The Zimbabwean Dollar was the offical currency of the country of ZImbabwe from 1980 to 2009. Because of political turmoil and the collapse of the economy as well as hyperinflation the Zimbabwe Dollar whose ticker symbol is/was ZWD is no longer in circulated.
|Zimbabe Dollar Currency 100 Trillion Note|
Typically the standard trading currency used and accepted is either US Dollars or South African Rand. Though not as favored the British Pound, Euro, and the Botswana Pula are also typically accepted fairly easily. In countries like this they often require notes of certain mint years only and sometimes only in crisp new condition so if traveling to this area find this out. Many African countires will only accept US Dollars for example 2008 and newer and in crisp mint condition.
April 18, 1980, ZImbabwe gained its independence from former British Colonly Rhodesia rule. Because of this the ZImbabwean Dollar was issued to replace the Rhodesian Dollar at a 1:1 value. At that time the Zimbabwe Dollar was higher in value against the US Dollar at 1.59. Since then and because of instability and turmoil, hyperinflation, and the collapse of the economy, the Zim has been devalued making it one of the weakest currencies in the world. The 100 Trillion ZImbabwe note to date is the largest denomination note ever printed.
In 2008, inflation rates spiked at 80 billion percent per month. Over the course of a year that was more than 6.5 Quindecillion, hard to even wrap your head around that number right? In lamens terms, this means that inflation was at 98% a day and that prices of the most basic commodities doubled every 24.7 hours. You've probably seen the photos of people going to the market to buy a loaf of bread with literally a wheelbarel full of stacks and bundles of money, all for a simple loaf of bread. This is why.
The Zim underwent three re-denomintions in the years of 2006, 2008, and finally again in 2009. On July 30, 2008 the Reserve Bank of Zimbabwe redenominated 10 Billion to 1 Zimbabwe Dollar. Coins were also issued with a value at 25, 10, and 5. Baknotes were issued at a value of 5, 10, 20, 100, and 500. On February 2, 2009, another redenomination occured. New notes were issued again at 1, 5, 10, 20, 50, 100 and 500. These currencies remained the legal tender and circulated together until around June 30, 2009. During this time 1 USD was worth more than 300 Trillion Zimbabwe Dollars.
In January 2009, the use of foreign currencies in Zimbabwe was officially made law even though it had been used for years previous as well. This led to a large drop in the usage of the actual Zimbabwe currency. By April of 2009 the Zimbabwe Dollar was tossed aside as an official currency. The Zimbabwe Government said they will only reintroduce the Dollar if the industrial output of the country would average 60% or more of its current output capacity as compared to the April 2009 output of 20%.
In January 2009, the use of foreign currencies was legalized. This move led to a sharp drop in the usage of the said currency. By April 12, 2009, the Zimbabwean dollar was abandoned as an official currency. According to the Zimbabwe government, they will only reintroduce the dollar if industrial output would average 60 percent more of its current output capacity as compared to the April 2009 output of 20 percent.