The Cook Islands dollar was the former currency of the Cook Islands, which now uses the New Zealand dollar, although some physical cash issued for the Cook Islands dollar remains in use. The dollar was subdivided into 100 cents, with some older 50-cent coins carrying the denomination as "50 tene". History Until 1967, the New Zealand pound was used in the Cook Islands, when it was replaced by the New Zealand dollar. In 1972, local issues of coins of the New Zealand dollar began to be released for the Cook Islands. In 1987, the Cook Islands dollar was established and pegged at par to the New Zealand dollar, with each Cook Islands dollar backed by a New Zealand dollar held by the Treasury of the Cook Islands government and freely interchangeable; the New Zealand dollar remained legal tender alongside the new currency. The Currency Reserves Amendment Act 1989 modified the required backing of Cook Islands dollars to 50% of the face value for circulating currency, and 2% of the face value for currency not intended for circulation (proof, uncirculated, and souvenir coin sets; uncut note sheets). By 1993, circulating notes were only backed by 5% of their face value in NZD, and coins were not backed at all. Meanwhile, the rate of currency issuance, and governmental budget deficits, had increased such that the national debt was nearly double annual GDP. Eventually, commercial banks refused to convert the currency to New Zealand dollars resulting in capital flight and an economic crisis. This prompted the government to revert to using the New Zealand dollar as the country's currency in April 1995. Cook Islands dollar banknotes other than the notes ceased to be legal tender, although they remained convertible to New Zealand dollars at the Cook Islands Treasury until 2005. Coins have been struck on different occasions mainly by the Royal Australian Mint, the Franklin Mint and National Collecter's Mint in the United States, and the Perth Mint, with the paper currency being printed by De La Rue in England. Coins In 1972, bronze 1- and 2-cent, and cupro-nickel 5-, 10-, 20-, and 50-cent, and 1-dollar coins were introduced. All were the same size, weight, and composition as the corresponding New Zealand coins, however, the unique British crown-sized dollar coin circulated much more readily than its New Zealand equal. Each coin depicted plants, animals, and items unique to the Cook Islands. In 1983,