Zimbabwe trillion dollar note

The first thing you need to understand about the 20 trillion dollar banknote, is the fact that 20 trillion is a significantly large number.

Shares in Facebook? London property? Up there with the best, believe it or not, are Zimbabwean trillion dollar notes. A trillion, by the way, is a million million. There are 12 zeros in a trillion. Add another two to reach the total on the Zimbabwean trillion dollar bill, the note with the most zeroes of any legal tender in all recorded history. The bills circulated for a few months in at the zenith — or, more precisely, the nadir — of one of the most terrible instances of hyperinflation in history, before Harare finally abandoned the Zimbabwean dollar in favour of the South African rand, the US dollar and several other foreign currencies.

Zimbabwe trillion dollar note

The banknotes of the first dollar replaced those of the Rhodesian dollar at par in , one year after the proclamation of independence. The obverse of Zimbabwean banknotes including notes of the current dollar featured an illustration of the Domboremari , one of the Chiremba Balancing Rocks located near Harare and Epworth : the Domboremari also appeared on bearer and agro-cheques, as part of the Reserve Bank's logo. The second dollar ZWN was replaced on 1 August by the third dollar ZWR , [4] [5] which was then phased out by the fourth dollar ZWL with short notice on 2 February because it rapidly lost value. The power-sharing government of Prime Minister Morgan Tsvangirai suspended the Zimbabwean dollar on 12 April , and banknotes of the third and fourth dollars were demonetised in September , after over 6 years of disuse. These notes replaced the circulating banknotes of the Rhodesian Dollar at par. In May , the Reserve Bank allowed the Cargill Cotton Group to issue emergency bearer cheques to cotton farmers, via a Standard Chartered Zimbabwe branch in Harare: Cargill issued these cheques due to a shortage of money caused by high annual inflation, which according to The Herald , was around The time limits were either ignored or extended by multiple decrees, meaning that all notes of these issues remained legal tender in practice until 21 August On 1 August the banknotes of the second dollar ZWN , with less elaborate designs, replaced those of the first dollar at the ratio of 1 to 1. Gideon Gono said that "10 trillion first dollars were still out there and it had become manure". These cheques also carried time limits and limited security features. On 1 August the banknotes of the third dollar ZWR , which were printed for the abandoned second phase of the redenomination, replaced the cheques of the second dollar at the ratio of 10 billion 10 10 to 1. On 2 February , banknotes of the fourth dollar ZWL were introduced to replace those of the third dollar at the ratio of one trillion 10 12 to 1. It was originally envisaged that banknotes of the third dollar would remain legal tender until 30 June but all banknotes were withdrawn from circulation following the suspension of the Zimbabwe dollar on 12 April

Poor communications meant that many civilians of Zimbabwe were unable to convert old bearer cheques to new ones before the deadline. Banknote News.

During this time, it was subject to periods of extreme inflation , followed by a period of hyperinflation. The Zimbabwean dollar was introduced in to directly replace the Rhodesian dollar which had been introduced in at par , at a similar value to the US dollar. In the 20th century the dollar functioned as a normal currency, but in the early 21st century hyperinflation in Zimbabwe reduced the Zimbabwean dollar to one of the lowest valued currency units in the world. Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April It was demonetised in , with outstanding accounts able to be reimbursed until 30 April On 24 June , the Reserve Bank of Zimbabwe abolished the multiple-currency system and replaced it with a new Zimbabwe dollar the RTGS Dollar , [9] which was the only official currency in the country between June and March , after which multiple foreign currencies were allowed again. The Zimbabwean dollar's predecessor, the Rhodesian dollar , was essentially equal to half of the value of the pound sterling at the time of its adoption during the decimalisation of

These rocks are said to represent the delicate balance between man and nature. This banknote also has a hidden a watermark that displays a complete denomination when held up to a light source. The reverse of the banknote features Victoria falls and a cape buffalo. The cape buffalo is an African bovine that can reach a length of 10 feet, height of 5 feet and weigh almost a ton! The cape buffalo is infamous for attacking hunters and reports claim that they kill or injure more hunters than any other animal in Africa.

Zimbabwe trillion dollar note

During this time, it was subject to periods of extreme inflation , followed by a period of hyperinflation. The Zimbabwean dollar was introduced in to directly replace the Rhodesian dollar which had been introduced in at par , at a similar value to the US dollar. In the 20th century the dollar functioned as a normal currency, but in the early 21st century hyperinflation in Zimbabwe reduced the Zimbabwean dollar to one of the lowest valued currency units in the world. Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April It was demonetised in , with outstanding accounts able to be reimbursed until 30 April On 24 June , the Reserve Bank of Zimbabwe abolished the multiple-currency system and replaced it with a new Zimbabwe dollar the RTGS Dollar , [9] which was the only official currency in the country between June and March , after which multiple foreign currencies were allowed again.

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Journal of Sustainable Development in Africa. He would then sell them on for several times the price. Retrieved 17 June Trade history Transportation Communications Postal Tourism. Retrieved 8 January ISBN The Zimbabwean dollar was the official currency of Zimbabwe between the years and The currency's official and parallel rates continued to plummet in the context in falling incomes from exports, the chaotic redistribution of land to inexperienced farmers, and Zimbabwe's involvement in the Second Congo War. Retrieved 28 December Categories : Currencies of Zimbabwe Banknotes of Africa.

In country hit by hyperinflation, a shortage of dollars means those struggling to survive can make a profit dealing torn notes. In time-honoured street hawker tradition, Kaitano Kasani is using charm and persuasion to get people to sell him their tattered US banknotes. Kasani, 42, bellows through a megaphone as he walks through Glen Norah, a township in Harare, in the sweltering November heat.

The exercise brought closure to the outstanding issue on the Zimbabwe dollar, further confirming the government's position that the local unit will not return anytime soon. Shortly after the Zimbabwean dollar was discontinued, they were purchased as curiosities, or in quantity as novelty gifts, for example to financial advisers' clients to show why they should invest in diverse assets instead of cash, which loses its value over the long term. Archived from the original on 2 January Farm tractor , miner with jackhammer. The Cargill bearer cheques had the same legal status as regular banknotes, and were valid for six months from the date of issue, making them the first Zimbabwean currency notes with an expiry date. You needed a bale of notes just to buy a few household essentials. Bank Note Museum. Typocrafters a Zimpapers subsidiary printed these bearer cheques, which carried the signature of Cargill's finance director Priscilla Mutenbwa, and operations director Stephen Newton-Howes. When the Zimbabwean dollar first came into existence in it had a similar value to the US dollar, writes Patrick Collinson. In May , the Reserve Bank allowed the Cargill Cotton Group to issue emergency bearer cheques to cotton farmers, via a Standard Chartered Zimbabwe branch in Harare: Cargill issued these cheques due to a shortage of money caused by high annual inflation, which according to The Herald , was around Isolated States: A Comparative Analysis. Those reported rates generally reflected the Official Rate as shown in the above table.