Redenomination
Encyclopedia
Redenomination is the process of changing the face value of banknote
s or coin
s used in circulating currency.
When redenomination occurs, financial data that spans the change must be correctly accounted for. For example, the GDP
reported by the Central Bank of Nicaragua is properly documented.
, the same number of monetary units have continually decreasing purchasing power
. In other words, prices of products and services must be expressed in higher numbers. If these numbers become excessively large, they can impede daily transactions because of the risk and inconvenience of carrying stacks of bills, or the strain on systems, e.g. automatic teller machines (ATMs), or because human psychology
does not handle large numbers well. The authorities may alleviate this problem by redenomination: a new unit replaces the old unit with a fixed number of old units being converted to 1 new unit. If inflation is the reason for redenomination, this ratio is much larger than 1, usually a positive integral power
of 10 like 100, 1000 or 1 million, and the procedure can be referred to as "cutting zeroes". Recent examples include
Although the ratio is often a positive integral power of 10, sometimes it can be a where a is a single digit integer and n is a positive integer. Partial examples include
Occasionally, the ratio is defined in a way such that the new unit is equal to a hard currency
. As a result, the ratio may not be based on an integer. Examples include
In the case of hyperinflation
, the ratio can go as high as millions or billions
, to a point where scientific notation
is used for clarity or long and short scales
are mentioned to disambiguate what kind of billion/trillion is meant.
In the case of chronic inflation
which is expected to continue, the authorities have a choice between a large redenomination ratio and a small redenomination ratio. If a small ratio is used, another redenomination may soon be required, which will entail costs in the financial, accounting, and computing industries. However a large ratio may result in inconveniently large or small prices at some point in the cycle.
After a redenomination, the new unit is often has the same name as the old unit, with the addition of the word "new". The word "new" may or may not be dropped a few years after the change. Sometimes the new unit is a completely new name, or a "recycled" name from previous redenomination or from ancient times.
in all countries where a pounds-shillings-pence £sd
system (£1 = 20 shilling
s = 240 pence
) was previously used. Several countries chose to change the main currency unit at the same time. By defining 1 dollar = £0.5 = 100 cents
, 1 shilling would conveniently turn into 10 cents.
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s or coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s used in circulating currency.
When redenomination occurs, financial data that spans the change must be correctly accounted for. For example, the GDP
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
reported by the Central Bank of Nicaragua is properly documented.
Inflationary
In times of inflationInflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
, the same number of monetary units have continually decreasing purchasing power
Purchasing power
Purchasing power is the number of goods/services that can be purchased with a unit of currency. For example, if you had taken one dollar to a store in the 1950s, you would have been able to buy a greater number of items than you would today, indicating that you would have had a greater purchasing...
. In other words, prices of products and services must be expressed in higher numbers. If these numbers become excessively large, they can impede daily transactions because of the risk and inconvenience of carrying stacks of bills, or the strain on systems, e.g. automatic teller machines (ATMs), or because human psychology
Psychology
Psychology is the study of the mind and behavior. Its immediate goal is to understand individuals and groups by both establishing general principles and researching specific cases. For many, the ultimate goal of psychology is to benefit society...
does not handle large numbers well. The authorities may alleviate this problem by redenomination: a new unit replaces the old unit with a fixed number of old units being converted to 1 new unit. If inflation is the reason for redenomination, this ratio is much larger than 1, usually a positive integral power
Exponentiation
Exponentiation is a mathematical operation, written as an, involving two numbers, the base a and the exponent n...
