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| Slot: |
2 DOLLARS 1980-1984 ISSUE P1 |
| Item: |
Zimbabwe, Reserve Bank
2 Dollars 1980 - Salisbury |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1805616-017
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Owner Comments
Unlike the US, Zimbabwe, at least at first, did not issue $1 banknotes. They had $1 coins. The US has tried to push a $1 coin on the population many times over the years now, but it never works because they keep giving us $1 banknotes.
The hyper-inflation of the early-21st century would eventually force them to issue not only $1 notes but also fractional notes because they couldn’t afford to make the coins, but that would not come for another 20 years.
I think the first dollar notes are tragically ignored by most collectors and hobbyists, who focus on the Trillions series notes because of the emphasis on the hyper-inflationary period and the super-high denominations they made – the 100 Trillion note in particular. Where the third dollar notes tend to be relatively plain, homogeneous, and uninspiring, the designs of the first dollars are very detailed, intricate, nuanced and, in my opinion, beautiful. When I first started collecting these notes my focus was exclusively on the Trillions series from ZIM65 to ZIM91 – mostly because, early on, that was all I knew. I discovered the first dollars later. Now they are easily my favorite Zimbabwean banknotes.
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.
Prior to 1982, the capital city of Zimbabwe was named Salisbury. It grew out of a British outpost named Fort Salisbury, which was named for Lord Salisbury, the Prime Minister at the time the city was founded in 1890. The original 1980 issues of the first dollar notes, including this P-1a note, referenced the original name of the city. Salisbury. Starting in 1983, the new notes, referenced the name as Harare. The P-1a is signed by Desmond C. Crough as the 1st Governor of the Reserve Bank of Zimbabwe.
The back of the note shows a tigerfish and an image of Kariba dam. The Kariba Dam is a double curvature concrete arch dam in the Kariba Gorge of the Zambezi river basin between Zambia and Zimbabwe. The dam stands 128 meters (420 feet) tall and 579 meters (1,900 feet) long. The dam forms Lake Kariba which extends for 280 kilometers (170 miles) and holds 185 cubic kilometers (150,000,000 acre-ft) of water. It was designed by Coyne et Bellier and constructed between 1955 and 1959 by Impresit of Italy at a cost of $135,000,000 for the first stage with only the Kariba South power cavern. Final construction and the addition of the Kariba North Power cavern by Mitchell Construction was not completed until 1977 due to largely political problems for a total cost of $480,000,000. During construction, 86 men lost their lives.
The name “tigerfish” can refer to more than one species of fish. The species native to Lake Kariba is Hydrocynus vittatus. They are prized as game fish and for trophy hunting. Even though they come from different zoological families the Tigerfish is considered the African equivalent of the South American piranha and it seems an apt comparison. The fish are muscular, aggressive, group-hunting predators with interlocking, razor-sharp teeth. They are the first freshwater fish recorded and confirmed to catch birds in flight. Frankly, they look nasty and unpleasant. The note brags this up by showing the fish jumping from the water with its teeth out.
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| Slot: |
5 DOLLARS 1980-1984 ISSUE P2 |
| Item: |
Zimbabwe, Reserve Bank
5 Dollars 1983 - Harare |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1827022-069
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Owner Comments
The Reserve Bank of Zimbabwe Act provides for a board of directors and a governor. The governor, assisted by three deputy governors, is responsible for the day-to-day administration and operations of the bank. The governor and his three deputies are appointed by the president for five-year terms that may be renewed. The governor also serves as chairman of the board. The board's membership includes the three deputies and up to a maximum of seven other non-executive directors, intended to represent key sectors of the economy.
As in the United States, with the Federal Reserve, the Reserve Bank of Zimbabwe’s most important role is to create and enact monetary policies. The bank is also supposed to be the only producer of Zimbabwe’s bank notes and coins and it is supposed to regulate the amount of money in circulation. However, it failed miserably at regulating and protecting the currency – pretty much since its inception – and, as a result, the country did not issue any of its own currency or banknotes in 10 years from 2009 to 2019 except for the 2016 bond notes – which were supposed to be pegged to and backed by the US dollar. The Reserve Bank also looks after the country’s gold reserves, provides the government with banking services and serves as an advisor to the government on financial and economic policy.
The Bank’s complete failure to maintain stable economic conditions and to deal with the inflation and later hyperinflation that wrecked the country’s economy, economists have suggested that the RBZ should be abolished while others suggest that it should be reformed.
The following is a list of the past and present Governor’s:
Desmond C. Crough (1980-1982?)
