One and two toea coins cease to be legal tenders

HISTORY was created yesterday when the one toea and two toea coins ceased to be legal tenders and the introduction of a new K2 note.
Also yesterday, was the 32nd anniversary of the kina and toea, which on April 19, 1975, PNG first issued its own currency – the kina and toea.
The new K2 note will circulate with the old one until it is gradually withdrawn from circulation.
BPNG Governor Wilson Kamit in a statement said the old larger sized K1 would be withdrawn from circulation but did not give a date.
“Anyone holding on to the old K1 coins should immediately return them through any commercial bank branches and exchange them at face value.”
However, some business houses, street vendors and even PMV operators are already refusing the larger K1 coin from customers claiming that it was no longer in circulation.
The ceasing of the coins being legal tenders was the talk of the day yesterday in business centres around Lae city and west Goroka.
A reporter with The National was on a PMV bus travelling from Lae to Kama produced an old K1 to pay for his bus fare but the crew rejected the coin telling him “mipela i no nap kisim olpela wan kina mo” (we won’t be accepting old K1 anymore).
Max Koregu, from Fayantina village in the Henganofi district came to Goroka town early yesterday morning to do shopping, said he did not know about the phasing out of the old monies.
He said most of the people in his village were still using the old K1 coin and worn out K2, K5 and K10 notes.
Yvonne Ngutlick, from East New Britain province and resides at the YWCA hostel, witnessed a PMV bus destined for the University of Goroka (UOG) refusing to accept old K1 and worn out K2 notes from UOG students, who also resided at the hostel.

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