Every Banknote Question We Answer

Last updated: October 2026

Zimbabwe 100 Trillion

Zimbabwe 100 Trillion Dollar Note Price Index (2026)

• What is a Zimbabwe 100 trillion dollar note worth in 2026? At Planet Banknote, a raw uncirculated Zimbabwe 100 trillion dollar note (Pick P-91) with AA prefix works out to $89 as of October 2026: the listing is $178 and ships…
• What drives the price of Zimbabwe 100 trillion notes? Three primary factors: grade (certified notes in higher grades command premiums), supply (finite quantity exists since the note was withdrawn after three months), and…
• Where can I safely buy a Zimbabwe 100 trillion dollar note? Planet Banknote sources notes direct from authorized distributors and inspects each through our Planet Banknote Verified process. Every order includes a free…
• How often is this price index updated? We update this index monthly based on Planet Banknote's current retail listings. The Last updated date at the top reflects the most recent revision. Prices change…

Zimbabwe 100 Trillion Dollar Note Value by Grade (2026)

• How much is a Zimbabwe 100 trillion dollar note worth in 2026? At Planet Banknote, a raw Uncirculated AA-prefix 100 trillion note works out to $89 as of October 2026: the listing is $178 and ships two notes. Certified examples…
• Can I still exchange a 100 trillion dollar note for money in Zimbabwe? No. The note was withdrawn in April 2009 when Zimbabwe abandoned its dollar for a multi-currency system, and the currency was formally demonetized in 2015 (Reuters,…
• What does the AA serial prefix mean on a 100 trillion note? AA marks the first print run of the 2008 100 trillion dollar note (Pick 91). Collectors treat first-prefix notes as the standard, most desirable form of the issue,…
• Should I get my 100 trillion note graded? Grade it if you believe it is fully Uncirculated and you plan to hold or eventually sell it. In Planet Banknote's October 2026 retail ladder, certified notes carry a…
• How can I tell if a 100 trillion dollar note is real? Genuine notes carry a patterned security stripe and a silhouette of the Zimbabwe Bird printed in optically variable, color-shifting ink, plus the Chiremba Balancing…

Zimbabwe 100 Trillion Authentication & Counterfeit Reference

• Does the Zimbabwe 100 trillion note have a watermark? No."lacked modern security features, such as a watermark". Do not rely on a watermark test to authenticate Pick P-91. Use the security thread and color-shifting…
• What is the single most reliable test for a genuine 100 trillion note? The tilt test on the Zimbabwe Bird. Hold the front of the note flat, then tilt it toward and away from a light source. The Zimbabwe Bird in the lower right must shift…
• Can a gold foil 100 trillion note be real? No. Gold, silver, and colored metallic-foil "100 trillion" notes are novelty souvenirs sold on Amazon, eBay, and Etsy. The Reserve Bank of Zimbabwe never printed foil…
• How can I verify a PMG or PCGS graded note is authentic? Look up the certification number. Enter the number on the holder's label at pmgnotes.com/certlookup (PMG) or pcgs.com/cert (PCGS). Confirm the description and grade…
• What is on the front of a genuine 100 trillion note? The Chiremba Balancing Rocks near Epworth, outside Harare. The front does not depict Robert Mugabe, a rhinoceros, or any other wildlife. Fine line detail should be…

Zimbabwe 10, 20, 50 and 100 Trillion Notes Compared (2026)

• What are the four Zimbabwe Trillion Series notes? The Trillion Series is the 10 trillion (Pick P-88), 20 trillion (P-89), 50 trillion (P-90), and 100 trillion (P-91) dollar notes, the last family of banknotes the…
• Which Zimbabwe trillion dollar note is worth the most? The 100 trillion (Pick P-91). At Planet Banknote current retail in October 2026 it runs from $89 per note ($178 for two notes) for a raw uncirculated AA-prefix…
• Which Zimbabwe trillion note should I buy first? Buy the 100 trillion (P-91) first. It is the flagship of the series, the most documented, and the most recognizable hyperinflation note in the world, starting at $89…
• What is a Zimbabwe 50 trillion dollar note worth in 2026? At Planet Banknote current retail in October 2026, a raw uncirculated 50 trillion dollar note (Pick P-90) with AA prefix is $79, a PMG 65 example is $139, a PMG 66…
• Can I still spend or exchange Zimbabwe trillion dollar notes? No. The Trillion Series was withdrawn in April 2009 when Zimbabwe abandoned its dollar for a multi-currency system, and the currency was formally demonetized in 2015…

Most Valuable Zimbabwe Banknotes, Ranked (2026)

• What is the most valuable Zimbabwe banknote? The Zimbabwe 100 trillion dollar note (Pick P-91). At Planet Banknote current retail in October 2026, the top single note in stock is a PMG 68 Superb Gem UNC EPQ…
• How much is a Zimbabwe 100 trillion dollar note worth in 2026? At Planet Banknote current retail in October 2026, a raw uncirculated AA-prefix 100 trillion note is $89 per note ($178 for two notes), and certified examples run…
• Why is the 100-note consecutive bundle worth $7,200? Because unbroken consecutive serial runs get rarer every year as original bundles are split up and sold as singles. The bundle holds one hundred uncirculated…
• Is the Zimbabwe 100 trillion the highest-denomination banknote ever printed? No. It is the highest-denomination banknote of the modern era, with fourteen zeros, but higher face values were printed earlier, most notably in Hungary's 1946 pengő…
• Are gold foil Zimbabwe 100 trillion notes valuable? No. Gold, silver, and colored foil "100 trillion" pieces are novelty replicas sold online. They were never printed by the Reserve Bank of Zimbabwe, they are not…

Real Zimbabwe 100 Trillion vs Gold Foil Replica (2026)

• Are gold foil 100 trillion dollar notes worth anything? Only as souvenirs. Gold, silver, and colored foil "100 trillion" pieces are novelty replicas sold on Amazon, eBay, and Etsy. They were never printed by the Reserve…
• Did the Reserve Bank of Zimbabwe ever issue gold foil banknotes? No. Genuine Zimbabwe Trillion Series notes, including the 100 trillion (Pick P-91), are printed on cotton-based banknote paper with a firm, slightly coarse feel.…
• My gold foil note came with a certificate of authenticity. Does that make it real? No. The printed certificates packed with foil replicas certify only that you bought a souvenir, not that you own a banknote. A meaningful certificate is either a…
• What is the fastest way to tell a real 100 trillion from a replica? Touch it, then tilt it. A genuine note is cotton banknote paper, and the Zimbabwe Bird in the lower right of the front shifts between gold and bronze tones when…
• What is a genuine Zimbabwe 100 trillion note worth in 2026? At Planet Banknote current retail in October 2026, a raw uncirculated AA-prefix example is $89 per note ($178 for two notes), a PMG 67 EPQ example is $229, a PCGS 68…

Zimbabwe Agro Cheques: Agro vs Bearer Cheque vs Banknote

• What is a Zimbabwe agro cheque? A Zimbabwe agro cheque is a Special Agro-Cheque, a bearer cheque drawn on the Reserve Bank of Zimbabwe and earmarked for agricultural payments during the 2008…
• What is the difference between a Zimbabwe agro cheque and a bearer cheque? Legally they are the same instrument, a cheque payable to bearer issued under section 42A of the Reserve Bank of Zimbabwe Act. The difference is designation and…
• Is a Zimbabwe agro cheque a real banknote? Not technically. A banknote is an open-ended obligation of the central bank with no expiry. An agro cheque is a dated cheque payable to bearer, and every agro cheque…
• Are Zimbabwe agro cheques still redeemable? No. Every agro cheque expired on 31 December 2008 by the date printed on its own face, and the cheque instruments ceased to circulate when Zimbabwe redenominated and…
• Are agro cheques harder to find than the 100 trillion dollar note? In uncirculated condition, often yes. The 2008 trillion notes were produced in enormous quantity and many were never spent, so crisp examples remain widely available.…

Zimbabwe Bearer Cheques: 2003 to 2008 Emergency Money

• What is a Zimbabwe bearer cheque? A Zimbabwe bearer cheque is an emergency payment instrument drawn on the Reserve Bank of Zimbabwe and circulated in place of banknotes from the first issue on 26…
• Why did Zimbabwe issue bearer cheques instead of banknotes? Because cheques could be authorised, printed and cancelled far faster than banknotes at a time when the country could not supply enough cash. Annual inflation was…
• Do Zimbabwe bearer cheques really have expiry dates printed on them? Yes. Every Reserve Bank bearer cheque from 2003 onward carries a printed date of lapse, and that is the feature that distinguishes it from a banknote. The dates were…
• What is the difference between a bearer cheque and an agro cheque? Both are Reserve Bank of Zimbabwe cheques with printed expiry dates, but agro cheques were a separate 2008 series earmarked for the agricultural sector, issued in…
• Are bearer cheques part of the Zimbabwe Trillion Series? No. The Trillion Series notes of 10, 20, 50 and 100 trillion dollars are third-dollar banknotes issued between September 2008 and January 2009, after bearer cheques…

Hyperinflation

Every Hyperinflation in History, Ranked

• What was the worst hyperinflation in history? Hungary in July 1946 is the worst hyperinflation ever documented. At its peak prices roughly doubled about every 15 hours, according to the Hanke-Krus World…
• How does Zimbabwe's hyperinflation compare to Germany's Weimar crisis? Zimbabwe's 2008 hyperinflation was far more severe. Zimbabwe peaked near 79.6 billion percent month-on-month in mid-November 2008 (Steve Hanke, Cato Institute), while…
• Which hyperinflation produced the highest-denomination banknote? Hungary's 1946 pengő series reached the highest face values of any hyperinflation, including a 100 quintillion pengő note. Zimbabwe's 100 trillion dollar note (Pick…
• Can I still buy banknotes from these hyperinflations? Yes. Planet Banknote stocks genuine notes from Zimbabwe, Venezuela, Germany, Yugoslavia, Hungary, and Greece. Every note is inspected through our Planet Banknote…
• Where do the hyperinflation figures on this page come from? The rankings and inflation rates come from the Hanke-Krus World Hyperinflation Table, compiled by economists Steve Hanke and Nicholas Krus and published by the Cato…