of 10 like 100, 1000 or 1 million, and the procedure can be referred to as "cutting zeroes". Recent examples include
| New unit | = | x | Old unit | year |
|---|---|---|---|---|
| Fourth Zimbabwean dollar Zimbabwean dollar The Zimbabwean dollar was the official currency of Zimbabwe from 1980 to 12 April 2009.... (ZWL) |
= | 1 000 000 000 000 | ZWR | February 2009 |
| Third Zimbabwean dollar (ZWR) | = | 10 000 000 000 | ZWN | August 2008 |
| Second Zimbabwean dollar (ZWN) | = | 1 000 | ZWD (first dollar) | August 2006 |
| New Mozambican metical Mozambican metical The metical is the currency of Mozambique, abbreviated with the symbol MZN or MTn. It is nominally divided into 100 centavos.-First metical :... |
= | 1 000 | old meticais | 2006 |
| This table is not exhaustive. | ||||
Although the ratio is often a positive integral power of 10, sometimes it can be a where a is a single digit integer and n is a positive integer. Partial examples include
| New unit | = | x | Old unit | year |
|---|---|---|---|---|
| Rentenmark | = | 1 000 billion | Papiermark | 1923 |
| Chinese "gold" yuan Chinese yuan The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo... |
= | 3 million | old yuan | 1948 |
| Chinese "silver" yuan | = | 500 million | "gold" yuan | 1949 |
| New Taiwan dollar New Taiwan dollar The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar... |
= | 40 000 | old dollars Old Taiwan dollar The Old Taiwan dollar , sometimes called Old Taiwan yuan, was the currency of Taiwan, Republic of China from 1946 to 1949. It was issued by the Bank of Taiwan.-History:... |
1949 |
| Azerbaijani new manat Azerbaijani manat The Manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" which is pronounced as "maneta"... |
= | 5 000 | old manat | 2006 |
| This table is not exhaustive. | ||||
Occasionally, the ratio is defined in a way such that the new unit is equal to a hard currency
Hard currency
Hard currency , in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value...
. As a result, the ratio may not be based on an integer. Examples include
| New unit | = | x | Old unit | = | Anchor currency | year |
|---|---|---|---|---|---|---|
| Brazilian real Brazilian real The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL. It is subdivided into 100 centavos .... |
= | 2 750 | cruzeiros reais Brazilian cruzeiro real The cruzeiro real was the short-lived currency of Brazil between August 1, 1993 and June 30, 1994. It was subdivided in 100 centavos, however, this unit was used only for accounting purposes. The currency had the ISO 4217 code BRR.-History:The cruzeiro real replaced the third cruzeiro, with 1000... |
= | United States dollar United States dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies.... |
1 July 1994 |
| Yugoslav novi dinar Yugoslav dinar The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia , the Socialist Federal Republic of Yugoslavia and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para... |
= | 10~13 million | 1994 dinara | = | German mark German mark The Deutsche Mark |mark]], abbreviated "DM") was the official currency of West Germany and Germany until the adoption of the euro in 2002. It is commonly called the "Deutschmark" in English but not in German. Germans often say "Mark" or "D-Mark"... |
24 January 1994 |
| This table is not exhaustive. | ||||||
In the case of hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
, the ratio can go as high as millions or billions
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
, to a point where scientific notation
Scientific notation
Scientific notation is a way of writing numbers that are too large or too small to be conveniently written in standard decimal notation. Scientific notation has a number of useful properties and is commonly used in calculators and by scientists, mathematicians, doctors, and engineers.In scientific...
is used for clarity or long and short scales
Long and short scales
The long and short scales are two of several different large-number naming systems used throughout the world for integer powers of ten. Many countries, including most in continental Europe, use the long scale whereas most English-speaking countries use the short scale...
are mentioned to disambiguate what kind of billion/trillion is meant.
In the case of chronic inflation
Chronic inflation
Chronic inflation occurs when a country experiences high inflation for a prolonged period of time due to undue expansion or increase of the money supply...
which is expected to continue, the authorities have a choice between a large redenomination ratio and a small redenomination ratio. If a small ratio is used, another redenomination may soon be required, which will entail costs in the financial, accounting, and computing industries. However a large ratio may result in inconveniently large or small prices at some point in the cycle.