Kombo Moyana (1983 – August 1993)
Leonard L. Tsumba (August 1993 – 2003)
Charles Chikaura (Acting, 2003)
Gideon Gono (1 December 2003 – 30 November 2013)
John Mangudya (1 May 2014 – present as of March 2019)
The signatures of these men are the ones you will see on the various banknotes issued by the RBZ from 1980. Dr Gideon Gono’s name / signature appears on by far the greatest number of notes and denominations as he was the governor all through the worst of the hyperinflationary period when the 2nd dollar bearer checks, the 3rd dollar banknotes and the 4th dollar banknotes were issued. Some sources on Zimbabwean bank notes break the notes into groups or “series” based on the RBZ bank governor serving at the time the note was issued.
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 highly unique and interesting formations.
The back of the note shows a village scene with a couple of villagers, seemingly with the intent of glorifying or highlighting life in rural areas of Zimbabwe.
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| Slot: |
10 DOLLARS 1980-1984 ISSUE P3 |
| Item: |
Zimbabwe, Reserve Bank
10 Dollars 1994 - Sign. #3 |
| Grade: |
PMG 65 EPQ |
| Cert #: |
8090774-002
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Owner Comments
A feature present throughout the many series that I find interesting is that they all say “I promise to pay the bearer on demand … for the Reserve Bank of Zimbabwe.” Even the regular banknotes say this - not just the emergency checks.
In the not-too-distant past all notes were redeemable in and promises to pay specie - gold or silver. This language is very similar to the language you would find on US silver and gold certificates and currency from around the world from this same period when notes were redeemable. However, it does not seem that the Zimbabwean dollar was ever backed by or exchangeable for silver, or anything else. These notes are more like US Federal Reserve Notes, whereby the note itself is the money. If these notes are merely promises to pay dollars, the question arises, what are the dollars?
Well… apparently nothing – they are just words.
While the US and the Federal Reserve removed the “Promise to pay” language from the currency when we switched from Silver Certificates to Federal Reserve notes, not every country did. England and the Bank of England keep the language on their note and their notes still said “I promise to pay the bearer on demand the sum of X pounds for the gov and gom of the Bank of England” long after you could no longer redeem those notes for anything but paper. It is just something their money has to say apparently.
Zimbabwe, before it was Zimbabwe and it was still Rhodesia, was an English colony / holding and so their money draws a lot of inspiration from English money and monetary tradition. So, Zimbabwe and the RBZ retained the “promise to pay” language apparently even though they called the currency a “dollar” - presumably after the US dollar - which did not retain this language after redeemability ended.
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 this note depicts the “Eternal Flame of Freedom” / “Flame of Independence” along with some modern high-rise buildings. The Eternal Flame is located at the top of a 40-meter-tall obelisk in the National Heroes Acre, near Harare. It was lit at independence celebrations in 1982. The tower is the highest point in the 57-acre park and the flame can be seen day and night throughout much of Harare. The actual monument - dedicated to those that fought in the war of independence, called the Second Chimurenga - is modeled after two AK-47s lying back-to-back; the graves are meant to resemble AK magazines. It is an early example of work of the North Korean firm Mansudae Overseas Projects. It closely mirrors the design of the Revolutionary Martyrs' Cemetery in Taesong-guyok, just outside Pyongyang, North Korea.
This P-3e is a note I bought raw and sent in for grading myself in Aug 2021.
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| Slot: |
20 DOLLARS 1980-1984 ISSUE P4 |
| Item: |
Zimbabwe, Reserve Bank
20 Dollars 1994 - Harare |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1539517-101
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Owner Comments
The 1994 note (Zim4d) uses the same design as the 1983 note (Zim4c). Not much changes except the date and the name of the Governor of the Reserve Bank of Zimbabwe.
While this note comes only 11 years after the 1983, by the time it was made the Zimbabwe dollar had already lost most of its value against the US dollar and was now trading at about US$0.10 (10 Zimbabwe dollars were worth 1 USD in 1997). That seems like quite a slide down for such a small number of years, and it is, but it must be recognized that this was the period of relative calm and stability - emphasis on “relative” - for the first Zimbabwe dollar. To an audience in the US or Europe in 2018, coming off of years of relatively low 0-2% official inflation rates, 10-20% seems very high. It might seem more believable and less insane to those old enough to remember the US stagflation of the 1970s. However, 20% inflation is almost cute compared to the triple digit inflation rates that were only a few years away at this point, and it got so unfathomably worse from there.
Inflation ticked down to 7.3% in 1998 after being in the range of 10-19% from 1981-1987. Inflation ranged from 14%-40% for most of the 1990s, breaking above 50% in 1999 and exceeding 100% for the first time officially in 2001.
This one note design and denomination was in use for 17 years, only getting replaced with a new $20 design in 1997 (Zim7). Later, the 2nd and 3rd Zimbabwe dollars would be created and die in less than 2 years each.