Zimbabwe Hyperinflation: The 100 Trillion Note (2007-2009)

• When was the Zimbabwe 100 trillion dollar note issued and withdrawn? The 100 trillion dollar note (Pick P-91) is dated 2008, was released into circulation in January 2009, and was withdrawn in April 2009 when Zimbabwe abandoned its…
• How bad did Zimbabwe's inflation actually get? At its worst, Zimbabwe's inflation reached approximately 79.6 billion percent month-on-month in mid-November 2008, per economist Steve Hanke of the Cato Institute. At…
• Is the Zimbabwe 100 trillion dollar note the highest denomination ever printed? No. It is the highest-denomination banknote of the modern era, carrying fourteen zeros (100,000,000,000,000 dollars), but higher face values were printed earlier,…
• What is pictured on the front of the Zimbabwe 100 trillion dollar note? The front shows the Chiremba Balancing Rocks, the granite formation near Epworth outside Harare, not a portrait of Robert Mugabe and not a rhinoceros. The Balancing…
• How can I tell if a Zimbabwe 100 trillion dollar note is real? A genuine note has no watermark. Authenticate it by its embedded security thread and by the Zimbabwe Bird silhouette printed in color-shifting ink that changes hue as…

Venezuela Hyperinflation: Bolivar Collector Guide

• Why did Venezuela change its currency three times? To keep cash usable during hyperinflation. Venezuela introduced the bolivar fuerte in 2008 (removing 3 zeros), the bolivar soberano in 2018 (removing 5 zeros), and…
• What is the Venezuelan one million bolivar note? It is a bolivar soberano (VES) note issued in 2021, with 1,000,000 printed on its face, released months before the bolivar digital redenomination that October. A…
• Are Venezuelan hyperinflation banknotes worth collecting? Yes, for the story and the affordability rather than as an investment. Because redenominations retired each series in sealed bundles, most Venezuela notes reach the…
• How bad was Venezuela's hyperinflation? Economist Steve Hanke of the Cato Institute recorded Venezuela entering hyperinflation in November 2016, the 57th entry in the Hanke-Krus World Hyperinflation Table,…
• Are Venezuela's old bolivar notes still legal tender? No. Each redenomination retired the prior series, so bolivar fuerte and older bolivar soberano notes are no longer spendable currency. Their value today comes…

Weimar Germany Hyperinflation: The 1923 Papiermark Collapse

• What caused the Weimar hyperinflation? It grew out of the costs of the First World War and the reparations that followed. Germany financed the war and its aftermath largely by printing money rather than…
• How bad did German inflation get in 1923? At its peak in October 1923, monthly inflation reached roughly 29,500 percent, according to the Hanke-Krus World Hyperinflation Table published by the Cato Institute.…
• What was the highest-denomination Weimar banknote? German denominations climbed into the trillions of marks during 1923, and the Reichsbank issued a 100 trillion mark note, written 100,000,000,000,000. That is the…
• What is Notgeld? Notgeld, German for emergency money, was currency issued by towns, states, banks, and companies when official banknotes ran short during and around the…
• How did the Weimar hyperinflation end? It ended late in 1923 with a new currency, the Rentenmark, introduced in November 1923 to replace the collapsed Papiermark. Backed by a mortgage on German land and…

Hungary 1946: The Worst Hyperinflation in History

• What was the worst hyperinflation in history? Hungary in July 1946 is the worst hyperinflation ever documented. At its peak, prices roughly doubled about every 15 hours, according to the Hanke-Krus World…
• What was the highest-denomination pengő note? The highest-denomination note Hungary actually issued equalled 100 quintillion pengő, a one followed by twenty zeros, generally documented as the largest face value…
• What were the milpengő and adópengő? They were units Hungary layered onto the pengő to cope with hyperinflation. The milpengő equalled one million pengő and let a single note stand for a million without…
• What replaced the Hungarian pengő? The forint, introduced on August 1, 1946, replaced the pengő and ended the hyperinflation. The conversion was so extreme that the entire outstanding stock of pengő…
• Are Hungarian pengő notes worth collecting? Yes, for the history rather than as spendable money. The forint retired the pengő completely, and what you own is a physical artifact of the most extreme…

Yugoslavia 1994 Hyperinflation: The 500 Billion Dinar Note

• How bad was Yugoslavia's 1994 hyperinflation? At its peak in January 1994, Yugoslavia's monthly inflation ran on the order of hundreds of millions of percent, according to the Hanke-Krus World Hyperinflation…
• What is the 500 billion dinara note? It is the highest-denomination banknote of the Yugoslav hyperinflation, with 500,000,000,000 dinara printed on its face. Issued by the National Bank of Yugoslavia…
• Why was the Yugoslav dinar redenominated so many times? To keep cash usable. As the former Yugoslavia broke apart in the early 1990s, war and economic isolation drove the dinar into collapse, so the central bank repeatedly…
• Are Yugoslav hyperinflation banknotes worth collecting? Yes, for the history and the affordability rather than as an investment. A 500 billion dinara note is a legible, dramatic artifact of a European hyperinflation within…
• Are old Yugoslav dinar notes still legal tender? No. The dinar reforms of the 1990s retired the old notes, and the Federal Republic of Yugoslavia itself has since dissolved, so these banknotes are no longer…

Greece 1944 Hyperinflation: The Occupation Drachma

• How bad was Greece's 1944 hyperinflation? At its peak in October 1944, monthly inflation in Greece reached approximately 13,800 percent, according to the Hanke-Krus World Hyperinflation Table published by the…
• What was the highest-denomination Greek banknote? The highest Greek notes of the 1944 hyperinflation reached 100 billion drachmai. The drachma was reissued in ever-larger denominations through the occupation, and the…
• What caused Greece's hyperinflation in 1944? The hyperinflation was driven by the Axis occupation of Greece during the Second World War. A wartime blockade, the costs the occupation imposed, collapsing…
• What replaced the old Greek drachma? In November 1944 the old drachma was replaced by a new drachma at a documented rate of 50 billion old drachmai to one new drachma (Bank of Greece). The reform retired…
• Can I still collect Greek occupation drachma notes? Yes. Planet Banknote stocks genuine Greek notes from this era and pairs them with other crises in curated hyperinflation sets. Every note is inspected through our…

Best Hyperinflation Banknotes to Collect in 2026, Ranked

• What is the best hyperinflation banknote to collect in 2026? The Zimbabwe 100 trillion dollar note (Pick P-91) is the best overall choice. It is the highest-denomination banknote of the modern era, with fourteen zeros, it comes…
• What is the most affordable hyperinflation banknote to start with? Venezuela's bolivar notes are the most affordable entry into hyperinflation collecting. Because three redenominations retired each series in sealed, unspent bundles,…
• Which hyperinflation was the worst in history? Hungary in July 1946 is the worst hyperinflation ever documented, with prices roughly doubling about every 15 hours at the peak, according to the Hanke-Krus World…
• Which hyperinflation banknote has the highest denomination? Hungary's 1946 100 quintillion pengő note, a one followed by twenty zeros, is generally documented as the highest face value on any banknote ever put into…
• Can I collect all six hyperinflations in one purchase? Yes. Planet Banknote's curated hyperinflation sets pair genuine notes from crises including Zimbabwe, Venezuela, Germany, Hungary, Yugoslavia, and Greece, so you can…

Bolivia Hyperinflation 1984-1985: The Peso Boliviano

• What was the highest denomination banknote issued during Bolivia's hyperinflation? The highest face value was 10,000,000 pesos bolivianos, authorized under Supreme Decree 20732 of 8 March 1985. Technically it was not a banknote but a cheque de…
• How high did Bolivian inflation actually get in 1985? Bolivian consumer prices rose 183 percent in February 1985, the peak month, equal to about 3.53 percent per day, with prices doubling roughly every 20.3 days…
• What was Decree 21060 and what did Jeffrey Sachs have to do with it? Supreme Decree 21060, signed 29 August 1985, was the centerpiece of Bolivia's New Economic Policy. It combined drastic fiscal correction, chiefly what Juan Antonio…
• Why are Bolivia's million-peso notes shaped like checks? Hyperinflation moved faster than banknote production. Rather than wait months for engraved currency, the Banco Central de Bolivia issued cheques de gerencia,…
• When did the boliviano replace the peso boliviano? The boliviano was created by Law No. 901 of 28 November 1986. The reform was announced 30 December 1986 and took effect 1 January 1987 at exactly 1,000,000 pesos…

Free City of Danzig Hyperinflation: 10 Billion Marks, 1923

• Did the Free City of Danzig really have its own hyperinflation? Yes. The Hanke-Krus World Hyperinflation Table (Cato Institute) lists the Free City of Danzig as a separate entry, running from August 1922 to mid-October 1923, with…
• What was the highest denomination banknote issued by Danzig? The highest Danzig denomination was 10,000,000,000 marks, written on the note as Zehn Milliarden Mark, catalogued as Pick 31 and dated 11 October 1923. It was issued…
• What replaced the Danzig mark? The Danzig gulden replaced the mark. The League of Nations finance committee approved the new currency in July 1923, the first gulden notes are dated 22 October 1923…
• Are Danzig 1923 notes the same as German 1923 notes? No. Danzig notes were issued by the Senate of the Free City, a League of Nations territory created on 15 November 1920, and they are catalogued under Danzig rather…
• How do you identify a genuine Danzig 1923 emergency note? Look for the German inscription Notgeldschein der Stadtgemeinde Danzig with the denomination expressed in Deutsche Reichswährung, the signature line reading Der…