After a redenomination, the new unit is often has the same name as the old unit, with the addition of the word "new". The word "new" may or may not be dropped a few years after the change. Sometimes the new unit is a completely new name, or a "recycled" name from previous redenomination or from ancient times.
| New unit | = | x | Old unit | year | Nature of the new unit |
|---|---|---|---|---|---|
| Turkish new lira Turkish new lira The new Turkish lira was the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus between 1 January 2005 and 1 January 2009 which was a transition period for the removal of six zeroes from the currency. The new lira was subdivided into 100 new kurush... |
= | 1 million | old lira Turkish lira The Turkish lira is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş... |
2005 | "new" is an official designation and has been dropped in 2009. |
| New Taiwan dollar New Taiwan dollar The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar... |
= | 40 000 | old dollars Old Taiwan dollar The Old Taiwan dollar , sometimes called Old Taiwan yuan, was the currency of Taiwan, Republic of China from 1946 to 1949. It was issued by the Bank of Taiwan.-History:... |
1949 | "new" is an official designation and is still used in official documents today |
| Argentine austral Argentine austral The austral was the currency of Argentina between June 15, 1985 and December 31, 1991. It was subdivided into 100 centavos. The symbol was an uppercase A with an extra horizontal line . This symbol appeared on all coins issued in this currency , to distinguish them from earlier currencies... |
= | 1 000 | Peso argentino | 1985 | completely new name |
| Yugoslav 1993 dinar Yugoslav dinar The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia , the Socialist Federal Republic of Yugoslavia and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para... |
= | 1 million | 1992 dinara | 1993 | no official designation |
| Brazilian real Brazilian real The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL. It is subdivided into 100 centavos .... |
= | 2 750 | cruzeiros reais Brazilian cruzeiro real The cruzeiro real was the short-lived currency of Brazil between August 1, 1993 and June 30, 1994. It was subdivided in 100 centavos, however, this unit was used only for accounting purposes. The currency had the ISO 4217 code BRR.-History:The cruzeiro real replaced the third cruzeiro, with 1000... |
1994 | recycled unit of Brazil before 1942 |
| This table is not exhaustive. | |||||
Monetary union
When countries form a monetary union, redenomination may be required. The conversion ratio is often not a round number, and may be less than 1.| New unit | = | x | Old unit | year | Monetary union |
|---|---|---|---|---|---|
| Danish krone Danish krone The krone is the official currency of the Kingdom of Denmark consisting of Denmark, the Faroe Islands and Greenland. It is subdivided into 100 øre... |
= | 0.5 | Danish rigsdaler Danish rigsdaler The rigsdaler was the name of several currencies used in Denmark until 1873. The similarly named Reichsthaler, riksdaler and rijksdaalder were used in Germany and Austria-Hungary, Sweden and the Netherlands, respectively.... |
1873 | Scandinavian Monetary Union Scandinavian Monetary Union The Scandinavian Monetary Union was a monetary union formed by Sweden and Denmark on May 5, 1873, by fixing their currencies against gold at par to each other... |
| Gulden österreichischer Währung | = | 100/105 | Gulden Conventions-Münze | 1858 | Wiener Münzvertrag between the states of the German Customs Union Zollverein thumb|upright=1.2|The German Zollverein 1834–1919blue = Prussia in 1834 grey= Included region until 1866yellow= Excluded after 1866red = Borders of the German Union of 1828 pink= Relevant others until 1834... and the Austrian Empire Austrian Empire The Austrian Empire was a modern era successor empire, which was centered on what is today's Austria and which officially lasted from 1804 to 1867. It was followed by the Empire of Austria-Hungary, whose proclamation was a diplomatic move that elevated Hungary's status within the Austrian Empire... |
| euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
= | 0.787564 | Irish pound Irish pound The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £... |
1999/2002 | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
= | 40.3399 | Belgian Belgian franc The franc was the currency of Belgium until 2002 when the euro was introduced into circulation. It was subdivided into centimes , 100 centiem or Centime .-History:... or Luxembourgian francs |
1999/2002 | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| This table is not exhaustive. | |||||
Decimalisation
The currency was decimalisedDecimalisation
Decimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100....
