Tongan paʻanga
Tonga paʻanga (Tongan) | |
---|---|
ISO 4217 | |
Code | TOP (numeric: 776) |
Subunit | 0.01 |
Unit | |
Symbol | T$ (sometimes PT) |
Denominations | |
Superunit | |
100 | hau |
Subunit | |
1⁄100 | seniti |
Symbol | |
seniti | ¢ |
Banknotes | T$1, T$2, T$5, T$10, T$20, T$50, T$100 |
Coins | |
Freq. used | 5¢, 10¢, 20¢, 50¢, T$1 |
Rarely used | 1¢, 2¢, T$2 |
Demographics | |
User(s) | Tonga |
Issuance | |
Central bank | National Reserve Bank of Tonga |
Website | www |
Valuation | |
Inflation | 4.5% |
Source | The World Factbook, 2012 est. |
The paʻanga is the currency of
The paʻanga is subdivided into 100 seniti. The ISO code is TOP, and the usual abbreviation is T$ (¢ for seniti). In Tonga, the paʻanga is often referred to in English as the dollar, the seniti as the cent and the hau as the union. There is also the unit of hau (1 hau = 100 paʻanga), but this is not used in everyday life and can be found only on commemorative coins of higher denominations.
Etymology
Paʻanga is the Tongan name for Entada phaseoloides, also called the box bean or St. Thomas's bean, a bean-like vine producing large pods with large reddish-brown seeds. The seeds are roundish, up to 5 cm diameter and 1 or 2 cm thick. When strung together they are used as anklets, part of the kailao dance costume. They were also used as playing pieces in an ancient disc-throwing game, lafo.[1]
On 1 December 1806 Tongans attacked the passing ship
- If money were made of iron and could be converted into knives, axes and chisels there would be some sense in placing a value on it; but as it is, I see none. If a man has more yams than he wants, let him exchange some of them away for pork. [...] Certainly money is much handier and more convenient but then, as it will not spoil by being kept, people will store it up instead of sharing it out as a chief ought to do, and thus become selfish. [...] I understand now very well what it is that makes the papālangi [white men] so selfish – it is this money!
When Tonga introduced
History
The paʻanga was introduced on 3 April 1967. It replaced the pound at a rate of 1 pound = 2 paʻanga. Until 11 February 1991, the pa'anga was pegged to the Australian dollar at par. Since that time, a basket of currencies is taken and the paʻanga has continuously declined.[citation needed] Official exchange rates are released daily by the National Reserve Bank of Tonga.[citation needed]
Coins
In 1967, circulating coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 seniti and 1 and 2 paʻanga. The 1 and 2 seniti were struck in bronze with the other denominations in cupro-nickel. The 50 seniti, 1, and 2 paʻanga were only struck in small numbers as these denominations were also issued in note form. In 1974, dodecagonal (twelve-sided) 50 seniti were introduced but 50 seniti banknotes continued to be issued until 1983. In 1974, 1 seniti coins were struck in brass rather than bronze but reverted to bronze in 1975.
In 1975, a new series of coins was issued, themed around FAO and food production and featuring a new portrait style effigy of the king. This was followed by another series of similar theme in 1981. 1 and 2 Pa'anga coins continued to be issued. Starting in 1978 the 1 Pa'anga coins were redesigned with an innovative, or at least unique rectangular shape while the 2 Pa'anga (depicted on the right) remained round and continued to be one of the world's largest circulating coins at the time ( diameter 44.5 millimetres/1.75 inches ), larger even than standard "English crown sized" coins. The reverses of both were changed annually to commemorate a different FAO goal or event. Later seven sided Christmas themed pa'anga coins also exist. However, due to the 2 Pa'anga coin's large size and weight and the awkward shape of the 1 pa'anga, they failed to compete against the 1 and 2 Pa'anga notes that were simultaneously issued so production of these denominations ended in the 1980s due to low commercial demand. All 1 and 2 pa'anga coins still remain legal tender but are rarely used.
in 2002, nickel-plated steel replaced cupro-nickel in the 10, 20, and 50 seniti and the 5 seniti in 2005. The change did not occur in the 5 seniti initially as there was still a reasonable quantity of coins in stock at the time of the change. The move was made to reduce costs in production of the coins. The weight of the coins was also slightly reduced, although they remained the same approximate size as earlier dated coins. In 2011, commercial demand for 20 and 50 seniti prompted these denominations to be issued featuring the effigy of Tupou IV posthumous, who had died in 2006. A new obverse design for George Tupou V had not yet been made or selected at this time, possibly due to increased health concerns regarding the latter monarch, who died in March 2012.