Poland 1923: The Marka Hyperinflation and the Zloty

• How bad was Poland's hyperinflation in 1923? Poland's hyperinflation ran from January 1923 to January 1924 and peaked in October 1923 at 275 percent per month, equivalent to 4.50 percent per day, with prices…
• What was the highest Polish marka banknote ever issued? The highest circulating Polish banknote was the 10,000,000 marka note dated 20 November 1923, cataloged as Pick 39 (Standard Catalog of World Paper Money; issue dates…
• What was the Grabski reform? The Grabski reform was Poland's 1924 currency and fiscal stabilization, led by Wladyslaw Grabski, who became Prime Minister on 19 December 1923 while also serving as…
• How many marka were exchanged for one zloty? The conversion rate was 1,800,000 Polish marka to 1 zloty (Polish zloty,. The new zloty was defined at 9/31 of a gram of pure gold, approximately 0.2903 grams, which…
• Are 1923 Polish marka banknotes hard to find today? The eight inflation-era denominations from 10,000 to 10,000,000 marka remain obtainable, though availability in any given grade shifts constantly. Notes issued late…

Nicaragua Hyperinflation 1986-1991: The Córdoba Overprints

• When did Nicaragua have hyperinflation? Nicaragua's hyperinflation ran from June 1986 to March 1991, a span of 58 months, according to the Hanke-Krus World Hyperinflation Table published by the Cato…
• What is the highest denomination Nicaraguan banknote? The 10,000,000 córdoba note issued in 1990, catalogued as Pick 166, is the highest denomination Nicaragua has ever issued (Standard Catalog of World Paper Money). It…
• What are Nicaragua's overprinted córdoba notes? In 1990 the Banco Central de Nicaragua stamped new, much larger denominations onto banknotes already in stock rather than wait for new plates. Three provisional…
• What replaced the Nicaraguan córdoba after hyperinflation? The córdoba oro, or gold córdoba, replaced the second córdoba in 1991. It was introduced first as a dollar-linked unit of account and then as circulating banknotes in…
• Why did Nicaragua's currency collapse in the 1980s? The collapse was driven by war finance. Nicaragua's GDP fell every year from 1984 to 1990 while military spending against the contras rose, and the government covered…

Republika Srpska Hyperinflation: 297,000,000% in Jan 1994

• How bad was hyperinflation in Republika Srpska? Republika Srpska recorded a peak monthly inflation rate of 297,000,000% in January 1994, an equivalent daily rate of 64.3%, and a price-doubling time of 1.41 days,…
• What is the highest denomination Republika Srpska banknote? The highest denomination printed was 50,000,000,000 dinara, catalogued as P-160 and dated 1993, but standard catalogues list it as printed and never issued. In the…
• Is the Republika Srpska hyperinflation the same as the Yugoslav one? No. They are two separate entries in the Hanke-Krus World Hyperinflation Table because Republika Srpska had its own issuing authority, the National Bank of Republika…
• When did the Republika Srpska dinar stop being used? It was abandoned on 24 January 1994, when the Monetary Reconstruction and Economic Recovery Program led by Dragoslav Avramović introduced the Yugoslav novi dinar…
• Are Republika Srpska banknotes rare? Most are readily available, since large quantities survived and the highest denominations were never released into circulation. Scarcity here is counterintuitive: the…

Brazil Hyperinflation: Six Currencies Between 1985 and 1994

• How many currencies did Brazil have between 1985 and 1994? Six. The cruzeiro gave way to the cruzado on 28 February 1986, the cruzado to the cruzado novo on 15 January 1989, the cruzado novo to a second cruzeiro on 16 March…
• How bad was Brazil's hyperinflation compared with Germany or Zimbabwe? Much milder at its peak. The Hanke-Krus World Hyperinflation Table (Cato Institute) dates Brazil's technical hyperinflation to December 1989 through March 1990,…
• What is a Brazilian overstamped or provisional banknote? It is an existing banknote given a new denomination by an overprint rather than a new design. Four of Brazil's five reforms began this way, because each took effect…
• What was the URV and why did the Plano Real succeed where other plans failed? The Unidade Real de Valor was a unit of account restated daily, used from March to June 1994. Prices were quoted in stable URV while payment stayed in cruzeiros…
• What was the largest banknote denomination of Brazil's crisis era? The 500,000 cruzeiros note of 1993, carrying the portrait of Mário de Andrade. It was the highest denomination of the 1990 to 1993 cruzeiro, the second cruzeiro of…

Peru Hyperinflation 1988 to 1990: The Inti and the Fujishock

• What was the highest denomination inti banknote Peru issued? The 5,000,000 inti note, carrying the naturalist Antonio Raimondi on the obverse and Inca architecture on the reverse. It was the last and largest note of the inti…
• How many intis equalled one nuevo sol? Exactly 1,000,000 intis equalled 1 nuevo sol when the new currency took effect on 1 July 1991. Because the inti had itself replaced the sol de oro on 1 February 1985…
• Was there ever an inti millón banknote? No. The inti millón (I/m.) was a unit of account only, in use from 1 January 1991 to 30 June 1991, where one inti millón equalled 1,000,000 intis and therefore…
• How bad was Peru's hyperinflation compared with Germany or Zimbabwe? Peru's peak of 397 percent per month in August 1990 ranks 12th of 56 episodes in the Hanke-Krus World Hyperinflation Table (Cato Institute), with prices doubling…
• What ended Peru's hyperinflation? The stabilization package announced on television on 8 August 1990 by Economy Minister Juan Carlos Hurtado Miller, remembered as the Fujishock. It unified multiple…

Austria's Krone Hyperinflation 1921-1922: Dates and Figures

• When did Austria's hyperinflation happen? Austria's krone hyperinflation ran from October 1921 through September 1922, according to the Hanke-Krus World Hyperinflation Table (Cato Institute). The peak month…
• Why did Austria stabilize before Germany? Austria acted first because it accepted outside supervision first. The Geneva Protocols of 4 October 1922 committed Austria to a new independent central bank, a…
• What was the highest denomination Austrian krone banknote? The 500,000 kronen note of 1922 was the highest denomination the Austrian krone reached in circulation. The 1922 series climbed from 1 krone to 500,000 kronen in a…
• When did the schilling replace the krone? The Schilling Act of 20 December 1924 defined one schilling as 10,000 paper kronen, and schilling currency entered circulation on 1 March 1925. The schilling was…
• Are Austrian krone notes hard to find today? Austrian krone notes from 1919 to 1922 survive in reasonable numbers because the hyperinflation was short and the notes were withdrawn in an orderly way rather than…

How Bad Was Armenia's 1993 Hyperinflation? 438% a Month

• How bad was Armenia's hyperinflation in 1993? Armenian consumer prices rose 438 percent in November 1993 alone, a daily rate of 5.77 percent that doubled the cost of living every 12.5 days. The episode ran from…
• When did Armenia introduce the dram, and what did it replace? Armenia introduced the dram on 22 November 1993, replacing the Russian ruble at a rate of 200 rubles to 1 dram. The Central Bank of Armenia had been established on 27…
• Why did Armenia leave the ruble zone? The ruble zone effectively dissolved after Russia's unilateral 1993 monetary reform withdrew older Soviet-era ruble notes from circulation inside Russia. Those notes…
• Which Armenian banknotes date from the hyperinflation period? The first dram series was issued from November 1993 in denominations of 10, 25, 50, 100, 200 and 500 dram, with 1,000 and 5,000 dram notes added as prices continued…
• How does Armenia compare with Georgia, Turkmenistan and Ukraine? Armenia's 438 percent peak month edges out Turkmenistan at 429 percent and clears Ukraine at 285 percent and Georgia at 211 percent, per the Hanke-Krus World…

China's 1947-1949 Hyperinflation: Fabi to Gold Yuan Collapse

• How bad was China's hyperinflation of 1947 to 1949? China's inflation peaked in April 1949 at 5,070 percent per month, an equivalent daily rate of 14.1 percent that doubled Shanghai wholesale prices every 5.34 days…
• What was the Chinese gold yuan and why did it fail? The gold yuan certificate was introduced on 19 August 1948 to replace the fabi at 3,000,000 fabi to one gold yuan, pegged at four gold yuan to the US dollar, with a…
• What is the highest denomination banknote ever issued in China? The Sinkiang Provincial Bank 6,000,000,000 yuan note of 1949 carries the largest face value we have found documented on any Chinese banknote. It is extremely scarce,…
• What replaced the gold yuan? The Nationalist government issued silver yuan notes on 2 July 1949 under Finance Minister Xu Kan, backed by silver dollars struck at the Central Mint of China, and…
• Are Chinese gold yuan notes commonly reproduced? Yes. The 1948 and 1949 Chinese issues are among the most widely reproduced hyperinflation notes in the hobby, and the Sinkiang 6,000,000,000 yuan is a particular…

Hungarian Pengő Series

Hungarian Pengő Notes 1945-1946: Complete Series Catalog

• What was the highest denomination Hungarian pengő note? The 100 million b.-pengő note, issued by the Hungarian National Bank on 11 July 1946, was the highest denomination ever put into circulation. Because one b.-pengő…
• What does b.-pengő mean on a Hungarian banknote? B.-pengő is short for bilpengő, and one b.-pengő equalled one million million pengő, that is 10^12. It uses the European long scale, where a billion means 10^12…
• How many pengő notes were issued during the hyperinflation? Hungary issued four distinct families of notes between 1945 and 1946: plain pengő denominations running from 50 pengő up to 1,000,000,000 pengő, six milpengő…
• What is a Hungarian pengő note worth today? Genuine notes from the series start at $59 for a 10,000 adópengő tax voucher in XF and around $99 for common milpengő issues in circulated grade, and run to $1,145…
• Why do two pengő notes with the same printed number have different values? Because the unit printed alongside the number differs. A note marked 100,000,000 pengő represents 10^8 pengő, a note marked 100,000,000 milpengő represents 10^14…
• Are Hungarian pengő notes a good place to start collecting hyperinflation currency? Yes. Hungary's 1946 collapse is the most extreme hyperinflation ever documented, with prices roughly doubling about every 15 hours at the peak (Hanke-Krus World…