in all countries where a pounds-shillings-pence £sd
£sd
£sd was the popular name for the pre-decimal currencies used in the Kingdom of England, later the United Kingdom, and ultimately in much of the British Empire...
system (£1 = 20 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s = 240 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
) was previously used. Several countries chose to change the main currency unit at the same time. By defining 1 dollar = £0.5 = 100 cents
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
, 1 shilling would conveniently turn into 10 cents.
| New unit | = | x | Old unit | year |
|---|---|---|---|---|
 Germany German gold markGerman gold mark The Goldmark was the currency used in the German Empire from 1873 to 1914.-History:Before unification, the different German states issued a variety of different currencies, though most were linked to the Vereinsthaler, a silver coin containing 16⅔ grams of pure silver... |
= | 1/3 | Vereinsthaler Vereinsthaler The Vereinsthaler was a standard silver coin used in most German states and the Austrian Empire in the years prior to German unification.- Introduction :... |
1873 |
 United Kingdom (New) Penny |
= | 2.4 | Penny | 1971 |
 South Africa South African randSouth African rand The rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"... |
= | 0.5 | South African pound South African pound In 1825, an imperial order-in-council made sterling coinage legal tender in all the British colonies. At that time, the only British colony in Southern Africa was the Cape of Good Hope Colony. As time went on, the British pound sterling and its associated subsidiary coinage became the currency of... |
1961 |
 Australia Australian dollarAustralian dollar The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu... |
= | 0.5 | Australian pound Australian pound The pound was the currency of Australia from 1910 until 13 February 1966, when it was replaced by the Australian dollar. It was subdivided into 20 shillings, each of 12 pence.- Earlier Australian currencies :... |
1966 |
 New Zealand New Zealand dollarNew Zealand dollar The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents.... |
= | 0.5 | New Zealand pound New Zealand pound The pound was the currency of New Zealand between 1840 and 1967. Like the British pound, it was subdivided into 20 shillings each of 12 pence. As a result of the great depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected... |
1967 |
| This table is not exhaustive. | ||||
List of currency redenominations
This table lists various currency redenominations that have occurred, including currency renaming where the conversion rate is 1:1.| New unit | Exchange rate (new:old) | Old unit | Year | Country | Cause | Note |
|---|---|---|---|---|---|---|
| !a | !a | !a | !a | !a | ||
| Chinese "silver" yuan | 500 000 000 | "gold" yuan | 1949 | China (Republic of China) | inflation | |
| Yugoslav novi dinar Yugoslav dinar The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia , the Socialist Federal Republic of Yugoslavia and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para... |
13 000 000 | 1994 dinara | 1994 | Yugoslavia | inflation | Anchor currency: German mark German mark The Deutsche Mark |mark]], abbreviated "DM") was the official currency of West Germany and Germany until the adoption of the euro in 2002. It is commonly called the "Deutschmark" in English but not in German. Germans often say "Mark" or "D-Mark"... |
| Chinese "gold" yuan Chinese yuan The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo... |
3 000 000 | (old) yuan | 1948 | China (Republic of China) | inflation | |
| Peruvian nuevo sol Peruvian nuevo sol The nuevo sol plural: nuevos soles; currency sign: S/.) is the currency of Peru. It is subdivided into 100 cents, called céntimos in Spanish. The ISO 4217 currency code is PEN. It is most commonly referred to just as sol... |
1 000 000 | Peruvian inti Peruvian inti The inti was the currency of Peru between 1985 and 1991. Its ISO 4217 code was PEI and its abbreviation in local use was "I/." The inti was divided into 100 céntimos. The inti replaced the inflation-stricken sol. The new currency was named after Inti, the Inca sun god.-History:The inti was... |
1991 | Peru | hyperinflation | "nuevo" is an official designation and is still in use |