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 really unique and interesting formations.
The back of this note depicts an Elephant at Victoria Falls - a waterfall in southern Africa on the Zambezi River at the border between Zambia and Zimbabwe. While it is neither the highest nor the widest waterfall in the world, Victoria Falls is classified as the largest, based on its combined width of 1,708 meters (5,604 feet) and height of 108 meters (354 ft), resulting in the world's largest sheet of falling water. Victoria Falls is roughly twice the height of Niagara Falls and well over twice the width of Horseshoe Falls. In height and width Victoria Falls is rivalled only by Argentina’s and Brazil's Iguazu Falls.
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| Slot: |
5 DOLLARS 1994-2004 ISSUE P5 |
| Item: |
Zimbabwe, Reserve Bank
5 Dollars 1997 - Wmk: Zimbabwe Bird |
| Grade: |
PMG 67 EPQ |
| Cert #: |
8071243-083
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Owner Comments
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."
Unlike my P-5a, I did not get lucky with this one and get it cheap. This was one of the most expensive notes in the set and I think it might be in the top 5 in the set out of about 85 notes for cost / price paid currently.
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| Slot: |
10 DOLLARS 1994-2004 ISSUE P6 |
| Item: |
Zimbabwe, Reserve Bank
10 Dollars 1997 - Wmk: Zimbabwe Bird |
| Grade: |
PMG 66 EPQ |
| Cert #: |
8055967-008
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Owner Comments
In the descriptions for ZIM8, ZIM10, and ZIM12 I tend to emphasize the role of the rising inflation in pushing the Reserve Bank of Zimbabwe (RBZ) to release new notes with higher denominations. However, the mid-1990s also saw the introduction of ZIM5, ZIM6 and ZIM7, redesigned $5, $10, $20 notes that replaced ZIM2, ZIM3, and ZIM4. These introduced new modern security features not seen in the 1980s vintage designs.
The $2 denomination (ZIM1) did not get a redesign with the others. The $2 note was replaced with a coin. The same thing happened to the $5 note in 2001.
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.
In addition to the rocks (which are shifted to the side of the note with these designs), the new designs of the 1st dollar from the 1990s and beyond (ZIM5 through ZIM12) have intricately detailed and vividly colored depictions of flowers occupying the center of the note’s front. At least some (maybe all?) of the flowers shown on these notes are supposed to be a flame lily – the national flower of Zimbabwe. The flower grows throughout the country, is known for its beauty and is considered a national treasure. It is a climbing lily that can reach higher using soft tendrils. When she visited in 1947, Queen Elizabeth II was given a flame lily diamond brooch as a gift. The flower is protected but it’s also used in medications for gout, infertility, intestinal worms, kidney problems, arthritis, colic, cholera, and ulcers. However, the flower has also been used to poison dogs, and induce abortions and is thought to have been the cause of many accidental deaths.
The back of the note shows the Chilojo cliffs (previously called the Clarendon Cliffs) in Gonarezhou National Park. The cliffs are composed of coarse, terrestrial Jurassic, Cretaceous sandstones and conglomerates named the Malvernia Beds, which occupy the extreme south-eastern corner of Zimbabwe. They are the result of erosion caused by the Nyamasikana River, the Runde river and several smaller streams that cut into the Chilojo Plateau.
The cliffs are gorgeous to look at and I would encourage anyone reading this to do a Google search and look at pictures of them because the artwork on this note really does not do them justice.
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| Slot: |
500 DOLLARS 1994-2004 ISSUE P11 |
| Item: |
Zimbabwe, Reserve Bank
500 Dollars 2004 |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1626365-027
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Owner Comments
The ZIM11 note followed very shortly after ZIM10 and features the same face value and essentially the same design. ZIM10 and ZIM11a are both 2001 issues. ZIM11b is a 2004 issue. The coloration of the note has been changed. Where the ZIM10 has a lot of bright red the ZIM11’s colors are more subdued with more blue and green throughout. Where this note retains the red, it’s darker and less aggressive in its appearance. The ZIM10 note has a thick vertical stripe of reflective ink as a security feature that is similar to the one on the ZIM12 issue. This is absent on the ZIM11 notes. This 2004 issue is also the only 1st dollar issue to have the signature of Dr Gideon “G.” Gono as the governor of the Reserve Bank of Zimbabwe. Since the $1,000 notes (P-12) are all dated 2003, the 2004 dated P-11b is also the last issue of a 1st dollar (ZWD) banknote – after this is was all “checks” until the 3rd dollar was issued.