Highest Denomination Banknote Ever: 100 Quintillion Pengő

• What is the highest denomination banknote ever printed? Hungary's 1 milliard b.-pengő note of 1946, worth 10^21 pengő, is the highest face value ever printed on a government banknote. It was produced but never released…
• Is the Zimbabwe 100 trillion dollar note the highest denomination ever? It is the highest denomination of the modern era and it prints more zeros on its face, fourteen, than any other circulating banknote in history. It is not the highest…
• How many zeros are on the largest banknote? Zimbabwe's 100 trillion dollar note prints fourteen zeros, more than any other circulating note. Hungary's record notes represent twenty and twenty-one zeros of value…
• What was the highest denomination note in Weimar Germany? The 100 trillion mark note of 1924, worth 10^14 mark, which ties Zimbabwe's 100 trillion dollar note for face value in base currency. The 1923 Weimar hyperinflation…
• Can you still buy the highest denomination banknotes? Yes. Genuine examples from Hungary's 1946 series and Zimbabwe's 2008 Trillion Series both survive in collectible quantity, and Planet Banknote stocks them…

Milpengő vs B.-Pengő: How to Read a Hungarian Note

• What does milpengő mean? Milpengő means one million pengő. Hungary introduced the unit on 27 May 1946 so that a single banknote could represent millions of pengő without printing twelve…
• What does b.-pengő mean? B.-pengő is short for bilpengő and equals one million milpengő, that is 10^12 pengő. It uses the European long scale in which a billion means a million million rather…
• How do I work out what a Hungarian pengő note is worth in pengő? Multiply the printed number by the unit. If the note says pengő, the printed number is the value. If it says milpengő, multiply by 10^6. If it says b.-pengő, multiply…
• Is a b.-pengő a billion pengő? Only if you use the European long scale, where a billion is a million million (10^12). In American usage a billion is 10^9, and reading b.-pengő that way understates…
• Which Hungarian note equals the Zimbabwe 100 trillion note? The 100,000,000 milpengő note (P-130), issued 24 June 1946, represents 10^14 pengő, the same power of ten as Zimbabwe's 100 trillion dollar note (P-91). They are…

The Hungarian Adópengő: The Tax Note Revalued Every Day

• What was the adópengő? The adópengő, meaning "tax pengő", was a parallel Hungarian currency introduced on 1 January 1946 as an inflation-indexed unit of account, so that tax revenue would…
• How much was an adópengő worth in pengő? It depends entirely on the date, because the rate was reset daily. One adópengő equalled one pengő on 1 January 1946, approximately 7.5 x 10^9 pengő on 1 July 1946,…
• Who issued the adópengő notes? The Hungarian Ministry of Finance, under Finance Minister Ferenc Gordon, rather than the Hungarian National Bank which issued the pengő, milpengő and b.-pengő notes.…
• What adópengő denominations were issued? Seven: 10,000, 50,000, 100,000, 500,000, 1,000,000, 10,000,000 and 100,000,000 adópengő. The 50,000 and 500,000 were issued on 30 May 1946, the 10,000 and 100,000 on…
• What happened to adópengő notes when the forint arrived? They were withdrawn on 31 July 1946, one day before the forint was introduced, and converted at 200 million adópengő to one forint. They remained redeemable until…
• Are adópengő notes rare? The denominations vary. The earlier and lower denominations survive in reasonable quantity and are among the more affordable notes from the 1946 crisis. The two…

Pengő to Forint, 1946: 400 Octillion Pengő for One Forint

• When did the pengő become the forint? On 1 August 1946. The pengő and the adópengő were both withdrawn on 31 July 1946, and the forint was introduced the following day at a conversion rate of 4 x 10^29…
• What was the pengő to forint exchange rate? 400 octillion pengő to one forint, that is 4 x 10^29 to one, which retired twenty-nine zeros in a single step and is the largest currency conversion ratio in monetary…
• What was the last Hungarian pengő banknote? The 100,000,000 b.-pengő note, issued by the Hungarian National Bank on 11 July 1946 and worth 10^20 pengő. It is both the last pengő note issued and the highest face…
• Why did the forint succeed when the adópengő failed? Because the August 1946 reform changed the fiscal and monetary position rather than only the units printed on the notes. The milpengő and b.-pengő notations were…
• How long did Hungary's hyperinflation last? The acute phase ran from roughly mid-1945 to 31 July 1946, peaking in July 1946 when prices roughly doubled about every 15 hours (Hanke-Krus World Hyperinflation…

Famous Notes

Most Valuable US Banknotes: The $3.29 Million Record, Ranked

• What is the most valuable United States banknote? The Series 1890 $1,000 Treasury Note known as the Grand Watermelon, catalogued Fr. 379b. It realized $3,290,000 at Heritage Auctions on January 10, 2014 at the…
• Why were the $500, $1,000, $5,000, and $10,000 bills discontinued? They fell out of use. All four denominations were last printed on December 27, 1945, and on July 14, 1969 the Treasury and the Federal Reserve announced that the…
• What makes a $5 National Bank Note worth more than a $1,000 bill? Geography and survival, not denomination. Every National Bank Note names its issuing bank, town, state, and charter number, and more than 14,000 banks were chartered…
• How many $10,000 bills still exist? As of May 30, 2009, 336 $10,000 bills were recorded, along with 342 $5,000 bills, according to Brian Palmer, writing in Slate on July 24, 2009. By that count the…
• Which small-size United States notes are the rarest? The Series 1933 $10 Silver Certificate leads the modern-size field. Very few were released before Series 1934 replaced them and most of the remainder were consigned…

Queen Elizabeth II Banknotes: Portraits on 33 Currencies

• How many currencies featured Queen Elizabeth II? At least 33 different currencies, more than any other monarch in history, an achievement noted by Guinness World Records. Issuers ranged from the United Kingdom,…
• What was the first banknote to show Queen Elizabeth II? The Bank of Canada's 1935 $20 note, issued the day the Bank opened on March 11, 1935. It portrayed her as an eight-year-old princess, engraved from a 1934 Marcus…
• Are Queen Elizabeth II banknotes still in circulation? Some are. The Bank of England's King Charles III notes entered circulation on June 5, 2024, but they are printed only to replace worn notes, so Queen Elizabeth II…
• Are Queen Elizabeth II banknotes a good collecting area? Yes, and the case strengthened after 2022: with her reign ended, the field is complete, no new portraits will be added, and the supply of crisp examples is fixed.…
• Why is the Annigoni portrait famous? Pietro Annigoni's 1955 painting of the young Queen in Garter robes became the most romantic image of her reign, and two banknote engravings were adapted from it: a…

Operation Bernhard: The Nazi Counterfeit Pound Notes

• How can you tell a Bernhard forgery from a genuine white note? Specialists have documented 28 differences between genuine white notes and Bernhard forgeries, according to Paper Money Guaranty. One well-known marker sits in the…
• How many counterfeit notes did Operation Bernhard produce? Postwar figures compiled by Chief Inspector William Rudkin of the Metropolitan Police, cited by the Bank of England Museum, put output at about 8.9 million notes with…
• What happened to the prisoners who did the forging? As the war ended, the SS moved the unit from Sachsenhausen to Mauthausen and then to the Redl-Zipf tunnels in Austria in early 1945. The prisoners ended up at Ebensee…
• Is the film The Counterfeiters historically accurate? It is grounded in fact but dramatized. The 2007 Austrian-German film is based on Adolf Burger's memoir, and Burger advised the production, but the lead character…

The Grand Watermelon: America's Most Valuable Banknote

• How many Grand Watermelon notes exist? Seven examples are believed to survive, per the census cited by PCGS and Stack's Bowers. Four are in government collections and three are private: two Fr. 379a notes…
• Why did the Grand Watermelon sell for $3.29 million? The note Heritage Auctions sold on January 10, 2014 is the only Fr. 379b small red seal example in private hands, so bidders were competing for a note that might not…
• Is the Grand Watermelon still the most expensive banknote ever sold? Yes. Guinness World Records lists the $3.29 million Heritage Auctions sale from January 2014 as the most expensive banknote sold at auction, and no reported sale had…
• What is the difference between Fr. 379a and Fr. 379b? Both share the watermelon back. Fr. 379a carries a large brown Treasury seal with Rosecrans and Huston signatures, while Fr. 379b carries a small red seal. The finest…
• Can I buy a Grand Watermelon note? Practically speaking, no. Only three are privately owned, and they trade rarely, at seven figures, through major auction houses. Most collectors instead pursue…

The 100 Trillion Mark Note of Weimar Germany (1924)

• Is the German note 100 billion or 100 trillion marks? It is 100 trillion marks in English. The note reads 100 Billionen Mark, and German counts large numbers on the long scale, where a Billion equals a million million,…
• What was the 100 trillion mark note worth when it was issued? Roughly 24 US dollars. By its 15 February 1924 date, Germany had stabilized the currency, with 1 Rentenmark exchanging for 1 trillion paper marks and the US dollar at…
• Why is the 100 trillion mark note scarcer than other Weimar notes? The common 1923 notes were printed in astronomical quantities, with the Reichsdruckerei processing about 5.5 million kilograms of banknote paper in late 1923 and some…
• How does it compare to Zimbabwe's 100 trillion dollar note? Both carry the same written face value, 100,000,000,000,000, a one followed by fourteen zeros. The Reserve Bank of Zimbabwe introduced its version on 16 January 2009,…
• Was it the highest denomination banknote ever issued? It was the highest Germany ever issued (Bundesdruckerei). A 1,000 trillion mark note was produced in February 1924 but never circulated. Globally, Hungary's 1946…

100 Quintillion Pengo Note: Hungary's 1946 Record Banknote

• What is the highest-denomination banknote ever issued? The Hungarian 100 million b.-pengő note of 1946, equal to 100 quintillion pengő, a one followed by twenty zeros. Guinness World Records lists it as the highest…
• How many zeros does the 100 quintillion pengő note have? Twenty, though none are printed on the note. The face reads SZÁZMILLIÓ B.-PENGŐ, one hundred million b.-pengő, and since one b.-pengő equals one trillion pengő, the…
• What does b.-pengő mean? The "b." stands for billió, the Hungarian long-scale billion, equal to a million million, an American trillion. One b.-pengő is one trillion pengő, so 100 million…
• Why was the one sextillion pengő note never issued? The currency reform overtook it. Hungary introduced the forint on August 1, 1946 and abolished the pengő before the one milliard b.-pengő note, worth one sextillion…
• Is the 100 quintillion pengő note valuable today? Yes, as a collectible. The forint reform retired the pengő long ago, and the note is popular and generally affordable today. Prices depend on condition and…

