Basic Data:

• Country ISO Code: TO

• Official Language: Tongan

• Language ISO Code: ton

• Current Official Currency: Tongan Paʻanga

• Current Currency ISO Code: TOP

Currency History and Details:
The Tongan paʻanga (TOP) was introduced on April 3, 1967, replacing the Tongan pound at a rate of 1 pound = 2 paʻanga. The paʻanga was initially pegged to the Australian dollar at par until February 11, 1991. Since then, its value has been determined by a basket of currencies including the Australian, New Zealand, US dollars, and the Japanese yen, leading to a gradual depreciation relative to the Australian dollar.

Currency Characteristics:

• ISO Code: TOP

• Symbol: T$ (sometimes $ or PT)

• Subdivision: 1 paʻanga = 100 seniti

• Singular name: paʻanga

• Plural name: paʻanga

• Singular fraction name: seniti

• Plural fraction name: seniti

Production and Circulation:

• Initial coins introduced in 1967 included 1, 2, 5, 10, 20, and 50 seniti, and 1 paʻanga coins. The 1 and 2 seniti coins were bronze, others cupro-nickel.

• Coins and banknotes feature cultural symbols, native fauna, and portraits of monarchs such as Queen Salote Tupou III and King Taufaʻahau Tupou IV.

• Banknotes were initially issued in denominations of ½, 1, 2, 5, and 10 paʻanga, with the ½ paʻanga note discontinued later. Current banknotes are issued in 2, 5, 10, 20, 50, and 100 paʻanga denominations.

• The National Reserve Bank of Tonga (Pangikē Pule Fakafonua ʻo Tonga) is the issuing authority.

Mint and Issuance:

• Coins and banknotes are produced by international mints and printing facilities.

• The National Reserve Bank of Tonga manages currency issuance and monetary policy.

Economic Context:

• Tonga decimalized its currency in 1967, a year after Australia.

• The paʻanga was pegged to the Australian dollar until 1991, after which it floated and is now influenced by a basket of currencies.

• Tonga’s economy is small and reliant on agriculture, fishing, remittances, and foreign aid, making the paʻanga susceptible to external economic factors.

Current Status:

• The paʻanga remains the official and only legal tender currency in Tonga.

• Coins and banknotes are actively used in daily transactions.

Legislation:

• Currency issuance and regulation are governed by relevant national laws and the Central Reserve Bank Act.

Signatories on Banknotes:

• Banknotes bear the signatures of the Governor of the National Reserve Bank of Tonga and the Secretary of the Treasury.

Persons and Symbols Featured:

• Early banknotes featured Queen Salote Tupou III and King Taufaʻahau Tupou IV.

• Modern currency incorporates national symbols, cultural motifs, and native flora and fauna.

Summary of Coins and Banknotes in Circulation:

This report presents the complete financial history of the Kingdom of Tonga, emphasizing the introduction and evolution of the paʻanga since 1967, its design elements, economic context, and current status as the sole legal currency.