The Spanish navigator Alvaro de Mendada discovered the Cook Islands in 1595. The Cook Islands Federation was formed on June 5, 1891 under a British protectorate, and the Federation was incorporated into New Zealand on June 11, 1901. In 1965 it fained full internal self-government, though external affairs are handled by New Zealand. Niue is geographically part of the Cook Islands but administratively separate.
Initially, British coins were used in the Cook Islands, but after 1933, the Cook Islands adopted New Zealand’s monetary system. After becoming a Dominion, New Zealand introduced the New Zealand Pound (NZP) at par with the British Pound Sterling (GBP). The New Zealand Dollar (NZD) replaced the New Zealand Pound on July 10, 1967 at the rate of 1 Pound equals 2 Dollars. The Cook Islands have issued both banknotes and coins (CKD), primarily for numismatic purposes, though these have been legal tender in the islands. |