Confederate Currency: The Money of a Nation That Vanished

• Is Confederate money worth anything today? Yes, as collectables. The PMG World Paper Money Price Guide lists the common 1864 $10 note at $20 in Very Good 8 and $85 in Uncirculated 60, while the 1861 Montgomery…
• What is a Confederate money value chart based on? On the Criswell type number, which identifies the design, plus the grade. Collectors catalogue the whole 1861 to 1864 output as 72 major types, T-1 through T-72, and…
• What are the Montgomery notes? The Confederacy's first paper money, issued at Montgomery, Alabama in 1861 in four denominations: $50, $100, $500 and $1,000. They were printed by the National Bank…
• How can I tell if a Confederate note is genuine? Check the signatures, the serial numbers, the edges and the printer imprint. Genuine notes above 50 cents were signed in ink by hand and carry hand-written serial…
• Why did Confederate money lose its value? Confederate notes were never backed by gold or silver. Each was a promise to pay the bearer after a future treaty of peace between the Confederate States and the…
• Which Confederate note is the cheapest to start with? The 1864 seventh issue. It was printed in enormous quantity during the last fourteen months of the war, so the 50 cent, $5, $10 and $20 notes survive in numbers and…

US National Bank Notes: America's Hometown Currency

• What is a National Bank Note? US currency issued from 1863 to 1935 by individual, federally chartered national banks under the National Banking Acts. Each note carries the issuing bank's name,…
• Are National Bank Notes still legal tender? Yes. National Bank Notes were retired from circulation after 1935 but never demonetized, so they remain legal tender redeemable at face value. In practice, collector…
• What is the difference between Type 1 and Type 2 1929 nationals? Type 1 notes, issued from 1929 to May 1933, show the charter number twice in black and use serial numbers with a letter at each end, such as A000001A. Type 2 notes,…
• What does the charter number on a national tell me? Charter numbers were assigned sequentially from 1 (First National Bank of Philadelphia, 1863) to 14,348 (Roodhouse National Bank of Roodhouse, Illinois, December…
• What makes one National Bank Note worth more than another? Bank rarity comes first: notes are priced by how scarce the issuing bank's surviving notes are, so small-town banks with tiny issues command large premiums.…

Japanese Invasion Money: WWII's Occupation Banknotes

• What is Japanese invasion money? Japanese invasion money, or JIM, is the unbacked occupation currency Imperial Japan issued for territories it conquered in World War II, circulating from 1942 to…
• Why was Japanese invasion money called Mickey Mouse money? Filipinos coined the nickname because the occupation notes had no backing reserves behind them, a fact recorded by the Bangko Sentral ng Pilipinas. The name mocked…
• Is Japanese invasion money worth anything today? Yes, it has collector value. No government ever redeemed the notes, so today they trade as historical collectibles. Common notes were printed and saved in such…
• Can Japanese invasion money still be exchanged or redeemed? No. The notes ceased to circulate at liberation, no successor government honored them, and Japan has refused to exchange them ever since. Their value today is…
• Why do so many Japanese invasion notes survive in uncirculated condition? Japan printed the notes in enormous quantities, and at the end of the war vast stocks were captured or abandoned before they ever circulated. Allied servicemen…

Hawaii Overprint Notes: America's Invasion-Proof Money

• What are Hawaii overprint notes? Hawaii overprint notes are emergency United States banknotes issued in wartime Hawaii starting June 25, 1942. Each carries a brown Treasury seal, brown serial…
• Why did the United States overprint its currency in Hawaii? Planners feared Japan might invade Hawaii after Pearl Harbor and seize the cash on the islands, handing the enemy usable American dollars. If Hawaii fell, the…
• Are Hawaii overprint notes still legal tender? Yes. The overprints were never formally demonetized, so a genuine Hawaii note is still worth its face value as United States currency. Spending one would be a…
• How can you tell a genuine Hawaii overprint note? Check that the seal and serial numbers are brown, not blue or green, and that HAWAII appears twice on the face and in large outlined letters across the back. The most…

French Assignats: The Revolution's Paper Money Disaster

• How much does a genuine assignat cost today? Assignats are among the most affordable pieces of 18th century paper money because they were printed in the billions. Common republican issues in average condition…
• How can I tell if an assignat is genuine? Hold the note to the light and look for the watermark, which usually spells out the denomination in the paper. Genuine assignats are printed on sturdy laid rag paper,…
• What does the death warning printed on assignats mean? Many assignats carry the inscription "La loi punit de mort le contrefacteur," which means the law punishes the counterfeiter with death. Some issues add that the…
• Was the assignat collapse a true hyperinflation? Yes. The Hanke-Krus World Hyperinflation Table published by the Cato Institute lists France from May 1795 to November 1796 as the earliest documented hyperinflation,…
• Why did land backing fail to save the assignat? Land cannot circulate, so the backing only worked if the state kept issuance below the value of the confiscated property and honored redemption. Revolutionary…

Grading & Comparison

Banknote Grading Guide: PMG & PCGS 1-70 Scale Explained

• What is the banknote grading scale? Banknotes are graded on a 1 to 70 numerical scale used by PMG and PCGS Banknote, adapted from the Sheldon scale used for coins. Grade 70 is flawless and grade 1 is…
• What does UNC mean on a banknote? UNC means Uncirculated: a note that never entered circulation and shows no folds, creases, or handling wear. On the 70-point numeric scale, Uncirculated covers grades…
• What is the difference between EPQ and PPQ? Both certify original, unaltered paper. EPQ (Exceptional Paper Quality) is PMG's designation and PPQ (Premium Paper Quality) is PCGS Banknote's designation for the…
• Is PMG or PCGS better for banknotes? Both are widely accepted and both use the 1 to 70 scale. PMG has the longer track record specifically in paper money and grades the largest share of world banknotes,…
• Should I buy raw or graded banknotes? Buy raw for enjoyment, type sets, and lower-value notes, ideally from a source-first dealer that includes a Certificate of Authenticity. Buy certified for high-value…
• Is it worth getting a banknote graded? It is worth grading a note when you believe it is high grade and its value justifies the grading fee plus round-trip shipping and insurance. Grading pays off on…
• How much does it cost to get a banknote graded? Entry-tier grading costs $23 per note at PMG (Modern tier, notes from 1957 to present) or $20 per note at PCGS Banknote (Modern tier, notes from 1960 to date), per…

PMG vs PCGS for Banknotes: Which Grading Service?

• Do PMG and PCGS use the same grading scale for banknotes? Yes. Both PMG and PCGS Banknote grade paper money on the same 1 to 70 numerical scale, adapted from the Sheldon scale used for coins, where 70 is flawless and 1 is…
• What is the difference between EPQ and PPQ? Both certify original, unaltered paper. EPQ (Exceptional Paper Quality) is PMG's designation and PPQ (Premium Paper Quality) is PCGS Banknote's designation for the…
• Is PMG or PCGS better for banknotes? Neither is universally better. Both are widely accepted, both use the 1 to 70 scale, and both certify authenticity and paper quality. PMG has the longer track record…
• Does Planet Banknote sell both PMG and PCGS graded notes? Yes. Planet Banknote stocks notes certified by both PMG and PCGS Banknote, so you can compare the two holders side by side and choose the grade and service you…
• Is PMG or PCGS cheaper for grading banknotes? PCGS Banknote is slightly cheaper at the entry level: $20 per modern note versus PMG's $23, per each service's published fee page in October 2026. PMG adds a $10…
• Should I choose a banknote by its grade number or by the grading service? Start with the grade and the note, then treat the service as a secondary preference. Price and quality track the numeric grade far more than the brand on the holder,…

Graded vs Raw Banknotes: Which Should You Buy? (2026)

• What is the difference between a graded and a raw banknote? A raw banknote is uncertified: its condition is the seller's opinion, and its authenticity rests on the dealer's reputation and documentation. A graded banknote has…
• How much more does a graded banknote cost than a raw one? Using Planet Banknote current retail as of October 2026, a Zimbabwe 100 trillion dollar note costs $89 per raw uncirculated note ($178 for two notes) and $229 in PMG…
• When is buying a graded banknote worth it? Buy graded when the note is high value, when you plan to resell, or when authenticity is a real risk for that issue. The certification premium removes the two biggest…
• Is it worth getting my own banknotes graded? Submit a note for grading when you believe it is genuinely high grade, Uncirculated or close to it, and its value justifies the grading fee plus shipping and…
• Should a beginner buy graded or raw banknotes? For most beginners, raw uncirculated notes bought from a source-first dealer with a Certificate of Authenticity are the right start, because you get the same note for…
• Do graded banknotes need special storage? No. A note graded by PMG or PCGS is already sealed in a rigid, tamper-evident, archival holder, so it needs no extra sleeve. Keep the slab cool, dry, dark, and…

Collecting Guides

Fancy Serial Numbers on Banknotes: Every Type Defined

• What is a fancy serial number on a banknote? A fancy serial number is a banknote serial whose digits form a recognized pattern rather than a random string. The grading service PMG publishes eight core…
• What is a radar serial number, and how rare is it? A radar serial number is a palindrome, meaning it reads the same forwards and backwards, and PMG defines it exactly that way. In an eight-digit field the first four…
• What is the difference between a repeater and a radar? A radar mirrors, and a repeater repeats. The radar 83422438 reads identically in both directions, while the repeater 83428342 has a first half that reappears…
• How rare is a solid serial number? Only ten patterns in an entire eight-digit field are solids, one for each digit, which is roughly one in ten million. In practice fewer are reachable, because US…
• Does a grading service put the fancy serial number on the label? Yes. PMG prints the applicable serial number designation on its certification label alongside the numeric grade, and where a number qualifies under several rules at…

