Banknotes of Zimbabwe

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Banknotes of Zimbabwe

$100 trillion banknote (2009)
ISO 4217 codes ZWD, ZWN, ZWR, ZWL
Country  Zimbabwe
Issuers Reserve Bank of Zimbabwe (1980–2009)
Standard Chartered (2003–2004)
First Zimbabwean dollar (ZWD)
Denominations $2 to $1 000 (banknotes)
$5 000 to $100 000 (bearer cheques)
Second Zimbabwean dollar (ZWN)
Equivalent to 1 000 ZWD
Denominations 1¢ to $5×108 (bearer cheques)
$5×109 to $1011(Agro cheques)
Third Zimbabwean dollar (ZWR)
Equivalent to 1010 ZWN, 1013 ZWD
Denominations $1 to $1014
Fourth Zimbabwean dollar (ZWL)
Equivalent to 1012 ZWR, 1022 ZWN, 1025 ZWD
Denominations $1 to $500

The paper money of Zimbabwe were physical forms of Zimbabwe’s four incarnations of the dollar ($ or Z$) from 1980 to 2009. The banknotes of the first dollar replaced those of the Rhodesian dollar at par in 1980 following the proclamation of independence.[1] The Reserve Bank of Zimbabwe issued most of the banknotes and other types of currency notes in its history, including Bearer cheques and Agro cheques ("Agro" being short for Agricultural) in the period between 2003 and 2008: the Standard Chartered Bank also issued emergency cheques from 2003 to 2004.

The main illustration on the obverse of banknotes issued since 1980 is the Chiremba Balancing Rocks in Epworth, Harare. The rocks were part of the Reserve Bank's emblem, which was used for all Bearer and Agro cheques, which circulated between 15 September 2003 and 31 December 2008. The reverse of dollar notes often illustrate the culture or landmarks of Zimbabwe.

The second dollar (ZWN) was replaced on 1 August 2008 by the third dollar (ZWR),[2][3] which was then phased out by fourth dollar (ZWL) with short notice on 2 February 2009 because it rapidly lost value.[4] The economic and trade sanctions imposed against the Zimbabwean government and the Reserve Bank have made it difficult to incorporate modern security features on most banknotes issued since September 2008.

The banknotes of the third dollar were originally scheduled to be demonetised on 30 June 2009 but the Zimbabwean dollar as a whole has been suspended since 12 April 2009, implying that banknotes of both the third and fourth dollar are not de jure legal tender.[5]

History

The first banknotes of Zimbabwe were issued by the Reserve Bank of Zimbabwe (formerly Reserve Bank of Rhodesia) for the first dollar (ZWD) in 1980 to coincide with the independence of Zimbabwe. These notes replaced the circulating banknotes of the Rhodesian Dollar at par. The first series of banknotes ranged from $2 to $20, and carried the signature of Dr. Desmond Krogh, then the last Governor of the Reserve Bank of Rhodesia from 1973.[6][1] From 1994 to 1997 the Reserve Bank issued a new series of notes ranging from $2 to $100, although the $2 banknote was withdrawn and replaced by a coin in 1997.[7] As rising inflation started to affect the purchasing power of the Zimbabwean Dollar, the $500 and $1 000 banknotes were issued from 2001 to 2005 with enhanced anti-counterfeiting measures.[8]

The RBZ also issued special traveller's cheques in 2003, with six denominations ranging from $1 000 to $100 000. These were short-lived due to unpopularity with the general public: identification was required both during issue and encashment of such cheques, which could only be used once by the bearer. As usual, banks levied a commission fee on all of the cheques.[9]

On 15 September 2003, the RBZ and Standard Chartered issued special Bearer cheques with denominations ranging from $5 000 to $20 000.[10][11] These, and subsequent issues of the first and second dollars were time limited and lacked sophisticated anti-counterfeiting measures which were heavily used in many modern banknotes such as those of the Swiss Franc. In the first half of 2006 new denominations of $50 000 and $100 000 were issued, with the $1 million denomination being planned for September 2006; it was subsequently never issued.

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 2006.[12]

On 1 August 2006 the banknotes of the second dollar (ZWN), with less elaborate designs, replaced those of the first dollar at the ratio of 1 000 to 1.[13] The redenomination (codenamed Operation Sunrise) was heavily publicised under the banner Zero to Hero, but was also rapid and disorganised which resulted in many people being unable to convert their old Bearer cheques to new issues before the lapse date,[12] The Reserve Bank Governor Dr. Gideon Gono said that "10 trillion (first dollars) were still out there and it had become manure".[14]

Further denominations ranging from $5 000 to $500 million were issued in the period between August 2006 and May 2008 as cent cheques quickly became outmoded. In the second quarter of 2008, special Agro cheques (Agricultural Cheques) were issued in denominations ranging from $5 billion to $100 billion as the currency exchange rate was floated.[15] Since the functions were similar to Bearer cheques, it was in regular use as prices continue to rise. These cheques also carried time limits and limited security features. In the final months of the second dollar, the $200 000 cheque was the lowest legal tender denomination by decree, despite having its expiry date extended twice.[3][16] The $100 000 000 Bearer Cheque would have been the lowest legal tender denomination in circulation had the expiry dates of currency cheques been enforced without extension, with the $100 billion Agro Cheque being the highest whether or not the $200 000 note was legal tender.[15]

Munich-based security printers Giesecke & Devrient ceased providing banknote paper to the Reserve Bank on 1 July 2008 in response to an official request from the German government and widespread calls for sanctions;[17] The Jura JSP software end-user licence, issued to the state-owned Fidelity Printers & Refiners was also terminated on 24 July 2008 for similar reasons although the official press statement quoted that it was de facto impossible to prevent the printers from using the software.[18][19]

