Papua New Guinean kina facts for kids
Quick facts for kids Papua New Guinean kina |
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| ISO 4217 Code | PGK | ||
| User(s) |  Papua New Guinea |
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| Inflation | 1.8% | ||
| Source | The World Factbook, 2007 est. | ||
| Subunit | |||
| 1⁄100 | toea | ||
| Symbol | K | ||
| toea | t | ||
| Plural | kina | ||
| toea | toea | ||
| Coins | 5t, 10t, 20t, 50t, K1, K2 | ||
| Banknotes | K2, K5, K10, K20, K50, K100 | ||
The Kina is the official money used in Papua New Guinea. Its special code is PGK, and its symbol is K. One Kina is made up of 100 smaller units called toea.
The name Kina comes from the Kuanua language. This language is spoken by the Tolai people. In their culture, a kina was a special pearl shell. People used these shells for trading in many parts of Papua New Guinea.
Contents
History of the Kina Currency
When the Kina Started
The Kina was first used on April 19, 1975. For a short time, it was used alongside the Australian dollar. This lasted until December 31, 1975. During this period, one Kina was worth the same as one Australian dollar.
From January 1, 1976, the Australian dollar was no longer official money in Papua New Guinea. Only the Kina was used.
How the Kina's Value Changed
For many years, the Kina was a very stable currency. This means its value did not change much. The country did not have very high rates of inflation. Inflation is when prices go up, and your money buys less.
In its early years, the Kina actually became stronger compared to the Australian dollar. By 1980, one Kina was worth about A$1.30. It reached its highest value against the Australian dollar in 1986, at A$1.54.
The Kina stayed strong until 1995. Then, Papua New Guinea started to see higher inflation. This caused the Kina's value to slowly drop. By 1996, it was worth less than the Australian dollar.
High inflation continued, and by 2002, one Kina was worth less than A$0.50. For most of the time since then, the Kina has traded below A$0.50.
Current Exchange Rate
In September 2022, the average value of one Kina was about US$0.2840. This means that US$1 was worth about K3.52.
Kina Coins
Introducing Kina Coins
In 1975, the first Kina coins were made. These included coins for 1, 2, 5, 10, and 20 toea, and 1 Kina. The 1 and 2 toea coins were made from bronze. The other coins were made from cupronickel, which is a mix of copper and nickel.
The 1 Kina coin was round and had a hole in the middle. In 2006, a smaller 1 Kina coin was introduced. The older, larger 1 Kina coin stopped being official money on December 31, 2008. Also in 2008, a new 2 Kina coin was made. This coin has two different metals and was meant to replace the 2 Kina banknote.
Changes to Smaller Coins
The 1 and 2 toea coins were taken out of use in 2006. From April 19, 2007, they were no longer official money. The 1 toea coin had a birdwing butterfly on it. The 2 toea coin showed a lionfish.
In 1980, 50 toea coins were made. However, these were mostly special coins for events, not for everyday use. In 2021, a 50 toea coin was finally made for general use. It features the birdwing butterfly design, which used to be on the 1 toea coin.
| Denomination | Circulates since |
Composition | Shape | Diameter | Edge | Obverse | Reverse | |
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| Ring | Center | |||||||
| 5 Toea |
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Copper-nickel |
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| 10 Toea |
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Copper-nickel |
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| 20 Toea |
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Copper-nickel |
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| 50 Toea |
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Copper-nickel |
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| 1 Kina |
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Copper-nickel |
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Kina Banknotes
Early Banknotes
On April 19, 1975, the first Kina banknotes were released. These were for 2, 5, and 10 Kina. They replaced the Australian dollar notes. The colors of the new Kina notes were similar to the Australian ones.
These Kina notes were used alongside Australian dollars until January 1, 1976. After that date, only Kina notes were official. A 20 Kina note was added in 1977. A 50 Kina note came out in 1988, and a 100 Kina note in 2005.
Polymer Banknotes
Since 1991, Papua New Guinea's banknotes have been made from polymer. This is a type of plastic, which makes the notes more durable. However, in 2009, some special Kina & Toea Day notes were printed on paper.
New polymer banknotes started to be released. The 50 Kina note came out in 1999, followed by the 100 Kina in 2005. The 2 and 20 Kina notes were updated in 2007. The 5 and 10 Kina notes were updated in 2008. Now, all Kina banknotes are made of polymer. Paper banknotes were no longer accepted by the Bank of PNG after December 31, 2014. They are no longer official money.
| Banknotes of the Papua New Guinean kina (1975 issue) | ||||
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| 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) | ||||
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| 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) | ||||
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| 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 Information
| Current PGK exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD SGD EUR JPY |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD SGD EUR JPY |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD SGD EUR JPY |
| From OANDA: | AUD CAD CHF EUR GBP HKD JPY USD SGD EUR JPY |
| From fxtop.com: | AUD CAD CHF EUR GBP HKD JPY USD SGD EUR JPY |
See also
- Economy of Papua New Guinea
History:
- New Guinean pound
- New Guinean mark