Banknote Replicas and Novelty Notes: How to Tell Them Apart

• What is the difference between a banknote replica and a counterfeit? A replica is a decorative copy sold openly as a souvenir, a display piece, or a film prop, and it usually carries a printed mark such as COPY or REPLICA. A…
• Are gold foil banknotes real currency? No. Metallic foil has never been used as a substrate for circulating currency by any issuing authority. Gold, silver, and colored foil pieces are novelty items that…
• How can you tell prop money from a genuine banknote? Prop money is printed on ordinary stock with flat offset ink, so it has no raised intaglio relief and no thread embedded in the substrate. The reverse is often…
• Is a SPECIMEN overprint a sign that a note is a replica? No, the opposite. Specimen notes are genuine notes made by the issuing authority on the real substrate with the full production process, then overprinted or…
• Does a certificate of authenticity prove a banknote is genuine? Only if it comes from an independent party. A printed certificate packed in the same box was produced by whoever produced the item, so it cannot vouch for it. What…

What Determines a Banknote's Value? 9 Factors, Ranked

• What determines a banknote's value? Nine factors, ranked by impact: condition and grade, surviving population, collector demand and story, third-party certification, signature and variety combinations,…
• Does the face value printed on a banknote determine what it is worth to collectors? No. Face value ranks last of the nine factors, because a denomination describes what the issuing authority designed the note to do, not how many survive or how many…
• Are older banknotes always more valuable? No. Age ranks eighth of the nine factors. Older notes had more time to be lost or worn out, so age correlates loosely with attrition, but it predicts nothing on its…
• How much does grading affect a banknote's value? Grade is the single largest driver of price, which is why it ranks first. PMG and PCGS Banknote grade on a 1 to 70 scale, and a difference of a few points on the same…
• What makes one banknote rarer than another? Surviving population, not print run. Rarity is the number of examples that still exist in collectible condition, which is frequently unrelated to how many were…

How to Start Collecting World Banknotes (2026 Guide)

• Is collecting world banknotes a good hobby for beginners? Yes. World banknote collecting is one of the most accessible history hobbies, because genuine notes can cost only a few dollars and there is no minimum to start. Each…
• How do I choose what banknotes to collect? Pick one focus so your collection has a shape. The four most common are a country, meaning notes from one nation; a theme, such as animals or ships that appear across…
• Should a beginner buy raw or graded banknotes? For most beginners, raw uncirculated notes bought from a source-first dealer with a Certificate of Authenticity are the right start. Save certified notes, graded and…
• How much money do I need to start collecting banknotes? You can start for the cost of a single note. Many genuine world banknotes cost only a few dollars, and an accessible showpiece like a raw uncirculated Zimbabwe 100…
• How should I store a banknote collection? In archival holders, kept cool, dry, dark and flat. The Library of Congress advises storing paper at around 35 percent relative humidity in acid-free, lignin-free…
• What is the next step after choosing what to collect? Buying, which is a separate skill. Once you have settled a focus, a per-note ceiling, raw or certified, and storage, the remaining risk is the seller. Our guide to…
• What is a good first banknote to buy? For most new collectors the best first purchase is the Zimbabwe 100 trillion dollar note (Pick P-91). It is the highest-denomination banknote of the modern era, with…

How to Store and Protect Banknotes

• What is the best way to store banknotes? Store banknotes flat in an inert archival holder made of polyester, polypropylene, or polyethylene, and keep the holder somewhere cool, dry, dark, and stable. Handle…
• Are PVC holders safe for banknotes? No. Soft PVC (polyvinyl chloride) is not safe for long-term banknote storage. Over time it can release plasticizers that leave a sticky or oily film on the note and…
• Do I need to wear gloves to handle banknotes? Gloves are optional. Clean, thoroughly dry hands are fine for most notes, as long as you hold the note by its edges and avoid lotions or oils. Many collectors do use…
• Do graded (slabbed) banknotes need special storage? No. A banknote graded by PMG or PCGS is already sealed inside a rigid, tamper-evident, archival holder, so it does not need an extra sleeve. Keep the slab cool, dry,…
• What temperature and humidity are best for storing paper money? Aim for cool, stable, and moderately dry conditions rather than an exact figure, since stability matters more than any single number. Standard paper conservation…

How to Spot a Counterfeit Banknote

• Do all real banknotes have a watermark? No. A watermark is formed in the paper during manufacture, and not every note has one. The Zimbabwe 100 trillion dollar note was printed with no watermark, so a…
• What is the single most reliable way to authenticate a banknote? Buy one already certified by PMG or PCGS. Both services authenticate every note before grading it on the 1 to 70 scale and seal it in a tamper-evident holder with a…
• What is color-shifting ink on a banknote? It is optically variable ink that changes color when you tilt the note, for example from green to gold. It is expensive to reproduce, so most counterfeits print a…
• How can you tell real banknote paper from a printed copy? Genuine notes are usually printed on cotton or cotton-linen paper that feels crisp and firm, and key elements are printed with raised intaglio ink you can feel with a…
• Can PMG or PCGS detect a counterfeit banknote? Yes. Both services authenticate every note before assigning a grade and will not encapsulate a counterfeit or novelty replica. That is why a sealed PMG or PCGS holder…

Where to Buy World Banknotes & How to Vet a Dealer

• Where can I buy foreign banknotes? Through three channels: a specialist dealer, an established auction house, or an open online marketplace. A specialist dealer that stocks by country is the simplest…
• How do I verify that a graded banknote is genuine? Use the grading service's own lookup. Enter the certification number and grade printed on the holder into the grader's database, or scan the QR code above the number…
• How do I know if a banknote dealer is trustworthy? Check six signals before you buy: third-party grading through PMG or PCGS, a Certificate of Authenticity with every order, transparent sourcing, a written and…
• Are ungraded banknotes on marketplaces safe to buy? They can be, but the risk is higher because the platform rarely authenticates the item itself. An ungraded note has not passed a neutral grader, so its authenticity…
• What should a Certificate of Authenticity include? A useful COA names the specific note, its catalog (Pick) number and its grade, and ties that description to the item you received rather than reading as a generic…
• What is the safest way to pay for a banknote online? With a method that has a dispute process. The Federal Trade Commission advises never buying from an online seller who insists you pay by gift card, wire transfer,…
• Does Planet Banknote accept returns? Yes. Planet Banknote accepts returns within 7 days in original condition with a return merchandise authorization (RMA). A restocking fee applies: 15% on orders under…

Banknote History

History of Paper Money: From Tang China to Polymer, a 1,300-Year Timeline

• Who invented paper money? China did. Private merchant houses in Sichuan issued the first true banknotes, called jiaozi, during the 10th century, backed by deposits of iron coin. The Song…
• What is the difference between paper money and a banknote? Paper money is the broad category, meaning any paper that circulates as money. A banknote is the specific instrument: a printed, transferable promise issued by a bank…
• When did the first banknotes appear in Europe? In 1661, when Stockholms Banco issued credit notes in Sweden. Sveriges Riksbank states that these were the first real banknotes in Europe. They appeared because…
• When did paper money stop being backed by gold? On 15 August 1971, when President Nixon closed the gold window and ended the ability of foreign governments to convert dollars into gold at 35 dollars an ounce.…
• What was the first polymer banknote? An Australian 10 dollar commemorative note issued in January 1988 for the bicentenary, developed jointly by the Reserve Bank of Australia and CSIRO. It was a world…
• How old is paper money? Roughly 1,300 years old if you count from the Tang recognition of flying cash in 812, and about a thousand years if you count from the first true banknotes, the…
• Do any of the earliest banknotes still exist? Some do. Yuan dynasty notes issued from 1260 survive in the National Museum of China, and Ming 1 guan notes from 1375 are held by the British Museum and the…

The First Paper Money: Jiaozi, Huizi and Kublai Khan's Chao

• Who invented paper money? China did. Private merchant houses in Sichuan issued the first circulating paper notes, called jiaozi, during the 10th century, backed by deposits of iron coin. The…
• What is the difference between 1023 and 1024 for the first paper money? They describe two different events, so both dates are correct. In 1023 the Song founded the Paper-Notes Office at Yizhou, the prefecture centred on Chengdu, on the…
• Was Tang flying cash the first paper money? No. Feiqian, or flying cash, was a transfer draft rather than currency. A merchant deposited coin in the capital and redeemed the certificate for coin in a distant…
• What did Marco Polo say about Chinese paper money? Polo described the mint at Khanbalik making notes from mulberry bark, sealed and signed by appointed officers. In Henry Yule's translation he wrote that the Khan…
• What was the Da Ming Baochao? It was the Great Ming Circulating Treasure Note, issued from 1375 on mulberry fibre paper after a supervisorate was founded in 1374. It was never convertible into…
• Why did Chinese paper money keep collapsing? Each system began convertible into coin or silver, met a war or a fiscal emergency, suspended convertibility, and then printed past what the economy could absorb. The…
• Can you buy a genuine Song or Ming banknote? Realistically, no. No Song notes are known to survive, and Jin, Yuan and Ming notes sit in museum collections such as the British Museum, the Smithsonian and the…

Europe's First Banknotes: Stockholms Banco 1661, the Bank of England 1694 and John Law's Paper

• What was the first banknote in Europe? The first banknotes in Europe were the credit notes issued by Stockholms Banco in Sweden in 1661. Sveriges Riksbank, the central bank that grew out of that…
• Who was Johan Palmstruch? Johan Palmstruch received charters for an exchange bank and a loan bank in November 1656, opened Stockholms Banco in 1657, and issued Europe's first banknotes in…
• Why did Sweden invent the banknote? Because Swedish coins were impossibly heavy. Sweden adopted a copper standard in 1624, and because copper is worth far less than silver, replacing silver coins meant…
• When was the Bank of England founded and when did it first issue notes? The Bank of England was founded on 27 July 1694 as a private bank lending to the government, largely to fund the war against France, and opened on 1 August 1694 with…
• What happened to John Law's banknotes? From 1716 John Law's Banque Générale issued paper money against gold in France, backed from 1718 by the regent Philippe d'Orléans. The Banque de France museum records…
• Was paper money used in America before Europe? No. Europe was first by more than twenty years. Playing-card money appeared in New France in 1685, and the Massachusetts Bay Colony issued bills of credit in 1690 to…
• Can you still buy Europe's earliest banknotes? Seventeenth-century notes are effectively museum objects and almost never reach the market. Collecting realistically begins in the 18th century, where French…

