Yesterday evening agreement was reached between the NZ Prime Minster, John Key and the Australian Prime Minister Kevin Rudd, to create a common currency. In a joint statement they said that this had been on the table for many years and successive governments had decided to see how the Euro fared as a shared currency. Given this success they have announced that within one year of today, there will be a new shared currency between Australia and New Zealand called the ANZAC Dollar, or ZAC for short.
There will be a commemorative ZAC Dollar silver coin minted next month as a collectors item. Given the relationship between Australia and New Zealand, whose soldiers fought side by side in 2 World Wars, the commemorative coin will be minted on two sides. One side will feature Sir Charles Upham, possibly the most decorated Kiwi, with a Victoria Cross & Bar, Greek Medal of Honor and African Star. The other side features Australian War Hero, Alfred Shout, who earned many citations including the Victoria Cross, Memorial Scroll and Kings Message.
The existing currencies of each country will be phased out over a 2 year period and from 25 April 2010, the date of the ANZAC Day commemmoration, either currency will be accepted in both countries until the new currency is released.
“This will herald a new era of a close relationship that has existed for over 200 years”, said John Key from his Beehive Office in Wellington, where he quipped that he had of course not been around at that time. He went on to sayb that in these difficult economic times, a joint currency would have a stabilising effect on the local economy.