On 1 August 2008 the banknotes of the third dollar (ZWR), which were printed for the abandoned second phase of the 2006 redenomination, replaced the cheques of the second dollar at the ratio of 10 billion (1010) to 1.[2][20] The Bearer and Agro cheques of the second dollar were phased out along with the smaller denominations of the third dollar on 1 January 2009. Despite the reform the Reserve Bank issued several high-value denominations up to $100 trillion ($1014) in the period between September 2008 to January 2009,[I] which merely kept in similar pace with the cash rate instead of the black market rates.[21]

On 2 February 2009, banknotes of the fourth dollar (ZWL) were introduced to replace those of the third dollar at the ratio of one trillion (1012) to 1. It was originally envisaged that banknotes of the third dollar would remain legal tender until 30 June 2009 but all banknotes were withdrawn from circulation following the suspension of the Zimbabwe dollar on 12 April 2009.[5][II]

Paper money of the first dollar (ZWD)

The Chiremba Balancing Rocks near Harare is the main artwork used for obverse sides of the first two banknote designs of the first Zimbabwean dollar. Notes of these design also feature on either side major landmarks and landscapes such as the Kariba Dam and fauna. As hyperinflation took hold at the end of the 20th century the quality of the notes deteriorated as printing plates from previous issues were reconstituted for printing emergency notes. Although the notes of the first design were gradually phased out from 1997, all remaining notes of the first dollar were forcibly demonetised on 22 August 2006.[12]

Desmond Krogh series

The Desmond Krogh series was the first series of banknotes for Zimbabwe, which carried the signature of Dr. Desmond C. Krogh, then the last governor of the Reserve Bank of Rhodesia. They are dated 1980 but issued in 1981 (except for the $20 note, which was issued in 1982). The notes bear Salisbury as the name of its capital rather than Harare, as the name was changed on 18 April 1982. There are four denominations in this series: $2, $5, $10 and $20; its designs make extensive use of the Guilloché technique, heavily relied upon by banknotes of many currencies during the 1980s.

The 1982-dated issues banknotes differed little from the earlier, except that it took into account of the renaming of the country's capital from Salisbury to Harare. However, there was an error with early runs of the $10 banknote (Pick no. 3b), because it bears Salisbury as the name of the capital city instead of Harare. These type of issues are rare. Later runs of the $10 note (Pick no. 3c) corrected the error. There were no $2 banknotes dated 1982: the second run of this denomination was taken in 1983 with K. Moyana as governor of the Reserve Bank.[22]

Desmond Krogh series (Signature: Dr. D.C. Krogh, Capital: Salisbury, later Harare)
Pick
No.		Image Value
($)		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue circulation withdrawal
1a 2 69 × 134 mm   Blue Chiremba Balancing Rocks and African buffalo Tigerfish at centre-left and Kariba Dam to the right Zimbabwe Bird (Profile angle, short neck) 1980 1981 1997
2a 5 73 × 140 mm   Green Chiremba Balancing Rocks and zebra Village and two workers
2b 1982 1982
3a 10 77 × 146 mm   Red Chiremba Balancing Rocks and sable antelope View of Harare with the Freedom Flame 1980 1981
3b As Pick no. 3a but with incorrect name of capital (Salisbury) 1982 1982
3c As Pick no. 3a but with correct name of capital (Harare) 1982 (reissue)
4a 20 81 x 152 mm   Navy Chiremba Balancing Rocks and giraffe Elephant at centre left and Victoria Falls on right 1980 1982
4b 1982
These images are to scale at 0.7 pixels per millimetre.

Kombo Moyana series

The Kombo Moyana series refers to a series of banknotes which carried Kombo Moyana's signature after being appointed governor of the Reserve Bank from 1983 to August 1993. The series bears the new name of Zimbabwe's capital (Harare) and is indifferent to the last two series except for the date and signature.[22]

Kombo Moyana series (Signature: K. Moyana, Capital: Harare)
Pick
No.		Image Value
($)		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue circulation withdrawal
1b 2 69 × 134 mm   Blue Chiremba Balancing Rocks and African buffalo Tigerfish at centre-left and Kariba Dam to the right Zimbabwe Bird (Profile angle, short neck) 1983 1983 1997
2c 5 73 × 140 mm   Green Chiremba Balancing Rocks and zebra Village and two workers
3d 10 77 × 146 mm   Red Chiremba Balancing Rocks and sable antelope View of Harare with the Freedom Flame
4c 20 81 × 152 mm   Navy Chiremba Balancing Rocks and giraffe Elephant at centre left and Victoria Falls on right
These images are to scale at 0.7 pixels per millimetre.

Leonard Tsumba series

In August 1993, Leonard L. Tsumba replaced K. Moyana as governor of the Reserve Bank. The banknotes which carried his signature are referred to as the Leonard Tsumba series.

The first banknotes to be issued with his signature was the two last runs of the original designs, dated 1994. The first run, which consisted of denominations from $2 to $20, had the original watermark of the Zimbabwe Bird (profile angle, short neck), whilst the second run consisted only of the $2 and $5 denominations, bearing the watermark of the bird with a longer neck and at ¾ profile angle.[23]

In 1994 the general design of the banknotes was reviewed to keep up with advancing technologies against counterfeiting, which resulted in the release of two new denominations ($50 and $100) between 1994 and 1995, also to counter the effects of consumer price inflation, which peaked at 41.6% in 1992.[24] Although the Chiremba Balancing Rocks were retained, other features including latent imaging in which the letters RBZ can be seen when the banknote is tilted horizontally at the eye level and identification marks for the visually impaired were added to the design, and the neck of the Zimbabwe Bird watermark was longer. The $5, $10 and $20 banknotes were also revised with the new designs in 1997, whilst the $2 banknote was and replaced by a coin in the same year with the $5 denomination undergoing the same process in August 2001.

