Pittman Family ZWD, 1st Dollar, Bankotes
5 DOLLARS 1994-2004 ISSUE P5

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Note Details

Set Details

Note Description: Zimbabwe, Reserve Bank
5 Dollars 1997 - Wmk: Zimbabwe Bird
Grade: 67 EPQ
Country: ZIM
Note Number: ZIM5a
- Light Brown Back
- Sign. #3
Certification #: 1805617-005  
Owner: Revenant
Sets Competing: Pittman Family ZWD, 1st Dollar, Bankotes  Score: 41
Date Added: 2/14/2019
Research: See PMG's Census Report for this Note

Owner's Description

From 1991 to 1996, the Zimbabwean “ZANU-PF” government of President Robert Mugabe embarked on an Economic Structural Adjustment Program (ESAP) that had serious negative effects on Zimbabwe's economy. In the late 1990s, the government instituted land reforms intended to evict rich white landowners and place their holdings in the hands of poor “farmers.” Despite the existence of a "willing-buyer-willing-seller" land reform program since the 1980s, A minority population of white Zimbabweans (around 0.6% of the population) continued to hold 70% of the country's most fertile agricultural land. However, many of these "farmers" had no experience or training in farming and there was no successful training or skill-transfer mechanism to help these new landowners become successful farmers - this basically set them, and the country, up to fail.

From 1999 to 2009, the country experienced a sharp drop in food production and in all other sectors. The banking sector collapsed, and farmers were unable to obtain loans for capital development. Food output capacity fell 45%. Manufacturing output fell 29% in 2005, 26% in 2006 and 28% in 2007. Unemployment rose to 80%. Life expectancy dropped.

The Reserve Bank of Zimbabwe blamed the hyperinflation on economic sanctions imposed by the United States of America, the IMF and the European Union. These sanctions affected the government of Zimbabwe with asset freezes and visa denials targeted at 200 specific Zimbabweans closely tied to the Mugabe regime. There were also restrictions placed on trade with Zimbabwe, by both individual businesses and the US Treasury Department's Office of Foreign Assets Control. In 2002, the nation was suspended from the Commonwealth of Nations due to the reckless farm seizures and blatant election tampering. That was also the year the US put into effect the Zimbabwe Democracy and Economic Recovery Act of 2001 and created a credit freeze for the Zimbabwean government.

The Zimbabwe regular banknotes feature an image of the Chiremba balancing rock formation - three balancing rocks that are in Matobo National Park. The image of the stones was chosen as a metaphor for balancing development and environmental protection following the country’s transition from white-ruled Rhodesia to the majority black ruled Zimbabwe. The Matobo Hills are composed entirely of granite and it makes for some unique and interesting formations.

The back of the note shows an image of terraced hills. The ZIM5b is essentially the same as the ZIM5a (this note) except the image of the terraced hills on the back of the note is a darker brown on the 5b. That is why they are distinguished on the holder label as "Light Brown Back" and "Dark Brown Back."

This note was a very lucky addition to my collection. I was sitting at my computer at work with little to do on 02/05/2019 and decided to do some searching on eBay, just to see if I might be able to find any nice deals or opportunities and I found one. This note was ending that day, about 4 hours later and no one had bid on it – after shipping it was starting at about $7.65. I bid on it and no one else did, so I walked away with a top-pop 67EPQ note for $7.50.

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