Law [No. 12] on the exclusive legal tender status of British gold and silver as well as Australian gold coins; effective 01.05.1905 (retro-active) - 21.09.1912: Law [No. 17], amending the 1906 law for Australian silver coins; effective 03.11.1911 (retro-active).
??.??.1919
Law [Treasury Notes Act, No. 6] on the issuance of government paper money on par with British Pound (denominated "Sterling"); effective 01.01.1921
??.??.1935
Law [Treasury Notes Act, No. 17] on the establishment of a currency commission and issuance of government paper money on par with Australian Pound (denomination "Sterling" removed); effective 08.07.1935
??.??.1962
Law [Coinage Act, Nr. 15] on the issuance of gold coins in units "Koula" of 20 Tongan Pounds (at 32.5 grams gold 0.917 fine); effective 22.04.1963
Valuation Regimes
1921-1950
Fixed rate against British Pound
1950-1967
Fixed rate against Australian Pound
Rate Arrangements
01.01.1921
Fixed
British Pound at 1 : 1
-
08.07.1935
Fixed
British Pound at 1 : 1.25 (Australian Pound at 1 : 1)
-20.0%
18.12.1946
Fixed
British Pound at 1 : 1.2525
-0.2%
02.08.1950
Fixed
Australian Pound at 1 : 1
+0.2%
Time Period: 1967-
Currency: Tongan Pa'anga
Transition
2 : 1
Sub-units
Pa'anga / 100 Cents
ISO4217
TOP
Timeline
??.??.1966
Law [Decimal Currency Act, No. 15] on the introduction of a decimal currency; effective 03.04.1967
03.04.1967
Start of currency exchange: - 03.04.1967: Start of issuance of the new banknotes and coins - the former paper money and coins were not demonetized.
29.12.1988
Law [National Reserve Bank of Tonga Act, cap. 102] on the establishment of a central bank; effective upon constitution of the bank on 01.07.1989