The $500 denomination was first issued with red as the main colour in 2001. The 2003-dated versions were brown. It was followed by the $1 000 denomination on 2 October 2003, the sole difference between the two variants of the $1 000 notes (Pick no. 12) only being the typeface of the serial number.[25]

Leonard Tsumba series (Signature: L.L. Tsumba, Capital: Harare)
Pick
No.		Image Value
($)		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
1c 2 69 × 134 mm   Blue Chiremba Balancing Rocks and African buffalo Tigerfish at centre-left and Kariba Dam to the right Zimbabwe Bird (Profile angle, short neck) 1994 1997
1d Zimbabwe Bird (¾ profile, medium neck)
2d 5 73 × 140 mm   Green Chiremba Balancing Rocks and zebra Village and two workers Zimbabwe Bird (Profile angle, short neck)
2e Zimbabwe Bird (¾ profile, medium neck)
3e 10 77 × 146 mm   Red Chiremba Balancing Rocks and sable antelope View of Harare with the Freedom Flame Zimbabwe Bird (Profile angle, short neck)
4d 20 81 × 152 mm   Navy Chiremba Balancing Rocks and giraffe Elephant at centre left and Victoria Falls on right
5a 5 68 × 139 mm   Pink Chiremba Balancing Rocks and denomination. Terraced hills in lithography. Zimbabwe Bird, ¾ profile angle, long neck. 1997 2001
5b Terraced hills in intaglio.
6 10 70 × 142 mm   Teal The Chilojo Cliffs 21 August 2006
7 20 71 × 145 mm   Navy Victoria Falls
8 50 75 × 148 mm   Olive Great Zimbabwe ruins and Zimbabwe Bird in red March 1994
9 100 76 × 151 mm   Violet Kariba Dam January 1995
10 500 78 × 154 mm   Red Hwange Power Station Zimbabwe Bird (¾ profile angle, long neck) and number 500. 2001
11a   Brown 2003
12a 1 000   Indigo Elephants Zimbabwe Bird (¾ profile angle, long neck) and number 1000.
12b
These images are to scale at 0.7 pixels per millimetre.

Gideon Gono series

The Gideon Gono series of 2004 carried the signature of the incumbent Reserve Bank governor, Dr. Gideon Gono and consisted of only one denomination of the first dollar ($500). This was the last series of regular banknotes of the first dollar, as hyperinflation forced all regular banknotes series out of use, although remaining legal tender theoretically until 21 August 2006.

2004 banknote series (Signature: Dr. G. Gono, Capital: Harare)
Pick
No.		Image Value
($)		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
11b $500 78 × 154 mm   Brown Chiremba Balancing Rocks Hwange Power Station Zimbabwe Bird (¾ profile angle, long neck) and number 500. 2004 21 August 2006
These images are to scale at 0.7 pixels per millimetre.

Standard Chartered series

The Standard Chartered series was a series of emergency bearer cheques issued by the Standard Chartered Bank (hence the title on the top of these cheques) and the Cargill Cotton Group.[11][26] They were authorised by the Reserve Bank as legitimate issues and were valid for six months from the date of issue, the first currency notes of the Zimbabwean dollar to have a time limit. They carry the signature of the company's finance director Priscilla Mutenbwa and operations director Stephen Newton-Howes.[27]

Standard Chartered series (Signatures: P.P. Mutenbwa and S.J. Newton-Howes, 85 Robert Mugabe Road Branch in Harare)
Pick
No. 		Value Dimensions Main Colour Description Date of
Obverse Reverse Watermark issue withdrawal
13a 5 000 (Unknown)  Green Coloured background (none) Cotton plant 1 June 2003 31 December 2003
13b  Blue 1 September 2003 31 March 2004
14a 10 000 1 May 2003 30 November 2003
14b 1 September 2003 31 March 2004
24 Cargill Group logo in background 1 April 2004 31 October 2004
25 20 000  Green
26 50 000  Orange
27 100 000  Red
These images are to scale at 0.7 pixels per millimetre.

2003 bearer cheque series

The 2003 bearer cheque series was a series of emergency currency notes of the first dollar which were in circulation between 15 September 2003 and the withdrawal of the first dollar on 21 August 2006.[10] The $5 000, $10 000 and $20 000 denominations were issued from 15 September 2003, whilst the $50 000 and $100 000 denominations, depicting Victoria Falls on reverse, were introduced on 1 October 2005. Following the redenomination of August 2006, bearer cheques that were originally scheduled to expire on 31 December 2006 were demonetised early.[13]

Bearer cheques dated 15 September 2003 bear the signature of the acting governor Charles Chikaura. The remainder of the series bear the signature of Dr. Gideon Gono, who was appointed governor in November 2003.[28][29]

