Tongan pound

Thepoundwas the currency ofTongauntil 1967. It was subdivided into 20shillings,each of 12pence.

History

Initially,sterlingcirculated as the Tongan currencies, supplemented from 1921 by banknotes issued by the Tongan government. The notes were denominated in sterling and included the rather unusual denomination of 4shillings.When theAustralian pounddevalued relative tosterlingat the beginning of theGreat Depression,this caused considerable confusion on the smaller islands of theBritish Western Pacific.In the mid-1930s, people in these islands were asking whether or not the money in their sterling accounts were to be considered as sterling or the Australian pound, and clarification was sought. In 1936, one Tongan pound was devalued to be worth 16 shillings sterling, setting the Tongan pound equal to theAustralian pound.Existing banknotes had the word "sterling" overstamped, later issues omitted the word altogether. In 1967, the pound was replaced by thepa'angaat a rate of £1 = T$2.

Banknotes

In 1921, £5 notes were introduced, followed by notes for 4/– and 10/– and £1 in 1933. These four denominations were issued until 1966.

See also

• British currency in Oceania
• Economy of Tonga

References

• Pick, Albert (1994).Standard Catalog of World Paper Money:General Issues.Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications.ISBN0-87341-207-9.