New Zealand’s head of state is the British monarch. This does not compromise the country’s independence because they do not exercise any powers in New Zealand as King or Queen of the United Kingdom. As New Zealand’s sovereign, the head of Queen Elizabeth II appeared on the country’s coins for 70 years. The youthful image on the commemorative coin issued at the time of the Queen’s coronation in 1953 (top left) contrasts with the mature depiction on the 50-cent coin issued in 2001 (bottom).
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Te Ara - The Encyclopedia of New Zealand
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