A LEGACY RECAST AND THE K100 NOTE REDEFINED TO HONOUR SIR JULIUS CHAN AND 50 YEARS OF INDEPENDENCE

On April 18, 2024, the Bank of Papua New Guinea, under the leadership of Governor Ms. Elizabeth Genia, unveiled a commemorative K100 banknote to mark the nation’s 50th Independence Anniversary. Scheduled for public circulation on September 16, 2025, this release is not merely a redesign as it is a constitutional and cultural statement, anchored in the lawful authority of the central bank and the enduring legacy of one of our founding statesmen, the late Rt. Hon. Sir Julius Chan, GCL, GCMG, and KStJ.

The issuance of commemorative currency falls squarely within the statutory mandate of the Bank of Papua New Guinea under the Central Banking Act 2000, particularly Section 5(1)(d), which empowers the Bank to issue currency and regulate its supply, and Section 7(1)(a), which affirms the Bank’s role in formulating and implementing monetary policy with the aim of achieving and maintaining price stability. The Currency Act 1975 further provides the legal framework for the design, denomination, and issuance of Papua New Guinea’s legal tender. The commemorative K100 note, therefore, is not symbolic alone as it is a lawful instrument of monetary policy and national identity, backed by statutory authority and institutional legitimacy.

The note features the image of Sir Julius Chan, a central figure in PNG’s post-independence governance. His tenure as Prime Minister (1980–1982, 1994–1997), his role in establishing the financial architecture of the state, and his contributions to economic sovereignty make his inclusion both timely and historically grounded. This gesture complements the existing K50 note featuring Grand Chief Sir Michael Somare, thereby enshrining both founding fathers in the nation’s legal tender as a dual tribute to political leadership and constitutional continuity.

According to BPNG’s official release, the commemorative currency incorporates traditional motifs and ceremonial imagery reflecting PNG’s diverse heritage, security features aligned with international standards manufactured by Note Printing Australia, and the official 50th Anniversary Logo designed by PNG artist Rudy Aper, symbolizing unity and forward vision. The Chan family’s formal approval of the portrait inclusion underscores the respectful and consultative nature of this national tribute.

This release is more than ceremonial. It reinforces economic sovereignty, as Governor Genia stated, “True independence required more than political change as it demanded economic sovereignty.” It embeds institutional memory by ensuring that national leadership is preserved in everyday transactions. And it strengthens public trust by aligning currency design with lawful governance and cultural pride, reaffirming the Bank’s role as custodian of national stability.

The commemorative K100 note is a lawful, strategic, and symbolic instrument. It reflects the constitutional journey of Papua New Guinea, honours the legacy of Sir Julius Chan, and reaffirms the Bank’s commitment to economic stewardship. As the nation enters its sixth decade of independence, this release invites reflection not only on where we’ve come from, but on the lawful and transparent governance we must continue to build.