However, the Bank of Aotearoa issued several one pound notes at the request of Tāwhiao Tukaroto Matutaera Potatau Te Wherowhero, the second Māori King. These were not circulated. Eventually pressure mounted for the formation of a New Zealand central bank.
In 1934, the Reserve Bank of New Zealand was established with the sole right to issue notes and coins in New Zealand, and we issued our first banknotes and coins just six months later. Central bank issued notes and coins remain the only form legal tender money accessible to the public.