Tonga pound
|
Tongan pound 1921 to 1969 |
|
|---|---|
| Country: | Tonga |
| Subdivision: | 20 shillings 240 pence |
| ISO 4217 code : | TP |
| Abbreviation: | T £, £ |
|
Exchange rate : (fixed) |
1 T $ = 0.5 T £ |
The Tonga pound ( English Tongan pound ) was the valid national currency in Tonga from 1921 until the changeover to the Pa'anga in 1967 . Like the British pound , it was divided into 20 shillings of 12 pence each.
When Tonga became a British protectorate through a friendship treaty on May 18, 1900 , the British currency was soon circulating in the island nation. This was gradually replaced in Tonga between 1921 and 1933 by banknotes issued by the Tonga government with the inscription sterling, which had an unusual denomination of four shillings. In 1936 these notes were replaced by the Tonga pound (T £), with one pound sterling being exactly one and a quarter Tonga pound. The Tonga pound was thus similar to the original Australian pound , which had already been devalued in 1936. The term sterling was first crossed out on the banknotes, later it was completely removed.
On April 3, 1967, the Pa'anga was finally introduced. The pound was exchanged at a ratio of 2: 1. When giving the name, it was decided against the term dollar , as it was too similar to the Tongan word tola (pig's snout, the soft end of the coconut, colloquially / vulgarly also mouth).