| Yugoslav 1993 dinar Yugoslav dinar The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia , the Socialist Federal Republic of Yugoslavia and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para... |
1 000 000 | 1992 dinara | 1993 | Yugoslavia | inflation | no official designation |
| Turkish new lira Turkish new lira The new Turkish lira was the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus between 1 January 2005 and 1 January 2009 which was a transition period for the removal of six zeroes from the currency. The new lira was subdivided into 100 new kurush... |
1 000 000 | Turkish lira Turkish lira The Turkish lira is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş... |
2005 | Turkey | inflation | "new" is an official designation and has been dropped in 2009 |
| Hryvnia Ukrainian hryvnia The hryvnia, sometimes hryvnya or grivna ; sign: ₴, code: , has been the national currency of Ukraine since September 2, 1996. The hryvnia is subdivided into 100 kopiyok. In medieval times, it was a currency of Kievan Rus'.... |
100 000 | Karbovanets (third) | 1996 | Ukraine | inflation | |
| New Taiwan dollar New Taiwan dollar The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar... |
40 000 | Taiwan dollars Old Taiwan dollar The Old Taiwan dollar , sometimes called Old Taiwan yuan, was the currency of Taiwan, Republic of China from 1946 to 1949. It was issued by the Bank of Taiwan.-History:... |
1949 | Taiwan (Republic of China) | inflation | "new" is an official designation and is still used in official documents |
| Second Renminbi yuan Renminbi The Renminbi is the official currency of the People's Republic of China . Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC... |
10 000 | First Renminbi yuan | 1955 | China (Peoples Republic of China) | inflation | |
| Peso argentino | 10 000 | Peso ley | 1983 | Argentina | inflation | |
| Peso (convertible) | 10 000 | Austral Argentine austral The austral was the currency of Argentina between June 15, 1985 and December 31, 1991. It was subdivided into 100 centavos. The symbol was an uppercase A with an extra horizontal line . This symbol appeared on all coins issued in this currency , to distinguish them from earlier currencies... |
1992 | Argentina | inflation | |
| Polish złoty | 10 000 | Polish złoty | 1995 | Poland | inflation | |
| Leu Leu Leu may refer to:* Leu, a commune in Dolj County, Romania* Leucine, amino acid abbreviated Leu* LEU, Low-Enriched Uranium* Moldovan leu, the standard of currency in Moldova* Romanian leu, the standard of currency in Romania... |
10 000 | Romanian Leu Romanian leu The leu is the currency of Romania. It is subdivided into 100 bani . The name of the currency means "lion". On 1 July 2005, Romania underwent a currency reform, switching from the previous leu to a new leu . 1 RON is equal to 10,000 ROL... |
2005 | Romania Romania Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea... |
inflation | |
| New Ghanaian cedi Ghanaian cedi The Ghana Cedi is the unit of currency of Ghana. The word "cedi" is derived from the Akan word for cowry shell. The Ghana cedi was introduced on 3 July 2007 and is equal to 10,000 old cedis... |
10 000 | Cedi | 2007 | Ghana | inflation | |
| Azerbaijani new manat Azerbaijani manat The Manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" which is pronounced as "maneta"... |
5 000 | (old) manat | 2006 | Azerbaijan | inflation | |
| Turkmenistani new manat Turkmenistani manat The Manat is the currency of Turkmenistan. It was introduced on November 1, 1993, replacing the Russian ruble at a rate of 1 manat = 500 ruble. The ISO 4217 code is TMM and the manat is subdivided into 100 tennesi... |
5 000 | (old) manat | 2009 | Turkmenistan | inflation | |
| Real Brazilian real The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL. It is subdivided into 100 centavos .... |
2 750 | Cruzeiro real Brazilian cruzeiro real The cruzeiro real was the short-lived currency of Brazil between August 1, 1993 and June 30, 1994. It was subdivided in 100 centavos, however, this unit was used only for accounting purposes. The currency had the ISO 4217 code BRR.-History:The cruzeiro real replaced the third cruzeiro, with 1000... |
1994 | Brazil | inflation | Anchor currency: United States dollar United States dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies.... |
| Cruzeiro (antigo) | 1 000 | Real Brazilian real The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL. It is subdivided into 100 centavos .... (old) |