The Oldest Banknotes Still in Existence (and the Oldest Still Legal Tender)

• What is the oldest banknote in the world that still exists? Chinese notes of the Yuan dynasty, issued from 1260 under Kublai Khan. The National Museum of China holds a Zhongtong yuanbao jiaochao measuring 26.4 by 21.1…
• Is the Ming 1 guan the oldest surviving banknote? No, and no museum claims it is. It is the best-known early survivor, held by the British Museum and the Smithsonian among others, and the oldest paper money most…
• What is the oldest surviving European banknote? A Stockholms Banco credit note from the 1660s. Sweden issued Europe's first banknotes in 1661, and Sveriges Riksbank illustrates a surviving example made out for 100…
• What is the oldest banknote still legal tender? Australian notes go furthest back with their status intact: the Reserve Bank of Australia states that all previous Australian banknotes retain their legal tender…
• Will the Bank of England still exchange very old banknotes? Yes. The Bank states that there is no deadline to exchange old banknotes with the Bank of England, although withdrawn notes are no longer legal tender. The oldest…
• Can you still exchange old Swiss or Canadian notes? Partly. The Swiss National Bank exchanges its sixth series and later at full nominal value with no time limit, but earlier series passed their deadline and can no…
• Can you buy a genuine Yuan or Ming banknote? Realistically, no. Those notes sit in institutional collections such as the National Museum of China, the British Museum and the Smithsonian, and decorative…

From Gold Standard to Fiat Money: 1933, 1971 and Why Banknotes Stopped Being Receipts

• When did the United States leave the gold standard? In stages. Executive Order 6102 called in gold on 5 April 1933, and the Gold Reserve Act of 30 January 1934 transferred monetary gold to the Treasury and ended…
• What is fiat money in simple terms? Fiat money is currency that is not a claim on any commodity. It has value because a government issues it, a central bank manages it, and people accept it. Before…
• What was the Bretton Woods system? Bretton Woods was the monetary order agreed in July 1944 by delegates from 44 nations in New Hampshire. The dollar was fixed to gold at $35 an ounce, other currencies…
• What did the old notes actually say about gold? Series 1928 Federal Reserve notes carried a promise of redemption in gold. Series 1934 notes replaced it with redemption in lawful money, the phrase still written…
• Why do Bank of England notes still promise to pay the bearer? Because the wording was never removed. It dates from the years when a Bank of England note was a claim on gold coin, and it survived the Restriction Period of 1797 to…
• Are gold certificates and silver certificates still collectible? Yes, and they are among the most popular US collecting areas precisely because the promise is printed on the face. Gold certificates were first issued in 1865 and…
• Did the 1933 order affect collectors? Not in the same way. Executive Order 6102 exempted gold coins having a recognized special value to collectors of rare and unusual coins, alongside an allowance of…

Germany's 1948 Currency Reform: Reichsmark to Deutsche Mark

• When did Germany change from the Reichsmark to the Deutsche Mark? The currency reform took effect on 20 June 1948 in the three western occupation zones, and from 21 June 1948 the Deutsche Mark was the only means of payment there.…
• How much money did each person get in the 1948 currency reform? Forty Deutsche Mark in cash, paid out from early on Sunday 20 June 1948, and a further 20 Deutsche Mark in August. The payment was called Kopfgeld, or head money, and…
• What was the Reichsmark to Deutsche Mark conversion rate? There was no single ratio. Wages, salaries and rents carried over at one to one, so incomes kept their nominal value. Balances were cut to a tenth. The Haus der…
• Did the 1948 currency reform cause the Berlin blockade? It was the immediate trigger. The US Office of the Historian records that American and British policymakers introduced the new Deutschmark to Bizonia and West Berlin…
• Who issued the first Deutsche Mark banknotes? The Bank deutscher Laender, established on 1 March 1948 as the central bank above the state central banks of the western zones, issued the notes under Allied…
• What are Baerenmark notes? They are 1948 Deutsche Mark notes marked for use in Berlin. On 24 June 1948 the Deutsche Mark was extended to the three western sectors of the city, and notes for…
• Can Deutsche Mark banknotes still be exchanged? Yes. The Bundesbank states that it is generally possible to exchange an unlimited amount of Deutsche Mark banknotes and coins indefinitely and free of charge at all…

A History of Counterfeit Money: From Ming China to the Supernote

• When did counterfeiting of paper money begin? Almost immediately after paper money did. Chinese notes carried printed warnings against forgery as part of their design, and the British Museum's Great Ming Treasure…
• Who are the most famous counterfeiters in history? Artur Alves Reis, who in 1925 tricked the London printer Waterlow and Sons into producing 200,000 genuine 500 escudo notes for Portugal, and the SS unit behind…
• Why was the Secret Service founded? To suppress counterfeiting. The Secret Service was established in 1865 as a bureau in the Treasury Department, and it states that by the end of the Civil War nearly…
• What is a supernote? A very high quality counterfeit US $100 note produced using intaglio printing rather than ordinary copying methods. A 2009 Congressional Research Service report…
• How did Benjamin Franklin prevent counterfeiting? By changing the materials as well as the design. A 2023 study of 600 notes printed between 1709 and 1790 found that Franklin used natural graphite pigments, paper…
• Which banknotes are hardest to counterfeit now? Modern polymer notes with transparent windows, colour-shifting inks and tactile marks. The Bank of England reports that counterfeiting has substantially reduced since…
• Are counterfeit notes collectible? Some are, when the counterfeit is itself a documented historical object. Operation Bernhard notes and the 1925 Portuguese 500 escudo notes are collected and studied,…

History of the Euro Banknotes: First Series 2002, Europa Series, and Whether Old Euro Notes Are Still Valid

• Are old euro notes still valid? Yes. The European Central Bank states that banknotes from the first series are legal tender, will always retain their value and will continue to circulate alongside…
• Are 500 euro notes still valid? Yes. The ECB decided on 4 May 2016 to permanently stop producing the 500 euro banknote and to exclude it from the Europa series, and it has not been issued since 27…
• When were euro banknotes first issued? Euro banknotes and coins entered circulation on 1 January 2002. The euro itself had been launched three years earlier, on 1 January 1999, when it became the currency…
• Who designed the euro banknotes? Robert Kalina, a graphic artist at Oesterreichische Banknoten- und Sicherheitsdruck GmbH in Vienna, designed the first series. The Berlin-based graphic artist and…
• Why is the second series called the Europa series? Because two of its security features contain a portrait of Europa, the figure from Greek mythology, taken from an image on a vase held in the Louvre in Paris. The ECB…
• Are the buildings on euro banknotes real? No. Each denomination represents a different period of European architectural history, but the windows, doorways and bridges are generic rather than actual monuments.…
• When will new euro banknotes be issued? Not for several years. The ECB Governing Council chose two themes on 30 November 2023, "European culture" and "Rivers and birds", and decided the motifs in January…

History of the Bank of England Note: 1694 to the King Charles III Series

• What is the oldest Bank of England banknote? The Bank of England began issuing handwritten running cash notes in 1694, the year it was founded. One of the earliest examples in the Bank of England Museum…
• Why do Bank of England notes say I promise to pay the bearer on demand? Because the first notes were receipts. When the Bank was founded in 1694 it gave customers notes as proof of the money they had deposited, and those notes promised to…
• When did the Queen first appear on a Bank of England banknote? On 17 March 1960, when the Series C £1 note was issued with a portrait of Queen Elizabeth II. Before that, Britannia was the only figure to appear on Bank of England…
• Which women have appeared on Bank of England banknotes? Queen Elizabeth II from 1960 and King Charles III since 2024 aside, three women have appeared on Bank of England notes. Florence Nightingale was on the Series D £10…
• What is a white note? A white note is an early Bank of England note printed in black ink on one side of plain white paper, with nothing on the reverse. The Bank issued them from 1725 to…
• Can I still exchange an old Bank of England banknote? Yes. The Bank of England sets no deadline for exchanging its withdrawn notes, either by post or at its counter in Threadneedle Street. Some high street banks and the…
• What will the next Bank of England banknote series look like? The theme is nature, with a focus on wildlife native to the UK. The Bank announced work on a new series in July 2025, chose the nature theme in March 2026, and in…

History of Australian Banknotes: Pre-Decimal Pounds, Decimal 1966, and the World's First Polymer Note (1988)

• What was Australia's first banknote? A ten shillings note, ready for numbering on 1 May 1913. It was printed in Melbourne by Thomas Samuel Harrison, appointed Australia's first banknote printer in 1912,…
• Why are early Australian banknotes called Fisher's Flimsies? Newspapers coined the name to mock Prime Minister Andrew Fisher and his enthusiasm for a government note issue. The fine linen paper wore out quickly in use, and the…
• When did Australia change from pounds to dollars? On 14 February 1966, at a rate of two dollars to the pound, with ten shillings becoming one dollar. The Menzies government announced the change in 1963 and created a…
• Who designed Australia's first decimal banknotes? Gordon Andrews. Four Australian designers, Andrews, Richard Beck, Max Forbes and George Hamori, prepared preliminary designs advised by the painter Russell Drysdale.…
• Why did Australia develop the polymer banknote? Because the 1966 decimal notes were counterfeited within months of issue, starting with the $10. Governor H. C. Coombs asked Australian scientists for a long-term…
• Which monarch appeared first on an Australian banknote? King George V, in profile on the half sovereign, or ten shillings, note first issued in September 1923 in the Harrison series. A five shillings note carrying George V…
• What will the new Australian $5 note look like? It will carry artwork celebrating Aboriginal and Torres Strait Islander cultures and history instead of a portrait. The Reserve Bank asked the public for a theme,…