2003 bearer cheque series (Signature: Charles Chikaura as Acting Governor, Capital: Harare)
Pick
No. 		Image Value
($)		 Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
21a 5 000 (Unknown)  Blue Reserve Bank emblem, Guilloché border and olive background from Pick No. 8 Guilloché border and background from Pick No. 8 Zimbabwe Bird (long neck, ¾ profile) 15 September 2003 31 January 2004
21b 30 June 2004
21c 1 December 2003 31 December 2004
21d 31 December 2005
22a 10 000  Red 15 September 2003 31 January 2004
22b 30 June 2004
22c 1 December 2003 31 December 2004
22d 31 December 2005
23a 20 000  Brown 15 September 2003 31 January 2004
23b 30 June 2004
23c 1 December 2003 31 December 2004
23d 31 December 2005
These images are to scale at 0.7 pixels per millimetre.
2003 bearer cheque series (Signature: Dr. Gideon Gono, Capital: Harare)
Pick
No. 		Image Value
($)		 Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
28 50 000 74 × 148 mm  Violet Reserve Bank emblem, Guilloché border and flame Guilloché border and Victoria Falls Zimbabwe Bird (¾ profile) and "RBZ" 1 October 2005 21 August 2006
(originally 31 December 2006)
29 1 February 2006
30
31 100 000  Green 1 October 2005
32 1 June 2006
These images are to scale at 0.7 pixels per millimetre.

Paper money of the second dollar (ZWN)

The Zimbabwean dollar was first redenominated on 1 August 2006 under a currency reform campaign codenamed Operation Sunrise and involving the motto Zero to Hero.[13] New-style bearer cheques of the second dollar (ISO 4217:ZWN) was introduced and replaced those of the first dollar (ZWD) at the ratio of 1 000 to 1.

The change over process was given at short notice and was also rapid because all issues prior to the August 2006 series were to be demonetised and rendered worthless on 21 August 2006. Poor communications meant that many civilians of Zimbabwe were unable to convert old bearer cheques to new ones before the deadline.[12]

2006, 2007 and 2008 Bearer cheque series

The 2006 bearer cheque series was put into circulation on 1 August 2006 and initially consisted of 14 denominations, ranging from 1¢ to $100 000. The cheques were signed by Dr. Gideon Gono and were set to expire on 31 July 2007, except for the $100 and $500 cheques, which were initially due to expire on 31 December 2007, but later extended to 31 July 2008.[30] The $5 denomination was also issued, despite not being widely publicised in the changeover campaign.[31]

Two variations that were issued for the $10 000 and $100 000 denominations are recognised in the Standard Catalog of World Paper Money: the difference between them was the use of digit grouping. Cheques with the denomination expressed as '10000' or '100000' bear serial numbers with the (scarce) prefix AA, while notes with prefixes AB onwards is expressed as '10 000' or '100 000'.[32]

2006 bearer cheque series (Signature: Dr. G. Gono, Capital: Harare)
Pick
No. 		Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
33 1¢ 78 × 154 mm  Red Reserve Bank emblem and value Value within ring Zimbabwe Bird (long neck, ¾ profile) and "500" 1 August 2006 31 July 2007
34 5¢  Green
35 10¢  Brown
36 50¢  Grey
37 $1 74 × 148 mm  Blue Farm workers in a village Zimbabwe Bird (long neck, ¾ profile) and "RBZ"
38 $5  Green (brown background) View of Harare with the Freedom Flame
39 $10  Red Farm workers in a village
40 $20  Orange Victoria Falls
41 $50  Violet
42 $100  Green Mountain formation 31 July 2008
(originally 31 December 2007)[30]
43 $500  Olive Tigerfish and Kariba Dam
44 $1 000  Brown Mountain formation 31 July 2007
46a $10 000   Violet Reserve Bank emblem and value without digit separation Great Zimbabwe ruins and value expressed as obverse
46b Reserve Bank emblem and value with digit separation
48a $100 000   Teal Reserve Bank emblem and value without digit separation
48b Reserve Bank emblem and value with digit separation
These images are to scale at 0.7 pixels per millimetre.

The 2007 bearer cheque series was first issued on 2 March 2007 with the introduction of $5 000 and $50 000 cheques to act as intermediary denominations between the $1 000, $10 000 and $100 000 cheques respectively.[33] As inflation intensified, the $200 000 bearer cheque was also introduced on 1 August 2007, followed by the joint introduction of the $250 000, $500 000, and $750 000 denominations on 20 December 2007.[34] The $200 000 bearer cheque had its date of lapse extended twice up to 31 December 2008.

The $50 000 denomination was the first denomination to use the Optically Variable Ink technique, on the value positioned at the top right of the obverse. The $750 000 denomination of the December 2007 series was the only note out of all cheques of the second dollar to bear a holographic strip, as the cheque was printed on paper that was prepared for the 1 000 ZWD notes (Pick No. 12).[35]

2007 bearer cheque series (Signature: Dr. G. Gono, Capital: Harare)
Pick
No. 		Image Value
($) 		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
45 5 000 74 × 148 mm  Blue Reserve Bank emblem and value Kariba Dam Zimbabwe Bird (long neck, ¾ profile) and "RBZ" 1 March 2007 31 July 2008
(originally 31 July 2007)[36]
47 50 000  Red Reserve Bank emblem and value in OVI ink Elephant with Victoria Falls
49 200 000  Pink Reserve Bank emblem and value Hwange Power Station 1 August 2007 31 December 2008
(originally 30 June 2008)[3][16]
50 250 000  Olive Great Zimbabwe ruins 20 December 2007 30 June 2008
51 500 000  Green Elephants
52 750 000 78 × 154 mm  Indigo Reserve Bank emblem, value and hologram Elephant with Victoria Falls Zimbabwe Bird (long neck, ¾ profile) and "1000" 31 December 2007
These images are to scale at 0.7 pixels per millimetre.