1942 | Brazil | inflation | |
| Cruzeiro (novo) | 1 000 | Cruzeiro (antigo) | 1967 | Brazil | inflation | |
| Austral Argentine austral The austral was the currency of Argentina between June 15, 1985 and December 31, 1991. It was subdivided into 100 centavos. The symbol was an uppercase A with an extra horizontal line . This symbol appeared on all coins issued in this currency , to distinguish them from earlier currencies... |
1 000 | Peso argentino | 1985 | Argentina | inflation | |
| Peruvian inti Peruvian inti The inti was the currency of Peru between 1985 and 1991. Its ISO 4217 code was PEI and its abbreviation in local use was "I/." The inti was divided into 100 céntimos. The inti replaced the inflation-stricken sol. The new currency was named after Inti, the Inca sun god.-History:The inti was... |
1 000 | Peruvian sol Peruvian sol The sol, was the currency of Peru between 1863 and 1985. It had the ISO 4217 currency code PEH. It was subdivided into 10 dineros or 100 centavos.-History:... |
1985 | Peru | inflation | |
| Cruzado | 1 000 | Cruzeiro (novo) | 1986 | Brazil | inflation | |
| Cruzado Novo | 1 000 | Cruzado | 1989 | Brazil | inflation | |
| Cruzeiro real Brazilian cruzeiro real The cruzeiro real was the short-lived currency of Brazil between August 1, 1993 and June 30, 1994. It was subdivided in 100 centavos, however, this unit was used only for accounting purposes. The currency had the ISO 4217 code BRR.-History:The cruzeiro real replaced the third cruzeiro, with 1000... |
1 000 | Cruzeiro (third) | 1993 | Brazil | inflation | |
| New Shekel | 1 000 | Shekel | 1986 | Israel Israel The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea... |
inflation | |
| Russian Rouble | 1 000 | Rouble | 1998 | Russia | inflation | |
| Bulgarian New Lev Bulgarian lev The lev is the currency of Bulgaria. It is divided in 100 stotinki . In archaic Bulgarian the word "lev" meant "lion".It is speculated that Bulgaria, as a member of the European Union will adopt the Euro in 2015 .- First lev, 1881–1952 :... |
1 000 | Bulgarian Lev Bulgarian lev The lev is the currency of Bulgaria. It is divided in 100 stotinki . In archaic Bulgarian the word "lev" meant "lion".It is speculated that Bulgaria, as a member of the European Union will adopt the Euro in 2015 .- First lev, 1881–1952 :... |
1999 | Bulgaria | inflation | Anchor currency: German mark German mark The Deutsche Mark |mark]], abbreviated "DM") was the official currency of West Germany and Germany until the adoption of the euro in 2002. It is commonly called the "Deutschmark" in English but not in German. Germans often say "Mark" or "D-Mark"... |
| Belarussian Rouble | 1 000 | Rouble | 2000 | Belarus | inflation | |
| New Mozambican metical Mozambican metical The metical is the currency of Mozambique, abbreviated with the symbol MZN or MTn. It is nominally divided into 100 centavos.-First metical :... |
1 000 | (old) meticais | 2006 | Mozambique | inflation | |
| Bolivar Fuerte | 1 000 | (old) Bolivar | 2008 | Venezuela | inflation | |
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
239.640 | Slovenian tolar Slovenian tolar The tolar was the currency of Slovenia from 1991 until the introduction of the euro on 1 January 2007. It was subdivided into 100 stotins... |
2006 | Slovenia | monetary union | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| French Franc French franc The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money... |
100 | Franc | 1960 | France | inflation | originally called New Franc |
| Peso ley | 100 | Peso moneda nacional | 1970 | Argentina | inflation | |
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
40.3399 | Belgian Belgian franc The franc was the currency of Belgium until 2002 when the euro was introduced into circulation. It was subdivided into centimes , 100 centiem or Centime .-History:... or Luxembourgian francs |
2002 | Belgium Luxembourg | monetary union | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
30.1260 | Slovak koruna Slovak koruna In 1993, coins were introduced in denominations of 10, 20 and 50 haliers, 1, 2, 5 and 10 korunas. The 10 and 20 halier coins were taken out of circulation on 31 December 2003.... |
2009 | Slovakia Slovakia The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south... |
