Gradually, Then Suddenly
ZIMUNL5a, 2019, 5 ZWD

Slot Comment:

ZWD Banknote AA Prefix

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Note Details

 

Set Details

Note Description: Zimbabwe, Reserve Bank
5 Dollars
Grade: 67 EPQ
Country: Zimbabwe
Note Number: ZIMUNL5a
Signatures/
Vignettes:
- Wmk: Zimbabwe Bird & RBZ
Comment: Exceptional Paper Quality
Certification #: 8070134-017
Owner: Revenant
Set Category: World
Set Name: Gradually, Then Suddenly
Slot Name: ZIMUNL5a, 2019, 5 ZWD
Research: Currently not available

Owner's Description

Zimbabwe, coming up on the 40th anniversary of its independence (April 18, 2020), was listed as one of the world’s top global food and hunger crises by a UN report. The country was in crisis before anyone had heard the word “Coronavirus,” but that just made things worse when it arrived in the country in March 2020. The country "celebrated the 40th anniversary of its Independence in a lockdown to limit the spread of pandemic disease.

The government reintroduced price controls in April 2020. This was done amid food shortages, fuel shortages, and commodity prices spiking across the board.

In May 2020, in yet another desperate attempt to stop the bleeding, the government re-introduced a peg of the ZWD to the USD at 25:1 – but at that point the currency had already been trading at 360:1 or more. This represents a 99.7% loss of value for the bond notes in 4 years - the residents of the country can hardly be blamed for their lack of confidence in the currency.

Inflation (in ZWD) reached 785.55% in May 2020, according to official statistics released by Zimstats – you need about 1000% annualized inflation or 50% monthly to meet previously referenced definitions of hyperinflation, but let’s be honest – that’s hyperinflation. Again.

The new notes issued in late 2019 (this is one of them) used the same design as the bond notes that had been issued just a few years prior, but the new issues removed the words “Bond Note” from the front and back of the notes. This re-use of an existing note design for a new series is a break with previous changes in currency system implemented by the RBZ, but it was probably done in this case because the bond notes were still being honored at face / on par with the new currency. The $5 note uses an image of giraffes on the back. I do not think giraffes were ever shown so prominently on the Zimbabwean currency before.

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