from its resemblance to a bishop’s mitre and remains one of the most recognisable natural landmarks of New Zealand’s South Island.

The “Lefeaux” Series I notes were produced as a temporary issue by the Reserve Bank and incorporated design elements from earlier trading bank issues. During the early years of World War II, concerns about air raids on England led to the transfer of printing plates to Australia for safety. Notes printed there were identical in design but omitted the “Thomas De La Rue” imprint on the reverse. 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 nations.  

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. Undoubtedly, the most sought-after New Zealand banknote—an incredible rarity.