monetary union | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| Peso moneda nacional | 25 | Peso moneda corriente Argentine peso moneda corriente The peso moneda corriente was a non-convertible Argentine paper currency which circulated between 9 January 1826, and 4 November 1881. Its symbol was $m/c. It was also known as the peso papel .... |
1881 | Argentina | inflation | |
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
1.95583 | Deutsche Mark German mark The Deutsche Mark |mark]], abbreviated "DM") was the official currency of West Germany and Germany until the adoption of the euro in 2002. It is commonly called the "Deutschmark" in English but not in German. Germans often say "Mark" or "D-Mark"... |
2002 | Germany Germany Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate... |
monetary union | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| Cruzeiro (third) | 1 | Cruzado Novo | 1990 | Brazil | renaming | |
| Karbovanets (third) | 1 | Soviet ruble Soviet ruble The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, .... |
1992 | Ukraine | ||
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
0.787564 | Irish pound Irish pound The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £... |
2002 | Ireland | monetary union | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
0.585274 | Cypriot pound Cypriot pound The pound, also known as the lira , was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro... |
2008 | Cyprus | monetary union | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| Austro-Hungarian krone Austro-Hungarian krone The Krone or korona was the official currency of the Austro-Hungarian Empire from 1892 until the dissolution of the empire in 1918... |
0.5 | gulden/forint Austro-Hungarian gulden The Gulden or forint was the currency of the Austrian Empire and later the Austro-Hungarian Empire between 1754 and 1892 when it was replaced by the Krone/korona as part of the introduction of the gold standard. In Austria, the Gulden was initially divided into 60 Kreuzer, and in Hungary, the... |
1892 | Austria-Hungary | monetary union | Moving from silver to gold standard |
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
0.429300 | Maltese lira Maltese lira The lira was the currency of Malta from 1972 until 31 December 2007. The lira was abbreviated as Lm, although the traditional ₤ sign was often used locally... |
2008 | Malta | monetary union | Eurozone Eurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |
| Peso moneda corriente Argentine peso moneda corriente The peso moneda corriente was a non-convertible Argentine paper currency which circulated between 9 January 1826, and 4 November 1881. Its symbol was $m/c. It was also known as the peso papel .... |
? | Real Argentine real The real was the currency of Argentina until 1881. From 1822, it was subdivided into 10 decimos. The sol was also issued during this period and was equal to the real, whilst the peso was worth 8 reales and the escudo was worth 16 reales.... |
1826 | Argentina | ||
| Second Zimbabwean dollar Zimbabwean dollar The Zimbabwean dollar was the official currency of Zimbabwe from 1980 to 12 April 2009.... |
1 000 | (first) dollar | 2006 | Zimbabwe | inflation | |
| Zimbabwe Third Dollar Zimbabwean dollar The Zimbabwean dollar was the official currency of Zimbabwe from 1980 to 12 April 2009.... |
10 000 000 000 | Zimbabwe Second Dollar | 2008 | Zimbabwe | Hyperinflation | |
| Zimbabwe Fourth Dollar Zimbabwean dollar The Zimbabwean dollar was the official currency of Zimbabwe from 1980 to 12 April 2009.... |
1 000 000 000 000 | Zimbabwe Third Dollar | 2009 | Zimbabwe | Hyperinflation |
See also
- Least-valued currency unit
- Highest-valued currency unit
- DecimalisationDecimalisationDecimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100....
- Denomination (currency)Denomination (currency)Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
- DevaluationDevaluationDevaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....
- DollarizationDollarizationDollarization occurs when the inhabitants of a country use foreign currency in parallel to or instead of the domestic currency. The term is not only applied to usage of the United States dollar, but generally to the use of any foreign currency as the national currency.The biggest economies to have...
- HyperinflationHyperinflationIn economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
- InflationInflationIn economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...