Shell money to become legal tender

The traditional Tolai currency, shell money, or “Tabu” will become legal tender in the

province.

This is as far as the East New Britain Provincial Executive Council is concerned. The assembly recently endorsed a paper titled “Promotion and Mobilisation of Customs Wealth” presented by chairman of commerce, industry and tourism, Leo Dion.

But before businesses and the community at large start exchanging Tabu in their business transaction, the provincial government will sponsor a study and extensive research into the use of Tabu, and putting in place relevant legislation to regulate the use of the shell money.

“The paper has been endorsed by the PEC which means Tabu will become legal tender as a second currency to the kina in the province.

However, before that can happen relevant legislation will have to be adopted and put in place to regulate the use of Tabu as a second currency,”

Dion said.

Shell money had been used in the

province for many generations, but there was never any proper control of its use, he said. Shell money is currently used in the villages, markets and even stores but there is wide spread misuse of it.

“There is a need to standardise and mobilise the Tabu. This means there is a need to carry out an extensive research into its use and recommend to the Government on ways to best standardise the shell spacing as well as the length or fathom of shell money,” he said.

Usually, a fathom of

shell money is valued at K 2, but recently due to the drops in the kina value, the same fathom is

exchangeable at K 3.50.

According to Dion, this trend would give way to misuse and non standardised use of the Tabu.

One of the issues which must also be regulated, before shell money gets into full use, is the spacing between shells in a fathom. Dion said the normal practice was five millimetres between each shell, which means two shell will occupy a space of one centimetre. Dion said the study would research the possibility of setting up a custom wealth bank which would assist to mobilise, regulate and control Tabu currency.

“Our country’s legal tender is being regulated and controlled by the Bank of Papua New Guinea where as Tabu is not regulated and has been manipulated by Tabu traders who have pushed the price of a fathom up while its purchasing power is only equivalent to the kina,” Dion said. A K 6 million estimate value of Tabu is available. (Post Courier) ■

Tradition wins. PM shell money will be recognised

Relevant legislation has yet to be put in place to govern the mass use of shell money