Gradually, Then Suddenly
ZIM5b, 1997, 5 ZWD

Slot Comment:

1st Dollar Banknote BN Prefix - Dark Brown Back

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Note Details

  

Set Details
Note Description: 5 Dollars 1997 - Wmk: Zimbabwe Bird
Grade: 67 EPQ
Country: Zimbabwe
Note Number: ZIM5b
Signatures/
Vignettes: 		- Sign. #3
- Dark Brown Back
Certification #: 8071243-083
Owner: Revenant
Set Category: World
Set Name: Gradually, Then Suddenly
Slot Name: ZIM5b, 1997, 5 ZWD
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."

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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