The circulation of the 2008 bearer cheque series commenced on 18 January 2008 with three denominations ranging from $1 million to $10 million,[37] and concluded with the issue of the $500 million bearer cheque on 15 May 2008. Three denominations of the 2008 series remained legal tender at the ratio of 1010 to 1 until being demonetised on 31 December 2008.[2]

There are two variants of the $10 million denomination, the primary difference being the typeface and size of the serial number. Those with slightly larger serial numbers bear the prefix DA. The $25 million banknote is larger in dimension out of the rest of the 2008 series.[35]

2008 bearer cheque series (Signature: Dr. G. Gono, Capital: Harare)
Pick
No. 		Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
53 1 000 000 74 × 148 mm   Brown Reserve Bank emblem and value Farm workers in a village Zimbabwe Bird (¾ profile) and "RBZ" 18 January 2008 30 June 2008
54 5 000 000   Blue Mountain formation
55a/55b 10 000 000   Red Tigerfish with the Kariba Dam
56 25 000 000 78 × 154 mm   Teal View of Harare with the Freedom Flame Zimbabwe Bird (¾ profile) and "500" 4 April 2008
57 50 000 000 74 × 148 mm   Violet Elephants Zimbabwe Bird (¾ profile) and "RBZ"
58 100 000 000   Green Farm workers in a village 6 May 2008 31 December 2008[2]
59 250 000 000   Blue Elephant with Victoria Falls
60 500 000 000   Red Tigerfish with the Kariba Dam 15 May 2008
These images are to scale at 0.7 pixels per millimetre.

Agro cheque series

The Reserve Bank issued Special Agro (Agricultural) cheques from 15 May to 31 July 2008. Although of a different design and with the intention for use only by farmers, it had found its way into regular use because of the parallel functions with bearer Cheques and the exponential rise of food prices. Following the 2008 currency reform, Agro and bearer cheques were phased out on 1 January 2009.[2]

The four denominations in this series are not the same by dimensions as the $25 billion note used different paper from the 500 ZWD banknote of 2001. The $100 billion ($1011) Agro Cheque was the largest of the second dollar, sharing the record for the most number of zeroes depicted on a banknote with the Yugoslav 500 billion ($5×1011) dinar note of 1993, up until January 2009.

Special Agro (Agricultural) cheques, 2008 (Signature: Dr. G. Gono, Capital: Harare)
Pick
No. 		Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark issue withdrawal
61 5 000 000 000
(5×109)		 74 × 148 mm  Violet Reserve Bank emblem, value (in billions) and motif of giraffe Silo towers and giraffe motif (mirrored) Zimbabwe Bird (¾ profile) and "RBZ" 15 May 2008 31 December 2008[2]
62 25 000 000 000
(2.5×1010)		 78 × 154 mm  Green Zimbabwe Bird (¾ profile) and "500"
63 50 000 000 000
(5×1010)		 74 × 148 mm  Brown Zimbabwe Bird (¾ profile) and "RBZ"
64 100 000 000 000
(1011)		  Blue 1 July 2008
These images are to scale at 0.7 pixels per millimetre.

Paper money of the third dollar (ZWR)

The 2007 banknote series was prepared by the Reserve Bank in October 2006 for the abandoned second phase of Operation Sunrise.[38] The Chiremba Balancing Rocks was to be reinstated as the main feature on the obverse whilst use of the Zimbabwe Bird watermark continued. There were additional security features as opposed to previous issues, which included security threads, see-through register marks and recognition marks for the partially sighted. Holographic security threads and Optically Variable Ink were used on the $100, $500 and $1 000 notes. When the redenomination of 1 August 2008 occurred these notes were put into circulation as banknotes of the third dollar between 1 August 2008 to 31 December 2008.[39]

The 2008 banknote series circulated from 29 September 2008 to 12 April 2009. The series demonstrated the intensity of hyperinflation during the period as the highest denomination increased from $1 000 to $100 trillion ($1014) by January 2009, the latter being the largest denomination issued by the Reserve Bank.[III] The first issues of the series were the $10 000 and $20 000 denominations.[40] These were followed by the following denominations:

  • $50 000 (13 October 2008)[41]
  • $100 000, $500 000 and $1 million (3 November 2008)[42]
  • $10 million, $50 million and $100 million (4 December 2008)[43]
  • $200 million and $500 million (12 December 2008)[44]
  • $1 billion, $5 billion and $10 billion notes (19 December 2008)[45]
  • $20 billion and $50 billion notes (12 January 2009)[46]
  • $10 trillion, $20 trillion, $50 trillion and $100 trillion (16 January 2009)[47]

The large number of denominations issued in late-2008 as well as the suspension of paper supply by Giesecke & Devrient affected the Reserve Bank's ability to maintain the quality of the banknotes. Later denominations copied design features from the original 2007 banknote series and lacked many modern security features that banknotes of major currencies (such as the Canadian Dollar) relied on. The notes denominated from $20 000 to $500 000 and then from $10 million onwards used non-watermarked paper, whilst the $500 million notes were printed on pure cotton.[48] A silhouette of the Zimbabwe Bird in Optically Variable Ink was used in such notes to compensate for this, but the iridescent strip was dropped for higher denominations. The $10 000 and $1 000 000 notes reused paper for the $1 000 notes (Pick no. 72), thereby carrying the embedded holographic thread and watermark. Two types of paper (regular and lined) were used on $20 000, $50 000 and $500 000 banknotes.[49][50]

