Fine Papua New Guinea applied in coin (7)

I believe the answer is:

pfennig

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'coin' is the definition.
(I have seen 'German coin' mean 'pfennig' so perhaps 'coin' could also mean 'pfennig')

I don't understand the rest of the clue.

Can you help me to learn more?

(Other definitions for pfennig that I've seen before include "Hundredth of an old Deutschmark" , "Approximately two point two zero five pounds" , "Old German monetary unit" , "foreign coin" , "Former German coin" .)

I've seen this clue in the Sydney Morning Herald.

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