Papua New Guinean kina

Short description: Currency of Papua New Guinea

This page is about the currency of Papua New Guinea. For earlier currencies used in Papua New Guinea, see New Guinean pound.

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Papua New Guinean kina

Commemorative K50 Note

ISO 4217
Code| PGK (numeric: 598)
Subunit| 0.01
Unit
Plural| kina
Symbol| K
Denominations
Subunit|
​1⁄100| toea
Plural|
toea| toea
Symbol|
toea| t
Banknotes| K2, K5, K10, K20, K50, K100
Coins| 5t, 10t, 20t, 50t, K1, K2
Demographics
Date of introduction| 19 April 1975
User(s)|  Papua New Guinea
Issuance
Central bank| Bank of Papua New Guinea
Website| www.bankpng.gov.pg
Valuation
Inflation| 1.8%
Source| The 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.

## Contents

* 1 History
* 2 Coins
* 3 Banknotes
* 4 Exchange rate
* 5 See also
* 6 References
* 7 Sources
* 8 External links

## History

Until 25 July 1976, the kina was at parity with the Australian dollar, after which it was revalued to A$1.05, then further revalued to A$1.1812 on 28 November, then devalued to A$1.155 on 13 December.

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 September 2022 was: K1 = US$0.2840, which means that US$1 = K3.52.[2]

## Coins

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

Turtle

National emblem

5 Toea |

2002

| Nickel plated steel  |

Round

19,5 mm

Milled

Turtle

National emblem

10 Toea |

1975

| Copper-nickel  |

Round

23,7 mm

Milled

Cuscus

National emblem

10 Toea |

2002

| Nickel plated steel  |

Round

23,7 mm

Milled

Cuscus

National emblem

20 Toea |

1975

| Copper-nickel  |

Round

28,6 mm

Milled

Cassowary

National emblem

20 Toea |

2002

| Nickel plated steel  |

Round

28,6 mm

Milled

Cassowary

National emblem

50 Toea |

1980

| Copper-nickel  |

Heptagonal

30 mm

Plain

Commemorative

National emblem

1 Kina |

2005

| Nickel plated steel  |

Round

30 mm

Milled

Crocodiles

National emblem

## Banknotes

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

Current PGK exchange rates

From Google Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD IDR
From Yahoo! Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD IDR
From XE.com:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD IDR
From OANDA:  | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD IDR

## See also

* Economy of Papua New Guinea

History:

* New Guinean pound
* New Guinean mark

## References

1. ↑ "Official exchange rate (LCU per US$, period average) - Papua New Guinea, Australia | Data". https://data.worldbank.org/indicator/PA.NUS.FCRF?locations=PG-AU.
2. ↑ "Historical Exchange Rates | Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea". https://www.bankpng.gov.pg/historical-exchange-rates/.
3. ↑ Bank of Papua New Guinea. "Withdrawal of Large Sized K1 Coin from Circulation". http://www.bankpng.gov.pg/images/stories/notices/pubnotk1.pdf.
4. ↑ Bank of Papua New Guinea. "Notes and coins of Papua New Guinea - Currency". http://www.bankpng.gov.pg/index.php?option=com_content&task=blogcategory&id=0&Itemid=113.
5. ↑ Bank of Papua New Guinea. "50 toea coin". http://www.bankpng.gov.pg/index.php?option=com_content&task=view&id=64&Itemid=116.
6. ↑ Linzmayer, Owen (2012). "Papua New Guinea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. http://www.banknotebook.com.
7. ↑ "Banknote World - World Currency & Paper Money Collectors". http://banknoteworld.com/banknotes/papua_new_guinea/PapuaNewGuineaPNew-50Kina-(1999)_b.jpg.
8. ↑ Papua New Guinea BanknoteNews.com. Retrieved 2008-04-29.
9. ↑ "Papua New Guinea issues new 2- and 50-kina notes". http://banknotenews.com/files/9ffdf543c1483aff0b4dc5f755c68989-454.php.
10. ↑ "Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea". http://www.bankpng.gov.pg/index.php?option=com_content&task=view&id=357&Itemid=119.
11. ↑ "Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea". http://www.bankpng.gov.pg/index.php?option=com_content&task=view&id=365&Itemid=115.
12. ↑ "Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea". http://www.bankpng.gov.pg/index.php?option=com_content&task=view&id=366&Itemid=115.
13. ↑ "Withdrawal of Paper Banknotes". http://www.bankpng.gov.pg/announcement/withdrawal-of-paper-banknotes/.

## Sources

* Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
* Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues (7th ed.). Krause Publications. ISBN 0-87341-207-9.

## External links

* Currency (Official Bank of PNG)
* Bank of Papua New Guinea PDF
* Papua New Guinea Paper Money

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

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