2007 banknote series (Signature: Dr. G. Gono, Capital: Harare)
Pick
No.		Image Value
($) 		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark printing circulation Withdrawal
65 1 68 × 134 mm   Claret Chiremba Balancing Rocks Victoria Falls and African buffalo Zimbabwe Bird and denomination October 2006 1 August 2008 31 December 2008
66 5 68 × 140 mm   Brown Kariba Dam and elephant
67 10 70 × 142 mm   Green Farm tractor and silo towers
68 20 72 × 146 mm   Red Grain belt and miner
69 100 73 × 149 mm   Blue Great Zimbabwe ruins and trees of Aloe excelsa
70 500 75 × 150 mm   Violet Milking farm and bull
71 1 000 76 × 153 mm   Orange Parliament, Anglican St. Mary's Cathedral and Reserve Bank buildings 17 September 2008
These images are to scale at 0.7 pixels per millimetre.
2008 banknote series (Signature: Dr. G. Gono, Capital: Harare)
Pick
No.		Image Value
($) 		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark circulation Withdrawal
72 10 000 76 × 153 mm   Brown Chiremba Balancing Rocks Combine harvester and tractor Zimbabwe Bird and "1000" 29 September 2008 12 April 2009
73a 20 000 74 × 148 mm   Olive Victoria Falls and Kariba Dam None
73b Horizontal lines
74a 50 000   Green Farm tractor and miner None 13 October 2008
74b Horizontal lines
75 100 000   Indigo African buffalo and elephant None 5 November 2008
76a 500 000   Olive Trees of Aloe excelsa and milking farm
76b Horizontal lines[49]
77 1 000 000 76 × 153 mm   Blue Great Zimbabwe ruins and bull Zimbabwe Bird and "1000"
78 10 000 000 74 × 148 mm   Indigo Parliament building, Anglican St. Mary's Cathedral and Great Zimbabwe ruins None 4 December 2008
79 50 000 000   Teal African buffalo and Great Zimbabwe ruins
80 100 000 000   Red Grain belt and silo towers
81 200 000 000   Brown Parliament buildings, Anglican St. Mary's Cathedral and Heroes’ Acre 12 December 2008
82 500 000 000   Violet Milking farm and miner
83 1 000 000 000
($109)		   Green Trees of Aloe excelsa and elephant 19 December 2008
84a 5 000 000 000
($5×109)		   Pink Farm tractor and milking farm
84b Pink (lighter shades)
85 10 000 000 000
(1010)		   Indigo Kariba Dam and miner
86 20 000 000 000
(2×1010)		   Olive-orange Great Zimbabwe ruins and trees of Aloe excelsa 12 January 2009
87 50 000 000 000
(5×1010)		   Orange Great Zimbabwe ruins and Reserve Bank building
88 10 000 000 000 000
(1013)		   Green 16 January 2009
89 20 000 000 000 000
(2×1013)		   Red Miner and grain silo
90 50 000 000 000 000
(5×1013)		   Teal Kariba Dam and elephant
91 100 000 000 000 000
(1014)		   Blue Victoria Falls and Buffalo
These images are to scale at 0.7 pixels per millimetre.

Paper money of the fourth dollar (ZWL)

The Zimbabwe dollar was again reformed on 2 February 2009 when the fourth dollar replaced the third dollar at the ratio of 1 000 000 000 000 (1012) to 1 with the original intention of phasing out the latter by 1 July 2009.[4] The 2009 banknote series was issued for the fourth dollar which circulated from 2 February 2009 until the suspension of the dollar on 12 April 2009.[5] The series consisted of denominations ranging from $1 to $500. The notes had a revised design with chevrons as registration devices, the Zimbabwe Bird in optically variable ink and an iridescent strip. Most parts of the design were recycled from designs of past issues and do not have a watermark although a plain space existed in the areas where it would normally be positioned.

2009 banknote series (Signature: Dr. G. Gono, Capital: Harare)
Pick
No.		 Image Value
($) 		Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse circulation withdrawal
92 1 74 × 148 mm   Blue Chiremba Balancing Rocks and denomination Farm workers in a village 2 February 2009 12 April 2009
93 5   Green Tigerfish and Kariba Dam
94 10   Pink Great Zimbabwe ruins
95 20   Indigo Hwange Power Station
96 50   Violet
97 100   Brown View of Harare with the Freedom Flame
98 500   Lime green Three elephants
These images are to scale at 0.7 pixels per millimetre.

Replacement banknotes

Special prefixes were allocated for Replacement banknotes of Zimbabwe.[51] The prefixes used were as follows:

First dollar Second, third and fourth dollar
Prefix AB AC AD AE AF AP AW BW CW CZ DW TA ZB ZE-ZG ZJ-ZL ZA ZE
Banknotes (Pick No.) 5 6 7 8 9 10 1, 12 2 3 29 4 11 21, 28, 32 22 23 33–54, 55a, 56–78, 83, 84b, 87–98 55b

Valuation and collecting ability

Hyperinflationary Zimbabwean banknotes (such as the $100 trillion denomination) have gained considerable interest from the Numismatic community and buyers in general for its absurdity rather than the design. Some examples of such notes may be sold further in excess of their true face value.[52]

The price and value of a Zimbabwean banknote depend on various factors: the rarity, based on factors such as the name of capital city, how long it was printed, or the type of watermark; its condition, and the national situation at time of issue, such as shortages or hyperinflation.[53] Common designs and variants such as the $100 note of 1995 (Pick no. 9) are usually valued at about $1 apiece, while rare varieties such as the $10 Salisbury error note (Pick no. 3b) and the Standard Chartered issues are valued at around $100 or more. Zimbabwean banknotes are usually sold by banknote dealers over the counter or on the internet, although the most valued types theoretically qualify for inclusion in auction.[54]

Other circulating banknotes

As in every fiscal emergency, hard currency, particularly the United States dollar, has long served as a parallel currency on the black market, and many prices in shops would be posted in US dollars, even during periods when it was illegal to possess foreign currency or to transact business in US dollars.

