The Centennial Issue was issued in 1940 to celebrate the centenary of British sovereignty.
The plates were produced by Bradbury, Wilkinson & Co who recess printed the stamps in the UK. The stamps were issued on 2 January 1940 and the second pictorials were withdrawn from sale.
The aim was that this issue was to be the definitive issue during 1940 after which they would be withdrawn and the second pictorials put back on sale. However, due to wartime conditions, they remained on sale until stocks were exhausted which, except for the ½d and 1½d values, was during 1941.
The 2½d and 5d values were issued in sheets of 160 while the other values were in sheets of 120. They were watermarked multi NZ and star. The 2½d value was perf 14 x 13½, the 5d was perf 13½ x 14 while the other values were perf 13½.
Due to the increase in postal rates in World War II, the 7d value was no longer required while an 8d value was needed for parcel post. The 7d value was withdrawn on 7 March 1940 and an 8d value, in the same design and colour as the 7d, was issued the next day.
Due to changes in postal rates, there was little demand for the ½d and 1½d values. The ½d value was eventually withdrawn on 31 May 1946.
New Zealand introduced an airgraph service with a postal rate of 10d. To satisfy this, the remaining stocks of the 1½d Centennial value were withdrawn on 31 January 1944 and surcharged 10d. The surcharged stamp was issued on 1 May 1944.
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The above information is taken from The Postage Stamps of New Zealand Vol 2, published by the Royal Philatelic Society of New Zealand in 1950. All scans were made by the author.