Papua New Guinean kina

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Papua New Guinean kina
K50back.jpg
Commemorative K50 Note
ISO 4217
CodePGK
Denominations
Subunit
 1/100toea
Pluralkina
 toeatoea
SymbolK
 toeat
BanknotesK2, K5, K10, K20, K50, K100
Coins5t, 10t, 20t, 50t, K1, K2
Demographics
User(s) Papua New Guinea
Issuance
Central bankBank of Papua New Guinea
 Websitewww.bankpng.gov.pg
Valuation
Inflation1.8%
 SourceThe World Factbook, 2007 est.

The Kina (ISO 4217 currency code: PGK, the currency symbol: K) is the currency of Papua New Guinea. It is divided into 100 toea. The name Kina is derived from Kuanua language of the Tolai region, referring to a callable pearl shell used widely for trading in both the Coastal and Highlands areas of the country.

History[edit]

The kina was introduced on 19 May 1975 and circulated along with the Australian dollar until 31 December 1975. The two currencies were equal in value (K1 = A$1). The next day, the dollar ceased to be legal tender in Papua New Guinea.

The kina has been a historically stable currency; the economy has never experienced exorbitant rates of monetary inflation.

During its early years, the kina experienced an appreciation relative to the Australian dollar, reaching a value of approximately A$1.30 in 1980. The kina reached a peak relative to the Australian dollar in 1986 (K1 = A$1.54). The kina remained stable until 1995, when the country started experiencing double-digit annual rates of inflation, causing its value to drop gradually. The kina fell below the Australian dollar in 1996. Elevated rates of inflation persisted, and by 2002, the value of the kina fell below A$0.50. For most of the time since then, with the exception of between September 2008 and March 2009, the kina traded below A$0.50.[1]

The average exchange rate of one kina in November 2021 was: K1 = US$0.2850 = A$0.3904, which means that US$1 = K3.51 and A$1 = K2.56.[2]

Coins[edit]

In 1975, coins were introduced for 1, 2, 5, 10 and 20 toea and 1 kina. The 1 and 2 toea were minted in bronze, with the others in cupronickel. The 1 kina is round and holed in the centre, this denomination was reduced in size starting from 2006, and the larger coin was demonetised from 31 December 2008. 2008 also saw the introduction of a bimetallic 2 kina coin intended to replace the 2 kina note.[3]

The withdrawal of the 1 and 2 toea coins also occurred in 2006 and as from 19 April 2007 are also no longer legal tender. The obverse of a 1 toea coin displays a birdwing butterfly, while a 2 toea coin has a lionfish on its obverse.[4] In 1980, 50 toea coins were introduced but only issued in commemorative form without a standard design. In 2021, a 50 toea coin was issued for general circulation, utilizing the birdwing butterfly design previously used on the now withdrawn 1 toea coin.[5]

Denomination Circulates
since
Composition Shape Diameter Edge Obverse Reverse
Ring Center
5 Toea
1975
Copper-nickel
Round
19,5 mm
Milled
National emblem
10 Toea
1975
Copper-nickel
Round
23,7 mm
Milled
National emblem
20 Toea
1975
Copper-nickel
Round
28,6 mm
Milled
National emblem
50 Toea
1980
Copper-nickel
Heptagonal
30 mm
Plain
Commemorative
National emblem
1 Kina
1975
Copper-nickel
Round
27,5 mm
Milled
National emblem

Banknotes[edit]

On 19 April 1975, notes were introduced for 2, 5 and 10 kina that replaced the Australian dollar at par, so the colour scheme was the same. They circulated along with the dollar until 1 January 1976 when the dollar ceased to be legal tender. The 20 kina was introduced in 1977, 50 kina in 1988, followed by 100 kina in 2005. All colouration of the individual denominations are the same as current and former Australian decimal currency. Beginning in 1991, Papua New Guinea's banknotes have been produced on polymer, although in 2009 the bank issued Kina & Toea Day commemorative notes on paper substrates.[6]

