The 100 trillion Zimbabwe dollar note is one of the most famous banknotes ever printed. It represents an extraordinary period of economic instability and hyperinflation that Zimbabwe experienced in the late 2000s. While the 100 trillion Zimbabwe dollar may no longer have any purchasing power, its value as a collectible is significant. But what is this note worth today, and why do collectors and history enthusiasts continue to seek it out? To understand the value of the 100 trillion Zimbabwe dollar today, we need to look back at its origins.
Between 2007 and 2009, Zimbabwe experienced one of the worst cases of hyperinflation in history. Prices for everyday goods skyrocketed, and the government was forced to print increasingly higher denominations of currency. The 100 trillion Zimbabwe dollar note was issued as the highest denomination in circulation in early 2009.
Historical Context: Zimbabwe's Hyperinflation
A little history lesson behind the banknote: The Zimbabwe Dollar was established to replace the Rhodesian Dollar and to signify the nation’s independence from the UK in 1980. Throughout the late 90's and the 2000's, inflation began to spin out of control in Zimbabwe, causing the country to issue larger and larger bank notes, culminating the trillion dollar notes minted in 2008. It was redenominated 3 times until its eventual collapse in 2009 due to hyperinflation caused by the unregulated printing of money, the Land reform program, and involvement in the Second Congo War. According to the Cato Journal, inflation reached an estimated peak of 6.5 sextillion percent in mid-November 2008, representing a complete and utter collapse of the Zimbabwe Dollar. Zimbabwe officially abandoned their currency in early 2009 and to date, does not have an official currency.
When inflation reaches a certain level, the lack of confidence in the local currency becomes pervasive, and the yo-yo’ing gets worse and worse every time new bills are released. By the summer of 2008, months before the Zim dollar was taken out of circulation, inflation reached 231 million percent, and the government stopped keeping track. By November estimates reached a number I can’t even pronounce: 89,700,000,000,000,000,000,000%.
By 2009, Zimbabwe’s economy was almost completely “dollarized,” with most retailers accepting only foreign currency. Now, the country runs on American dollars as worn and beaten up as any money you’ve ever seen, because the US Mint isn’t there to supply Zimbabwe with fresh bills. American change - quarters, dimes, nickels - is so rare that shopkeepers are likely to refuse it.
Read also: Hyperinflation in Zimbabwe
But in a country where most people live on less than a dollar a day, having a dollar as your smallest denomination has obvious problems. For transactions involving uneven dollar amounts, stores unflinchingly provide you change in two currencies: American dollars and South African Rand, worth about 10 cents. If a cashier is short on Rand, he’ll hand you a slip of paper promising, say, 63 cents in store credit, or - no joke - the equivalent value in lollipops, bubblegum, or mints. Officially, Zimbabwe now has four legal currencies, the third and fourth being the Euro and the Pound, but in practice, neither is nearly as common as hard candy.
The Zimbabwean dollar (sign: $, or Z$ to distinguish it from other dollar-denominated currencies) was the name of four official currencies of Zimbabwe from 1980 to 12 April 2009. The Zimbabwean dollar was introduced in 1980 to directly replace the Rhodesian dollar (which had been introduced in 1970) at par (1:1), at a similar value to the US dollar.
The Banknote as a Collectible
Banknote collectors, also known as numismatists, prize these notes for their historical importance and rarity. PMG-authenticated notes, graded for their condition and authenticity, are especially valuable. These notes are typically stored in protective holders and come with a certification that guarantees their genuineness.
In terms of collector value, a 100 trillion Zimbabwe dollar note can fetch anywhere from $50 to several hundred dollars, depending on its condition and whether it has been authenticated by PMG or a similar grading service. Uncirculated notes in pristine condition tend to command the highest prices. The value of these banknotes can also fluctuate based on demand in the numismatic market.