A unique form of circulating specie is the Petrol Coupon, which has been issued in 2005, 2006, 2007 and 2008. Known denominations include 1, 5, 10, 20, & 50 litres of petrol (gasoline) and/or diesel, and translate roughly into the local petrol price (about 1 UK pound sterling per litre or US$1.50 in late 2008).[55] Businesses, including Western Union, have been reported paying employees with these coupons, and even auctions have been transacted in this currency.[56] As with much Zimbabwe currency, printing standards are crude and counterfeiting is rampant; the RBZ has been dissuading this widespread use.[57]

See also

Notes

I. ^ The Reserve Bank of Zimbabwe issued 21 additional denominations between 1 September 2008 and 2 February 2009. They were as follows: $1 000, $10 000, $20 000, $50 000, $100 000, $500 000, $1 million, $10 million, $50 million, $100 million, $200 million, $500 million, $1 billion, $5 billion, $10 billion, $20 billion, $50 billion, $10 trillion, $20 trillion, $50 trillion and $100 trillion.

Information about the 2008 banknote series which involved the issue of such notes can be found in the section Paper money of the third dollar (ZWR).

II. ^ The Interbank, black market and official exchange rates were monitored for a time after the suspension of the dollar on 12 April 2009: for example, on 2 August 2009 one US dollar would buy Z$363.07.[58]

III. ^ The $100 trillion (1014) banknote (Pick No. 91) is the largest denomination ever issued by the Reserve Bank of Zimbabwe and is accepted by most numismatists as a banknote with the most zeroes ever shown in the design. Before 16 January 2009 the 500 billion dinar (5×1011) banknote of Yugoslavia (Pick No. 137) held such status.

However, the Guinness World Records recognises the Hungarian 1 billion b.-pengő (1021) banknote (Pick No. 137) as the world's largest denomination, although the 100 million b.-pengő (1020) (Pick No. 136) was the largest denomination to be issued.[59]

