Description and research notes
This photographic face proof preserves the engraved design prepared for the first 10 Shillings banknote issued by the Reserve Bank of New Zealand following the creation of the central bank under the Reserve Bank Act of 1933. The proof represents the pre-press stage of the denomination, recording the completed engraving before the design was transferred to printing plates for circulation production.
The note belongs to the inaugural Reserve Bank series commonly known as the "Lefeaux series", named for Leslie Lefeaux, the institution’s first Governor. Prior to 1934 New Zealand’s paper money had been issued by private trading banks. The establishment of the Reserve Bank introduced a unified national currency system, and the new banknotes were commissioned from Thomas De La Rue & Company Limited in London, one of the world’s leading security printers.
The composition of the note combines national symbolism with landscape imagery characteristic of early twentieth-century Commonwealth banknote design. At left appears the kiwi, New Zealand’s endemic flightless bird and enduring national emblem. At center stands the New Zealand coat of arms supported by allegorical figures, reinforcing the authority of the state and the legitimacy of the new central bank. At right is the portrait of Tāwhiao, the second Māori King, whose presence reflects the historical importance of the Māori King Movement within New Zealand society.
Photographic proofs such as this were produced directly from the engraver’s master die or transfer plate. These images allowed printers and designers to study the engraved line structure without the visual distortion introduced by ink spread, paper texture, or press pressure. Because they capture the engraving at its purest stage, they serve as primary records of the artistic and technical decisions that shaped the final banknote.
The perforated cancellation across the design confirms the proof’s archival status and ensured it could not be mistaken for circulating currency. Catalogued as Pick 154p, the proof documents the developmental stage of the issued Pick 154 banknote and forms an essential companion artifact to the circulating note.
Certified PCGS 64 Very Choice New, the proof preserves exceptional clarity of the engraved image and remains one of the few surviving examples documenting the original design state of New Zealand’s first Reserve Bank currency series.