The Bank of Papua New Guinea (BPNG) officially launched the Kina and Toea Exhibition, a display celebrating the nation's rich economic history and the 50th anniversary of Papua New Guinea’s currency. This event, held as part of the Bank’s 50th anniversary celebrations, coincides with the upcoming 50th anniversary of PNG's independence in 2025.
The Kina and Toea Exhibition was launched on 29 August and continued from 30 August to 6 September 2024 at the National Museum & Art Gallery in Port Moresby. The exhibition provided an opportunity to explore the fascinating history of PNG currency and its unique place in the nation's development. Displaying cultural richness and diversity, attendees were reminded of the significance of currency as a reflection of PNG identity, values, and traditions.
The Assistant Governor of Corporate Affairs, Mr Ron Sikar, gave the opening speech and officially declared the exhibition open on behalf of the Governor of BPNG, Elizabeth Genia, in her absence. In Governor Genia’s speech, she emphasised the exhibition’s importance in reflecting on the nation's economic development and its roots in the introduction of the Kina and Toea, which have become not only economic instruments but also national emblems of independence and unity.
"It is an honour to stand before you today as we open the Kina and Toea Exhibition, a showcase of our nation's rich and evolving economic history as part of the Bank’s 50th anniversary celebrations," Governor Genia said. She highlighted that the event is particularly significant as it precedes the 50th anniversary of both the country's currency and the nation itself.
Governor Genia also introduced the Bank’s Vision 2050, launched in line with the anniversary celebrations. "The Bank’s Vision 2050 speaks of ‘economic opportunities for all Papua New Guineans,’ which at its core is about the transformation of the economy in the next two decades. This vision is a continuation of the development process first initiated some 50 years ago in preparation for PNG’s independence in 1975."
The Governor’s speech traced the historical journey of currency in PNG, starting with shell money used by the nation’s forefathers. Shells, particularly the Kina and Toea, were not only mediums of trade but also symbols of wealth, social status, and cultural practices. "Deeply embedded in our traditions and cultural practices, shell money also represented social status, and it was used in marriages, deaths, and other significant ceremonies and events," Genia explained.
The arrival of colonisers marked a turning point in the country's economic history, leading to the introduction of contemporary currencies on 19 April 1975. "These contemporary currencies served as both economic instruments and national emblems of our independence and unity as a nation," Genia noted.
She provided insights into the cultural significance of the Kina and Toea, explaining that the word "Kina" is found in both the Pidgin and Kuanua languages and describes the priceless pearl shell extensively traded in PNG's Highlands and Coastal regions. Similarly, "Toea" refers to a valuable type of shell used in trade and traditional bride price ceremonies in the Motuan Coastal villages.
Governor Genia expressed the Bank’s ongoing commitment to maintaining trust and confidence in physical currency, even as global trends shift towards digital currencies and electronic payments. "This exhibition provides a unique opportunity to reflect and appreciate how far we have come and to consider how we can continue to honour our heritage while embracing the future," she said.
The exhibition was designed to take attendees on a journey through PNG's history, showcasing images of rare artefacts, coins, and notes that have shaped the country’s economy.
The launch was attended by distinguished guests, partners, stakeholders, the staff and management of BPNG, and the media.