In his 1956 work, The Monetary Dynamics of Hyperinflation, Phillip Cagan defined hyperinflation as the month that the monthly inflation rate exceeds 50% and as ending the month when the monthly inflation rate dropped below 50%. Using this definition, the Zimbabwean economy entered hyperinflation in 2003 or 2004. After exceeding 600% briefly in this period, the annualized inflation rate fell back into the low triple digits for a while, but then inflation picked up again and the annualized rate was over 1,000% by 2006. Using Cagan’s definition, one might attempt to argue that this means there were two hyperinflations, a brief one in 2003/2004 and then another, longer, more severe episode starting in 2005 or 2006, but, realistically, it was one event, maybe with a brief pause or hiccup as the process was just starting to take off.
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 this note depicts the Hwange Thermal Power Station - the biggest power plant in Zimbabwe with an installed capacity of 920 MW. It is owned by the national electricity company, Zeza Holdings. It was built in two stages and consists of four units of 120 MW each and two units of 220 MW each. Construction of Stage 1 commenced in 1973 but was suspended in 1975 due to economic sanctions imposed on Rhodesia. Stage 1's units were commissioned from 1983 to 1986 with Stage 2's units following in 1986/87. The power plant is coal-fired. A 3.5-kilometer conveyor belt brings about 1,750 tons of coal per hour from the nearby Wankie colliery open cast mine. 250,000 tons of coal are stockpiled on site. In more modern times, technical problems due to lacking maintenance have made the plant prone to frequent production stops. In 2009, Namibia's NamPower made agreements to help ZESA to revive the plant’s capacity in exchange for power deliveries. The extensive problems are however continuing and have even led the government to considering a full close-down of the plant. In April 2008, Chadha Power of India secured a contract to refurbish four units at the power plant. In December 2015 China agreed to provide a $1.2 billion loan to add 600 MW of generating capacity to the Hwange station.
This note is one of three that my wife and I bought as my valentine's day present in 2019.
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| Slot: |
1000 DOLLARS 1994-2004 ISSUE P12 |
| Item: |
Zimbabwe, Reserve Bank
1000 Dollars 2003 - Wmk: Bird & 1000 |
| Grade: |
PMG 67 EPQ |
| Cert #: |
1626366-013
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Owner Comments
The $1,000 note was introduced in 2003, amid inflation of roughly 600%. This was the first $1,000 note issued by Zimbabwe and it was the last note / denomination of banknote released during the life of the 1st dollar. The 2nd dollar would not be announced until 2005 and released until 2006, however, after the release of this note, Zimbabwe stopped making regular banknotes for a time and, instead, released several series of “Emergency Checks” with various denominations. This note would be the last regular banknote released until the unveiling of the first third dollar notes in 2007.
2003, the year this note was released, is also the first year that inflation officially exceeded 200% (even though 2002 came very close at 198.93%) and the inflation rate blew right past that milestone and the 500% milestone in the same year. In Jun 2002 US$1 was equal to $1,000, which would have made this note equal to a US $1 bill. By March 2005, however, US$1 was ZWD$10,000, and by January 2006 US$1 was equal to ZWD$100,000, meaning this note would have been worth 1 US cent.
By 2003, the country's economy had collapsed. It's estimated that up to a fourth of Zimbabwe's 11 million people had fled the country. Three-quarters of the remaining Zimbabweans were living on less than one US dollar a day.
Because of all of this, I see this note, in many ways, as representing the beginning of the end. Arguably, that distinction could also be given to the $50, $100, and $500 notes that preceded this one. However, I feel that, as the last note / denomination of the first dollar on a regular bank note, this note, more than any other is symbolic of the death spiral starting to take hold and pick up speed.
As the hyperinflation took hold the first dollar, the currency of the nation for over twenty years, died. The 2nd, 3rd, and 4th dollars rose and fell with increasing speed. The 2nd dollar survived barely 2 years. The 3rd dollar lasted less than 6 months. The 4th was born in February 2009 and then died with a whimper, only about 2 months later, in April of that year, when the government declared that they would "temporarily" suspend the issuance of the national currency. After that, there would be no Zimbabwe dollar for the next ten years.
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 really unique and interesting formations.
The back of this note shows a group of elephants. While it hosts safaris and allows game hunting in the country, Zimbabwe is actually a great success story for conservation, particularly for elephants. It is believed that in 1900 as few as 4,000 elephants remained in the country and it was feared that the animal would become extinct in the region. Conservation efforts have been so successful that it has become an issue of population management, rather than just conservation. Even with increases in illegal killings in recent years the government controls and limits the population to prevent the elephants from causing habitat changes or other damage. Even with the legal and illegal killing and even with a massive 45,000 elephant cull from 1960 to 1989, the modern population sits at over 80,000, which is more than twice the national target population of 40,000 – which apparently comes from 1908.
This note is one of five that my wife and I ordered together as my 3rd anniversary present from her.
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