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20 Pa'anga
| Issuer | National Reserve Bank of Tonga |
|---|---|
| Year | 2009 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Log in to see details |
| Composition | Log in to see details |
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| Printer | Thomas De La Rue & Company, London, United Kingdom |
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| Obverse description | The right half of the note is dominated by an intaglio portrait of King George Tupou V in full military dress uniform with decorations and medals, set against a gold guilloche underprint; the Royal Coat of Arms of Tonga appears below the portrait at lower right. The centre carries a large circular starburst guilloche rosette in gold and white, bisected vertically by a windowed security thread inscribed 'NRBT', with the denomination '$20' in dark red at lower left and upper right. Two manuscript signatures appear below the rosette, captioned 'PALEMIA 'O TONGA' and 'MINISITA PA'ANGA' respectively. |
|---|---|
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| Protection type | Watermark, Security thread |
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| Comments |
The National Reserve Bank of Tonga was established in 1989, replacing the Bank of Tonga in a broader effort to separate central banking functions from commercial operations — a reform that took longer to implement cleanly than originally anticipated. Thomas De La Rue has printed Tongan currency through multiple series, and by 2009 the relationship was well established.
The Pa'anga has been pegged to a basket of currencies since 1991, managed by the Reserve Bank to limit the exchange rate volatility that small Pacific island economies are particularly exposed to given their dependence on remittances.