A new issue of banknotes has been issued starting with the 50 kina in 1999,[7] then the 100 kina in 2005, 2[8][9] and 20 kina in 2007[10] and the 5 and 10 kina in 2008.[11][12] This makes all the denominations of the kina issued in polymer. Paper bank notes ceased being accepted by the Bank of PNG from 31 December 2014, and are no longer legal tender.[13]

Banknotes of the Papua New Guinean kina (1975 issue)
Image Value Obverse Reverse Remarks
[1] 2 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Artifacts White printing on all corners of the note
[2] 5 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Mask White printing on all corners of the note
[3] 10 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Bowl, ring, artifacts Whites printing on all corners of the note
[4] 20 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Boar, conches White corners on all corners of the note
Banknotes of the Papua New Guinean kina (1981 issue)
Image Value Obverse Reverse Remarks
[5] 2 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Artifacts Full printing on the note except on the watermark area
[6] 5 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Mask Full printing on the note except on the watermark area
[7] 10 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Bowl, ring, artifacts (1st version): Lighter toned colors used for the full printing of the note except for the watermark area
[8] 10 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Bowl, ring, artifacts (2nd version): Darker toned colors used for the full printing of the note except for the watermark area; addition of the registration device on the right side of the note
[9] 20 kina Bird of Paradise, spear, carved "hour glass" drum (typical for the Highlands and the yearly Goroka Show) Boar, conches Full printing on the note except on the watermark area
[10] 50 kina The Parliament building in Port Moresby Prime Minister Michael Somare (1936–2021)
Banknotes of the Papua New Guinean kina (Current issue)
Image Value Obverse Reverse Remarks
[11] 2 kina The Parliament building in Port Moresby Artifacts Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue
[12] 5 kina The Parliament building in Port Moresby Mask Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue
[13] 10 kina The Parliament building in Port Moresby Bowl, Ring and Artifacts Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue
[14] 20 kina The Parliament building in Port Moresby Boar, conches Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue
[15] 50 kina The Parliament building in Port Moresby Prime Minister Michael Somare Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue
[16] 100 kina The Parliament building in Port Moresby Tanker, airplane, truck, radio tower Printed on polymer and the first two numbers of the serial number give the last two numbers of the year of issue

Exchange rate[edit]

Current PGK exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD EUR JPY

See also[edit]

History:

References[edit]

  1. ^ "Official exchange rate (LCU per US$, period average) - Papua New Guinea, Australia | Data". data.worldbank.org. Retrieved 17 December 2021.
  2. ^ "Historical Exchange Rates | Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea". www.bankpng.gov.pg. Retrieved 17 December 2021.
  3. ^ Bank of Papua New Guinea. "Withdrawal of Large Sized K1 Coin from Circulation" (PDF). Retrieved 16 January 2010.[permanent dead link]
  4. ^ Bank of Papua New Guinea. "Notes and coins of Papua New Guinea - Currency". Retrieved 29 May 2007.
  5. ^ Bank of Papua New Guinea. "50 toea coin". Retrieved 29 May 2007.
  6. ^ Linzmayer, Owen (2012). "Papua New Guinea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  7. ^ "Banknote World - World Currency & Paper Money Collectors". Archived from the original on 25 March 2016. Retrieved 18 December 2010.
  8. ^ Papua New Guinea BanknoteNews.com. Retrieved 2008-04-29.
  9. ^ "Papua New Guinea issues new 2- and 50-kina notes".
  10. ^ "Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea".
  11. ^ "Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea".
  12. ^ "Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea".
  13. ^ "Withdrawal of Paper Banknotes".

Sources[edit]

External links[edit]

Preceded by:
Australian dollar
Reason: independence
Ratio: at par
Currency of Papua New Guinea
19 April 1975 –
Concurrent with: Australian dollar until 1 January 1976
Succeeded by:
Current