NZD is the ISO code for the New Zealand dollar. The commonly used symbol for the NZD is either $ or NZ$. The latter is used to distinguish the New Zealand dollar from all the other countries that use dollars. Like the most dollar currencies, the New Zealand dollar is subdivided into 100 cents. A common slang term for the New Zealand dollar is the Kiwi, because of the kiwi bird which is featured on the $1 coin. The New Zealand dollar replaced the New Zealand pound in 1967, at which time it was pegged to the United States dollar at a rate of US$1.62 = NZ$1. The New Zealand dollar went through a series of different currency pegs, and has been allowed to float freely since 1985. The NZD is one of the major currencies exchanged on the world's forex markets. Currently circulating coins are 10 cents, 20 cents, 50 cents, 1 dollar, and 2 dollars. Currently circulating banknotes are 5, 10, 20, 50, and 100 dollars.