PGK (Papua New Guinea Kina)

DEFINITION of 'PGK (Papua New Guinea Kina)'

The currency abbreviation or currency symbol for the Papua New Guinea kina (PGK), the currency of Papua New Guinea. The Papua New Guinea kina is made up of 100 toea and is often represented with the symbol K. The name "kina" comes from the kina shell that was historically used as a currency in the region.

BREAKING DOWN 'PGK (Papua New Guinea Kina)'

In 1975, the Papua New Guinea kina replaced the Australian dollar (AUD) at par. Both the AUD and the kina traded as legal tender the following year, until January of 1976 when the AUD was no longer accepted as currency in the country.

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