Footnotes

  1. ↑ 1.0 1.1 Reserve Bank of Zimbabwe 1983
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 Zimbabwe to revalue its currency, BBC News, 30 July 2008, retrieved 30 July 2008 
  3. ↑ 3.0 3.1 3.2 Gono, Gideon (2008 30 July), Half-year Monetary Policy Statement (PDF), Reserve Bank of Zimbabwe, pp. 9–10, retrieved 7 August 2008 
  4. ↑ 4.0 4.1 Zimbabwe dollar sheds 12 zeros, BBC News, 2 February 2009, retrieved 2 February 2008 
  5. ↑ 5.0 5.1 5.2 Zimbabwe dollar 'not back soon', BBC News, 12 April 2009, retrieved 26 April 2008 
  6. ↑ Geldenhuys, Deon (1990). Isolated States: A Comparative Analysis. Cambridge: Cambridge University Press. p. 340. ISBN 9780521402682. 
  7. ↑ Zimbabwe Banknotes, Reserve Bank of Zimbabwe, c. 1997, retrieved 7 June 2009 
  8. ↑ Cuhaj 2007, pp. 1030–1031
  9. ↑ Zimbabwe tackles cash shortage, BBC, 8 August 2003, retrieved 7 June 2009 
  10. ↑ 10.0 10.1 Zimbabwe launches new currency, BBC, 17 September 2003, retrieved 7 June 2009 
  11. ↑ 11.0 11.1 Motsi, Tandayi (11 June 2003), Cash Crisis Inconveniencing Thousands, The Herald (Harare), retrieved from the Zimbabwe Situation, retrieved 7 June 2009 
  12. ↑ 12.0 12.1 12.2 12.3 Rush to spend old Zimbabwe money, BBC News, 21 August 2006, retrieved 22 July 2008 
  13. ↑ 13.0 13.1 13.2 Zimbabwe money loses three zeros, BBC News, 2 August 2006, retrieved 22 July 2008 
  14. ↑ "Missing trillions now manure, says Gono", newzimbabwe.com, 11 December 2009, retrieved 21 September 2009 
  15. ↑ 15.0 15.1 Zimbabwe introduces Z$100bn note, BBC News, 21 July 2008, retrieved 21 July 2008 
  16. ↑ 16.0 16.1 Gono, Gideon (31 December 2007), Statement by Gideon Gono (on Currency Reforms) (PDF), Reserve Bank of Zimbabwe, retrieved 11 October 2008 
  17. ↑ Giesecke & Devrient halts deliveries to the Reserve Bank of Zimbabwe, Giesecke & Devrient GmbH, Munich, 14 July 2008, retrieved 21 July 2008 
  18. ↑ Official Press Statement on media reports concerning the business relations of Jura JSP with the Republic of Zimbabwe, Jura JSP GmbH, Vienna, 24 July 2008, retrieved 26 November 2008 
  19. ↑ "Lack of bank note paper threatens Zimbabwe economy", Los Angeles Times, 14 July 2008, retrieved 21 July 2008 
  20. ↑ Zimbabwe rolls out new bank notes, BBC News, 2 August 2008, retrieved 2 August 2008 
  21. ↑ FREAK Shots: When Money Goes Down the Toilet, Freakonomics, 18 December 2008, retrieved 2 February 2009 
  22. ↑ 22.0 22.1 Cuhaj 2007, pp. 1029–1030
  23. ↑ Cuhaj 2007, p. 1029: Zimbabwean Bird Watermark Varieties
  24. ↑ Zimbabwe Inflation rate (consumer prices), Index Mundi, 18 December 2008, retrieved 10 June 2009 
  25. ↑ Zimbabwe launches Z$1,000 bill, BBC, 2 October 2003, retrieved 10 June 2009 
  26. ↑ Cuhaj 2009, pp. 1107: "2003 Emergency Cargill Bearer Checks"; Cuhaj 2009, pp. 1108: "2004 Emergency Cargill Bearer Checks".
  27. ↑ Cuhaj 2009, pp. 1105: "Signature/Title Varieties, Row A".
  28. ↑ Cuhaj 2007, pp. 1032
  29. ↑ Wakatama, Pius (18 November 2003), Gono’s appointment: Yet another mirage, Zim Standard (Harare), retrieved from the Zimbabwe Situation, retrieved 10 June 2009 
  30. ↑ 30.0 30.1 Zimbabwean Government Gazette, Vol. 85, 19 December 2007, p. 1183, retrieved 7 June 2009 
  31. ↑ New Bearer Cheques Family (2006) at the Wayback Machine (archived 26 June 2007)
  32. ↑ Cuhaj 2009, pp. 1108
  33. ↑ Zulu, Blessing (1 March 2007), Zimbabwe Central Bank Lightens Purses By Issuing Z$50,000 Note, Voice of America, retrieved 7 August 2008 
  34. ↑ "Introducing the new $250 000, $500 000 (back-dated to 1 July 2007) and $750 000 bearer cheques" (PDF) (Press release). Reserve Bank of Zimbabwe. 18 December 2008. Retrieved 11 October 2008. 
  35. ↑ 35.0 35.1 Cuhaj 2009, pp. 1109
  36. ↑ Zimbabwe's paper money here to stay, The Zimbabwe Situation/Deutsche Presse-Agentur, 28 July 2007, retrieved 7 August 2008 
  37. ↑ "Introducing the new $1,000,000, $5,000,000 and $10,000,000 Bearer Cheques" (PDF) (Press release). Reserve Bank of Zimbabwe. 18 January 2008. Retrieved 11 October 2008. 
  38. ↑ Gono, Gideon (21 November 2007), Statement by Gideon Gono, Governor (PDF), Reserve Bank of Zimbabwe, retrieved 21 July 2008 
  39. ↑ Maphosa, Tendai (18 September 2008), Zimbabwe Unveils Z$1000 Note as Leaders Discuss Cabinet, Voice of America, retrieved 4 December 2008 
  40. ↑ Zimbabweans get two bigger banknotes as economic collapse deepens, Monsters and Critics, 29 September 2008, retrieved 29 September 2008 
  41. ↑ Zimbabwe unveils new banknotes, China View, 11 October 2008, retrieved 13 October 2008 
  42. ↑ Zimbabwe issues $1 million bills as inflation soars, CNN, 3 November 2008, retrieved 3 November 2008 
  43. ↑ Zimbabwe introduces new banknotes as inflation soars, Reuters, 3 December 2008, retrieved 3 December 2008 
  44. ↑ Mafaro, Wayne (11 December 2008), Inflation-hit Zim to introduce $500m note, ZimOnline, retrieved 12 December 2008 
  45. ↑ Crisis-hit Zimbabwe unveils 10 billion dollar note, Reuters, 19 December 2008, retrieved 19 December 2008 
  46. ↑ Zimbabwe introduces $50 billion note, CNN, 10 January 2009, retrieved 10 January 2009 
  47. ↑ Zimbabwe rolls out Z$100tr note, BBC, 16 January 2009, retrieved 16 January 2009 
  48. ↑ Guma, Lance (12 December 2008), Zimbabwe: New Z$500 Million Cotton Bill Introduced, SW Radio Africa, retrieved 9 January 2009 
  49. ↑ 49.0 49.1 Linzmayer, Owen (4 February 2010), Zimbabwe lined paper 500,000-dollar note confirmed, retrieved 21 February 2010 
  50. ↑ Linzmayer, Owen (15 December 2010), Zimbabwe lined paper 50,000-dollar note confirmed, retrieved 1 April 2011 
  51. ↑ Reserve Bank of Zimbabwe Banknotes Complete List of Prefixes, GarrySue.net, retrieved 4 October 2009 
  52. ↑ Moore, Matthew (31 July 2008), Zimbabwe's 'worthless' $100bn notes sell for huge profit on eBay, The Telegraph, retrieved 17 November 2008 
  53. ↑ Rampell, Catherine (5 January 2011). "Zimbabwean Dollars Are Finally Worth Something". The New York Times. Retrieved 9 January 2011. 
  54. ↑ Cuhaj 2009, pp. 1109: Pick No. 4b ($20), was estimated to be worth around $300 as of 2009.
  55. ↑ Smith, Elizabeth (7 August 2008), "Now petrol coupons are the new currency in Zimbabwe", Daily Mail (UK), retrieved 10 June 2009 
  56. ↑ McGreal, Chris (8 August 2008), "Petrol coupons traded as cash in Zimbabwe", The Guardian (UK), retrieved 10 June 2009 
  57. ↑ Zimbabwe: Fuel Coupons Warning, The Herald (Harare), retrieved from allAfrica.com, 1 January 2009, retrieved 10 June 2009 
  58. ↑ XE.com Conversion – 1.00 USD to ZWD, XE.com, 18 May 2009, retrieved 18 May 2009 
  59. ↑ Chao, Tom (Updated 2 March 2009), Paper Money Trivia, retrieved 3 March 2009 

References

External links

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