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The fourth series of New Zealand bank notes, issued in 1981 because of change of printer from London to Whangarei, was similar to the 1967 decimal currency issue although the one dollar note carried more contemporary portrait of the Queen. new $50 note was sign of the inflationary times. As Peter Bromhead indicates, Robert Muldoon was now seen more as ‘Swiss gnome’ than ‘economic wizard’ and New Zealand ranked as one of the worst OECD performers in terms of economic growth, inflation, balance of payments deficits, productivity, overseas debt and real export growth. In 2003 there is more concern, with its climb to 60 cents against the US dollar, that the currency is over rather than under-valued. Experts say it may take two years to come back to more realistic 55 cents.