On 6 February 1840, representatives of the British Crown, led by Captain William Hobson, and more than forty Mäori chiefs signed the Treaty of Waitangi (Te Tiriti o Waitangi). This event marked a defining moment in New Zealand's history, with the Treaty seen to this day as a foundational document of the highest constitutional significance for the nation.

Early Currency for New Zealand

In the early years of this new British colony, official Imperial currency was limited, and everyday trade often relied on a mix of foreign and private currencies and barter. To alleviate small-change shortages, some tradesmen and merchants issued their own penny and half-penny tokens between the 1850s and 1880s. These private issues were demonetized in the late 1880s.

Around the same time, several trading banks, including the Union Bank of Australia, the Bank of New Zealand, and the Bank of Australasia were authorized to issue their own banknotes.

This continued until the Reserve Bank of New Zealand was established in 1934, assuming sole note-issuing powers.

The First National Coinage

New Zealand's first distinct coinage was introduced under the Coinage Act 1933. A five-shilling crown was proposed to accompany the new series. Early discussions considered reserving the first instance of this denomination for the 100th anniversary of the Treaty in 1940; however, it was decided that such a coin, given its considerable prestige, would be more appropriately used to accompany our first coinage series.

Delays in the approval of a design and subsequent production, however, meant the Crown's release did not take place until 1935.

James Berry, OBE, played a formative role in the early concept stage for the first New Zealand crown. Some of his design concepts from 1933 and 1934 survive to this day. Berry's coinage designs were adopted in 1967 upon decimalisation. His initials "J.B." can still be seen on the reverse of New Zealand's 10- and 50-cent coins, which are still in circulation to this day.

The Crown

The Waitangi Crown follows the British imperial crown standard of the period: 0.500 silver, 28.28g, 38.6mm, milled edge.

The obverse, by Percy Metcalfe, features the crowned portrait of King George V with the legend GEORGE V KING EMPEROR. The reverse, in Art Deco style, is modeled by Metcalfe after Berry's initial concepts, depicting Captain Hobson shaking hands with Ngäpuhi chief Tamati Waka Nene. A stylised crown appears above, with the reverse inscription "NEW ZEALAND CROWN 1935 WAITANGI".

Although struck 95 years after the Treaty, the Waitangi Crown is not a Jubilee issue for King George V or a commemoration of any particular anniversary. Instead, it was intended to symbolize the union of the Mäori and British peoples under the Crown.

Six hundred sixty currency standard examples were recorded to be issued, and a mere 468 in proof; the latter distinguished as a newly discovered variety with minor differences from being struck with a separate die.

Reception and Survival

Public response upon its initial release was poor, mainly due to its considerably high issue price during the Great Depression. Many crowns suffered from poor handling and storage conditions, especially proofs, which are often found to be impaired. Correspondence to the Treasury as early as 1936 reported damage caused by inadequate packaging during shipment from the mint.

Following an inspection of 200 crowns at that time, an infamous scathing assessment by H.G. Williams wrote: “I have, and cannot find one piece an advanced collector would with pleasure put into his cabinet”

Other accounts suggest that a significant population of the surviving mintage was dipped in silver polish, a commonplace contemporary practice to improve their appearance. This has also, on occasion, contributed to the standard strike being misattributed as a genuine proof issue.

A World Icon Today

The coin boom of the 1980s saw prices reach as high as $10,000 NZ (inflation-adjusted to 2025, approx. $65,500 NZD) for proof specimens. Other Treaty-themed issues soon followed. Most notably, a commemorative halfcrown was struck for the 1940 Centennial, and proof silver dollars in 1977 and 1990.

Offered by Spink

On 18 January 2026, Spink will present an exceptional NGC PF66 Cameo (Top Pop) example of the 1935 Proof Waitangi Crown in auction at the New York International Numismatic Convention sale with a sale estimate of $10,000 USD.

For more information or bidding representation, please contact their New Zealand Representative Joshua Lee at client@Aventine.co.nz or JLee@Spink.com.