For a brief period, some of the higher denomination coinage from the 1967–1968 series was "countermarked" with commemoration stamps that were added to the coin after being struck. The most distinct of these is Oil Search series which was plated in gold or "gilt". Some countermarked pieces were released into circulation but many were also sold to collectors.
Current circulating coins are in denominations of 1, 2, 5, 10, 20 and 50 seniti. The one and two seniti coins are still valid but are becoming less common in circulation due to high production cost and low value and may only be readily available for months after a release by the banks. Total prices in shops are usually rounded to the nearest 5 or 10 seniti.
In 2011, Tonga had announced plans to introduce a new and more modern series of coins shortly after neighboring Samoa and Fiji had done so, and on 3 March 2015 the Royal Australian Mint announced the production of new coins that would begin release later that year. Dignitaries, including Tongan Princess Angelika Tuku'aho whose father will feature on her county's coins, took turns striking the coins at a ceremony. "I'm very proud and honoured to be able to strike the coins today," she said. "This is also in celebration of His Majesty's coronation that is coming up in July."[5]
The first series of coins showed Queen
As part of a coinage reform, new coins were minted in 2015 by the Royal Australian Mint.[6]
Specifications and designs are:
Value | Diameter | Composition | 1975–1979 | 1981- | ||
---|---|---|---|---|---|---|
Obverse | Reverse | Obverse | Reverse | |||
1 seniti | 18 mm | Bronze | Maize | Pig | Maize | Vanilla |
2 seniti | 21 mm | Marrows |
PLANNED FAMILIES FOOD FOR ALL, six people holding hands | Taro | PLANNED FAMILIES FOOD FOR ALL, six people holding hands | |
5 seniti | 19 mm | Cupronickel | Chicken with chicks | Bananas | Chicken with chicks | Coconuts |
10 seniti | 24 mm | King | Grazing cattle | King | Bananas on tree | |
20 seniti | 29 mm | King | Bees and hive | King | Yams | |
50 seniti | 32–33 mm | King | Fishes around a vortex | King | Tomatoes |
Value | Diameter | Composition | 2015 [7] | |
---|---|---|---|---|
Obverse | Reverse | |||
5 seniti | 17 mm | Nickel-plated steel | King Tupou VI |
Heilala |
10 seniti | 19 mm | King Tupou VI | Malau | |
20 seniti | 21 mm | King Tupou VI | Kalia | |
50 seniti | 24 mm | King Tupou VI | Milolua | |
1 pa'anga | 24 mm | Aluminium bronze | King Siaosi (George) Tupou V | Coat of arms of Tonga |
The King is shown facing on the 10, 20, and 50 seniti, under the initials FAO.
Banknotes
In 1967, notes (bearing the portrait of Queen
The obverse of Tongan notes features text in the
On June 29, 2015, the National Reserve Bank of Tonga introduced a new family of paʻanga banknotes in six denominations, from 2 to 100 paʻanga. Banknotes of 50 and 100 paʻanga are made of a paper/polymer hybrid substrate. They feature a portrait of the current king of Tonga, Tupou VI.[9][10]
On 4 December 2023, the National Reserve Bank of Tonga introduced a new family of six banknotes to commemorate the birthday of the Kingdom’s moderniser King Tupou I.
Current TOP exchange rates | |
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From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD NZD JPY USD |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD NZD JPY USD |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD NZD JPY USD |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD NZD JPY USD |
See also
References
- ISBN 978-94-007-1764-0.
- ^ Findlay, Alexander George (1851) A directory for the navigation of the Pacific ocean. p. 807.
- ^ Somerville, Henry Boyle Townshend (1937). Will Mariner: A True Record of Adventure. Houghton Mifflin. pp. 240–241.
- ^ ISBN 978-0-415-64112-8.
- ^ "Royal Australian Mint helps three South Pacific nations produce new coins". ABC News. 4 March 2015. Retrieved 15 February 2017.
- ^ "Australia mints world history with new circulating coin for Cook Islands, Tonga & Vanuatu [04/03/2015]". Archived from the original on 2015-03-11. Retrieved 2015-03-13.
- ^ Webmaster. "King Tupou VI unveiled Tonga's New Family of Currency - National Reserve Bank of Tonga". Retrieved 15 February 2017.
- ^ Tonga BanknoteNews.com. Retrieved 2008-10-27.
- ^ Tonga new note family introduced 29.06.2015 BanknoteNews.com. June 30, 2015. Retrieved on 2015-06-30.
- ^ Tonga new note family confirmed BanknoteNews.com. July 15, 2015. Retrieved on 2015-07-15.
- Krause, Chester L.; Clifford Mishler (1991). ISBN 0873411501.
- Pick, Albert (1994). ISBN 0-87341-207-9.