Tongan paʻanga

From Wikipedia, the free encyclopedia

Tongan paʻanga
Tonga paʻanga (Tongan)
50 Paʻanga 1 seniti
ISO 4217 Code	TOP
User(s)	Tonga
Inflation	11.1%
Source	The World Factbook, 2005 est.
Superunit
100	hau
Subunit
1/100	seniti
Symbol	T$ (sometimes PT)
seniti	¢
Coins
Freq. used	5¢, 10¢, 20¢, 50¢
Rarely used	1¢, 2¢
Banknotes	T$1, T$2, T$5, T$10, T$20, T$50, T$100
Central bank	National Reserve Bank of Tonga
Website	www.reservebank.to

The paʻanga is the currency of the Tonga. It is controlled by National Reserve Bank of Tonga (Pangikē Pule Fakafonua ʻo Tonga) in Nukuʻalofa. The paʻanga is not convertible and is pegged to a basket of currencies comprising the Australian, New Zealand, and United States dollars and the Japanese yen.

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 and the seniti as the cent. There is also the unit of hau (1 hau = 100 paʻanga) but this is not used in every day life and can only be found on commemorative coins of higher denominations.

Contents 1 Etymology 2 History 3 Coins 4 Banknotes 5 See also 6 References 7 External links

[edit] Etymology

Entada scandens, native name paʻanga, is 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.

On December 1, 1806 Tongans attacked the passing ship Port-au-Prince in order to take it over. They failed, as the crew sank the vessel. The chief of Haʻapai, Fīnau ʻUlukālala, resorted to the next plan, plunder what ever was worthwhile. On his inspection tour he found the ship's cash. Not knowing what money was he considered the coins as paʻanga. Finally, not seeing anything of value, he ordered the remains of the ship to be burned. It was much later that William Mariner, the only survivor of this attack, told him that those pieces of metal were of great value and not merely playing stones.

When Tonga introduced decimal currency, it decided not to call the main unit the dollar because the native word, tola, translated into a pig's snout, the soft end of a coconut, or, in vulgar language, a mouth. Pa'anga, on the other hand, translated into money.

Mariner also passed down the following statement of Fīnau ʻUlukālala:

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!

[edit] History

The paʻanga was introduced on April 3, 1967. It replaced the pound at a rate of 1 pound = 2 paʻanga. Until February 11, 1991, the pa'anga was pegged to the Australian dollar at par. Since that time, a basket of currencies is taken (see above) and the paʻanga has continuously declined. As in 2006, one needs about T$1.60 to get 1 Australian dollar. Official exchange rates are released daily by the National Reserve Bank, established July 1, 1989, but rather towards the end of the day than early in the morning. In practice, it seems, that the real exchange rate is rather determined by the fancy of the higher echelons than the basket.

[edit] Coins

In 1967, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 seniti and 1 paʻanga. The 1 and 2 seniti were struck in bronze with the other denominations in cupro-nickel. The 50 seniti and 1 paʻanga were only struck in small numbers as these denominations were also issued in note form. In 1974, dodecagonal 50 seniti were introduced but 50 seniti banknotes continued to be issued until 1983.

Circulating coins are in denominations of 1, 2, 5, 10, 20 and 50 seniti. The one and two seniti coins are becoming less common nowadays, as they lose value due to a yearly inflation of about 10%, and are only readily available for some months after a release by the bank. Total prices in shops are usually rounded to the nearest 5 or 10 seniti, although some shops believe that to round means always to round up.^{[citation needed]}

The first series of coins showed Queen Salote Tupou III, two years after her death. The reverse designs were a giant tortoise on the 1 and 2 seniti, wheat sheaves and stars on the 5 and 10 seniti, and the Tongan coat of arms on the higher denominations. From 1968, the portrait of King Taufa'ahau Tupou IV appeared, facing right. Since 1975, all coins have borne the word "Tonga" on the obverse and the inscription "Fakalahi meʻakai" (Tongan: "Grow more food") and the denomination on the reverse. The King is shown in military uniform looking forwards. 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		Chicken with chicks	Coconuts
10 seniti	24 mm		King	Cow	King	Bananas
20 seniti	29 mm		King	Bee hive	King	Yams
50 seniti	32-33 mm		King	Fishes around a vortex	King	Tomatoes

The King is shown facing on the 10 to 50 seniti, under the initials FAO.

[edit] Banknotes

In 1967, notes (bearing the portrait of Queen Salote Tupou III) were introduced by the government in denominations of ½, 1, 2, 5 and 10 paʻanga. From 1974, the portrait of King Taufa'ahau Tupou IV appeared on the notes. ½ paʻanga notes were issued until 1983, with 20 paʻanga notes introduced in 1985, followed by 50 paʻanga in 1988. In 1992, the National Reserve Bank of Tonga took over production of paper money. On the July 30, 2008 a 100 paʻanga paper issue was introduced ^[1]

The obverse of the notes features text in the Tongan language and shows the portrait of King Taufa'ahau Tupou IV. The reverse is in English language and shows typical motives and landmarks of Tonga: the Haʻamonga ʻa Maui Trilithon, the royal palace, the Tongan Development Bank, the Port of Vavaʻu (twice, once as it was around 1900, and the other contemporary), and ngatu making.

1 Paʻanga front	1 Paʻanga back
2 Paʻanga front	2 Paʻanga back
5 Paʻanga front	5 Paʻanga back
20 Paʻanga front	20 Paʻanga back
50 Paʻanga front	50 Paʻanga back

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

[edit] See also

• Economy of Tonga

[edit] References

[edit] External links

v • d • e Currencies of Oceania Australasia Australian dollar (Norfolk Island) · New Zealand dollar Melanesia CFP franc ( New Caledonia,) · Fijian dollar · Indonesian rupiah  · New Caledonian franc (obsolete)  · Papua New Guinean kina · Solomon Islands dollar · U.S. dollar + East Timorese centavo (East Timor) · Vanuatu vatu Micronesia Australian dollar (Kiribati, Nauru) · Kiribati dollar  · U.S. dollar ( Guam, United States Minor Outlying Islands, Northern Mariana Islands, Marshall Islands, Federated States of Micronesia, Palau) Polynesia Australian dollar (Tuvalu) · Chilean peso (Easter Island) · CFP franc (French Polynesia, Wallis and Futuna) · Cook Islands dollar · French Polynesian franc (obsolete) · New Zealand dollar (Chatham Islands, Cook Islands, Niue, Pitcairn Islands, Tokelau) · Samoan tala · Tongan pa'anga · Tuvaluan dollar · U.S. dollar (American Samoa, Hawaii)