Finance:Papua New Guinean kina

Short description: Currency of Papua New Guinea

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
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.

History

The kina was introduced on 19 April 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.

The average exchange rate of one kina in September 2022 was: K1 = US$0.2840, which means that US$1 = K3.52.

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.

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. 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.

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

A new issue of banknotes has been issued starting with the 50 kina in 1999, then the 100 kina in 2005, 2 and 20 kina in 2007 and the 5 and 10 kina in 2008. 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.

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

See also

• Economy of Papua New Guinea

History:

• New Guinean pound
• New Guinean mark

External links

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