The Zimbabwe 100 Trillion Dollar banknote is part of the 2008 issues. It is blue in color and measures 148 x 74 mm. On the obverse of the 100 Trillion Zimbabwe Dollar we can see the famous Chiremba Balancing rocks from Epworth, a Harare Province. These rocks are said to represent the delicate balance between man and nature. The obverse side shows the Chiremba balancing rocks in Epworth, stylized grains and cow in underprint, and the Zimbabwe bird in OVI. This banknote also has a hidden watermark that displays a complete denomination when held up to a light source. The letters RBZ repeat along the left side of the banknote and are printed in gold color-shifting ink. Lastly, we can see an underprint of a cow with grains and a color-shifting security ink featuring the country’s official emblem, the Zimbabwe Bird.
Read also: Zimbabwean Currency Crisis
The reverse side features Victoria Falls and a Cape buffalo. Victoria Falls, or known by the locals as the Smoke that Thunders, was named in honor of Queen Victoria by David Livingstone in the mid-1800’s. On certain months, the river’s current becomes low enough that visitors can swim near the edge on what has been dubbed “ the Devil’s Pool”. The cape buffalo is an African bovine that can reach a length of 10 feet, a 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 bank notes consist of former currency from the Republic of Zimbabwe. The Zimbabwean Reserve Bank printed different variants of the 100 Trillion note, each with the same Chiremba balancing rocks on the obverse. Rare, uncirculated variants of Zimbabwe banknotes still exist. One of these is the radar note whose serial numbers can be read either from the left or right side. Others include the AA series and the ZA Replacement notes.
Factors to Consider When Purchasing
If you’re interested in owning a 100 trillion Zimbabwe dollar note, there are several factors to consider. First, authenticity is key. Make sure the note you purchase is graded and certified by a reputable grading service like PMG. Many collectors purchase these notes as a long-term investment, anticipating that their value will rise as they become harder to find.
Authenticity is key. This authentic Central Bank-issued banknote is demonetized and carries no monetary value. The T.A.P. Seal can only be found on authenticated banknotes encased in a collector grade mylar sleeve. The T.A.P. Seal serves as a promise that you are receiving authentic currency and is backed by the protection of Banknote World’s T.A.P. Banknote World sells such currencies as collectibles at prices that are already above their face value given the quality preservation and authentication services we provide. Banknote World wishes to warn potential purchasers of such circulating banknotes against expecting that these currencies will be revalued or otherwise increase significantly in value as a currency.
Due to their popularity and demand, the Zimbabwe dollar is highly susceptible to forgery.
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Zimbabwe’s Currency Crisis: the worthless trillion bill
The Souvenir Economy in Victoria Falls
Anyone who has been to Victoria Falls, Zimbabwe has had the surreal experience of seeing a real $100 trillion dollar bill. The world’s largest waterfall now competes with the world’s largest banknote, and the latter have steadily replaced carved wooden elephants as the quintessential souvenir pushed by hawkers around town.
Standing on the street in Victoria Falls, Chris Namotolo showed me how bad the situation had gotten in 2008 by holding Zim dollars to the light. The bills leading up to $100 trillion, he explained, had no watermark. At one point, the money became so worthless that the government started skimping on the paper they used to print it. As Namotolo recounted it, when the hundred trillion note came out,you could go shop for one month’s groceries. But as time went on, maybe after a day, you could buy two loaves. Prices were changing almost every hour.
Along several blocks of restaurants, gift shops, and safari outfitters, men like Namotolo stand curbside tempting tourists with wads of billion dollar bills. “The time we started,” Namotolo said, “we were selling some wooden carvings and some stone carvings on the street, you see? Some tourists started asking for Zim dollars - they started buying Zim dollars when it was still working, while they were in circulation.”
Suddenly, Zim dollars, viewed as artifact rather than currency, became a source of foreign exchange. The shift not was without irony: at the time, the utter lack of foreign currency available to Zimbabwean banks was a key factor driving the government’s incessant printing of new money. If not for buying them as souvenirs, tourists had essentially no contact with local currency, and you could tell from Namotolo’s voice what a revelation this had been. “These things!” he said. “You could use them, sell them as souvenirs.”
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