100 Dollars

New Zealand's switch to polymer banknotes began in 1999, which makes this 1992 De La Rue paper issue one of the last generations of conventionally printed New Zealand currency before the substrate changed entirely. The $100 denomination was the highest in domestic circulation at the time, and paper examples from this series are notably prone to heavy wear given their practical use — clean survivors are genuinely less common than the print run figures might suggest.

De La Rue's involvement with New Zealand notes stretches back decades, and the watermark security on this issue was already considered minimal by early-1990s standards, a factor that accelerated the move toward polymer.