Papua New Guinea, a country of extensive biological and cultural diversity, is known for its coral reefs and beaches. Its national currency is the Papua New Guinea kina (PGK), affixed with the symbol "K." The currency was introduced in 1975 and is regulated by the Bank of Papua New Guinea. In April 1975, the kina came into effect as Papua New Guinea's official money after replacing the previous currency, the Australian dollar (AUD). 1 kina is composed of 100 subunits called "toea."
The currency's name "kina" was derived from a type of shell traditionally used to facilitate local trade. In 1975, six coins were produced upon the kina's commencement. Five of which were smaller coins, for 1, 2, 5, 10, and 20 toea, while one was larger, signifying one kina. Two of the smaller coins, the 1 and 2 toea coins, were suspended in 2007. The only banknotes initially available were for denominations of two, five, and 10 kina. The 20 kina note, as well as the 50 and 100 kina notes, were introduced in 1977, 1990, and 2005, respectively. The currency features symbols of Papua New Guinea's cultural artifacts and unique fauna, like its famous Bird of Paradise. The 50-kina bill features Papua New Guinea's Parliament building together with a portrait of Prime Minister Michael Somare.