History of Canadian Banknotes: Chartered Banks, the 1935 Bank of Canada, and the Polymer Frontier Series

• Who issued Canadian banknotes before the Bank of Canada? Colonial and Dominion governments and dozens of private chartered banks. Lower Canada issued army bills during the War of 1812, the Dominion Notes Act brought the…
• When did the Bank of Canada issue its first banknotes? On 11 March 1935, the day the Bank officially opened for business. The Bank of Canada Act had received royal assent on 3 July 1934. The first series was really two…
• Who is on the 1935 Bank of Canada notes? Seven members of King George V's family and two prime ministers. George V is on the $1, Queen Mary on the $2, Edward, Prince of Wales on the $5, Princess Mary on the…
• What is a Canadian shinplaster? A 25-cent fractional note issued by the Dominion of Canada from 1870. It was created as a temporary measure, at the prompting of William Weir, to help drive…
• What size are older Canadian banknotes? Canadian notes have always been close to the same size. The Bank of Canada Museum's record for the 1935 $1 gives 15.1 by 7.3 cm, the 1937 $1 gives 15.2 by 7.2 cm and…
• Why did Canada stop issuing the $1, $2 and $1,000 notes? The $1 and $2 notes were replaced by coins, and stopped being issued in 1989 and 1996. The $1,000 stopped in 2000. The $25 and $500 had been discontinued shortly…
• How many commemorative notes has the Bank of Canada issued? Four. The 1935 $25 marked the silver jubilee of King George V and Queen Mary. A $1 marked the Centennial in 1967. A $20 issued on 9 September 2015 honoured Queen…

History of Japanese Banknotes: Meiji Yen, Foreign Bank Notes, Occupation Issues and the 2024 Series

• Which foreign bank issued banknotes in Japan? The Hongkong and Shanghai Banking Corporation. HSBC's own archives record that it opened a branch at the port of Yokohama in 1866 and issued banknotes in key markets,…
• What was the Bank of Japan's first banknote? The Daikoku note, a silver-convertible 1 yen first issued on 8 September 1885. It is nicknamed for the image of Daikokuten, the Japanese form of the Hindu deity…
• What was the first paper money used in Japan? The Yamada Hagaki, issued around the year 1600 by a priest and merchant in the Ise Yamada area of present-day Mie Prefecture. It started as a deposit receipt for…
• Who prints Japanese banknotes? The National Printing Bureau produces Japan's banknotes today, and it publishes the portraits, sizes and first-issue dates for every lettered series. The first modern…
• Whose portraits are on the 2024 Japanese banknotes? Series F, first issued on 3 July 2024, carries Shibusawa Eiichi on the 10,000 yen, Tsuda Umeko on the 5,000 yen and Kitasato Shibasaburo on the 1,000 yen. The…
• What is the largest Japanese banknote ever issued? By physical size, the Remodeled 100 yen note of 1891 at 130 mm by 210 mm, which the National Printing Bureau names as Japan's largest note. The smallest is the Series…

History of Indian Rupee Notes: Presidency Banks, the RBI of 1935, and the 2016 Demonetisation

• Who introduced paper money in India? No single person did. Paper money in the modern sense arrived in India in the late eighteenth century through private and semi-government banks, and the Reserve Bank…
• When did the Reserve Bank of India issue its first banknote? In January 1938, almost three years after the Bank opened on 1 April 1935. The first note was a five rupee bearing the portrait of George VI. Notes with Edward VIII…
• What did the Paper Currency Act of 1861 change? It gave the Government of India a monopoly of note issue and ended the note issues of private and Presidency Banks. The Presidency Banks were first appointed as…
• Why is the Lion Capital on Indian banknotes instead of Mahatma Gandhi? After independence it was initially felt that the King's portrait should be replaced by a portrait of Mahatma Gandhi, and designs were prepared. The consensus then…
• What happened to the 500 and 1,000 rupee notes in 2016? On 8 November 2016 the Government of India withdrew their tender status by Notification 2652, covering Mahatma Gandhi Series notes issued up to that date. Holders…
• What are Indian Persian Gulf and Haj notes? Special issues for circulation outside India. Gulf notes were issued in the 1950s for Kuwait, Bahrain, Qatar and the Trucial States in 1, 10 and 100 rupees, in…

History of Chinese Renminbi Banknotes: All Five Series (1948-2019) and What Older Notes Are Worth

• How many series of renminbi banknotes are there? Five. The People's Bank of China issued the first series from 1 December 1948, the second from 1 March 1955, the third from 20 April 1962, the fourth from 27 April…
• What is a 1999 1 yuan note worth? It depends almost entirely on grade, because the 1999 1 yuan is a fifth-series note that still circulates. Planet Banknote lists an example graded PMG 66 Gem UNC,…
• What is a 2005 5 yuan note worth? The 2005 edition 5 yuan is a current note, so its collector value comes from top grades rather than scarcity. Planet Banknote lists a complete 2005 five-note set,…
• Why is the Chinese 3 yuan note unusual? The 3 yuan appeared only in the second series and no other renminbi series has used that denomination. It belonged to the group of 1953-dated notes printed in the…
• Which renminbi series ran the longest? The third series. It began on 20 April 1962 with a jujube-red 1 jiao note, was completed with four coins on 15 April 1980, and circulated until 1 July 2000, a run of…
• What is the highest denomination renminbi banknote ever issued? The 50,000 yuan note of the first series, issued between 1948 and 1955. The People's Bank records two varieties of it. The first series reached 12 denominations in 62…

WWII Occupation and Allied Military Currency: Germany, Japan, Italy, France and the Pacific

• What is Allied Military Currency? Currency issued by Allied forces for use in territory they liberated or occupied during the Second World War, denominated in local units rather than in dollars or…
• Why did the United States give the Soviet Union the plates for the Allied Military mark? Because the alternative was two currencies in Germany. On 14 April 1944 Treasury Secretary Morgenthau told the Soviet Ambassador that duplicate plates would be…
• What was the Allied Military mark and what denominations did it have? The occupation currency planned for Germany, known as the "M" mark, with a large M superimposed in the background of every note. The design agreed in January 1944…
• What were Reichskreditkassen notes? Notes issued through the Reichskreditkassen, which the State Department described as Reich credit institutions established in occupied territories and affiliated with…
• Why did France resist Allied Military Currency? Because it had been used in Italy, an enemy country, and France was being liberated rather than conquered. On 9 December 1943 René Massigli warned that using the same…
• Is WWII occupation currency valuable? It depends entirely on the theatre, the denomination, the grade and whether the note is a replacement. Japanese invasion money survives in quantity and in high grade,…

United States Notes

History of US Paper Money: Colonial Bills, Continentals, Greenbacks and Federal Reserve Notes

• What was the first paper money in the United States? The Massachusetts Bay Colony issued bills of credit in 1690 to fund military expeditions, and the US Currency Education Program dates the birth of paper currency in…
• What was the first federal paper money? Continental Currency, issued by the Continental Congress in eleven emissions between 1775 and 1779 to pay for the Revolutionary War. After it collapsed, the…
• Who printed American money before the Civil War? State-chartered private banks did, for roughly seventy years. Each bank designed and printed its own notes, and those notes circulated at a discount that varied…
• What do the different seal colors on US banknotes mean? They identify the class of note. From Series 1928 the Treasury seal was standardized across all classes except for color: green for Federal Reserve Notes, blue for…
• Why are US banknotes smaller than they used to be? In 1929 all notes were made about 30 percent smaller, going from 7.375 by 3.125 inches to 6.14 by 2.61 inches, to cut printing costs and standardize the currency. At…
• How many types of US paper money have there been? More than a dozen distinct classes have circulated, including colonial bills, Continental Currency, obsolete bank notes, Demand Notes, United States Notes, Fractional…
• When did the Bureau of Engraving and Printing start printing all US currency? In 1877. The Bureau traces its foundation to 1862, when workers were signing, separating and trimming sheets of Demand Notes inside the Treasury building, but…

Continental Currency (1775-1779): History, Values, and Real vs. Replica

• What is Continental Currency? Continental Currency is the paper money the Continental Congress issued between 1775 and 1779 to finance the Revolutionary War. It was the first currency issued in…
• How much Continental Currency was issued? By the end of 1779 a total of $199,990,000 in net new Continental dollars had been emitted, according to Farley Grubb of the University of Delaware. The Massachusetts…
• Why is it called "not worth a Continental"? The phrase comes from the collapse of the currency itself. In January 1777 it took $1.25 in Continental Currency to buy one dollar in specie, and by January 1781 it…
• Did Benjamin Franklin design Continental Currency? Franklin designed the emblems at the request of Congress, and the engraver Elisha Gallaudet cut them. The fractional bills dated 17 February 1776 carry Franklin's…
• Did the British counterfeit Continental Currency? Yes. Great Britain counterfeited the 20 May 1777 and 11 April 1778 emissions so heavily that Congress recalled both issues in their entirety, according to the…
• How can you tell a real Continental note from a replica? Check the paper and the signatures first. Genuine bills were printed on eighteenth-century rag paper with mica flakes and blue fibers in the sheet, and were signed…
• What is a Continental Currency note worth? Value depends on the emission, the grade and whether the note is certified. A CC-9 twenty dollar note dated 10 May 1775 on Franklin's marbled paper, graded PMG Choice…

Greenbacks: The 1861-62 Demand and Legal Tender Notes That Created Modern US Currency

• What is a greenback? A greenback is a United States Note, also called a Legal Tender Note, the class of federal paper money Congress authorized on 25 February 1862. The Bureau of…
• What was the difference between Demand Notes and Legal Tender Notes? Demand Notes, authorized by the acts of 17 July and 5 August 1861, were payable on demand in gold coin at named Treasury offices and carried no Treasury seal. United…
• Why are US banknotes green? Green ink began as an anti-counterfeiting measure. Cameras of the period photographed in black and white, so a note printed in green could not be copied…
• How rare are 1861 Demand Notes? Very rare. Millions were issued but only a few hundred survive across the $5, $10 and $20 denominations combined, and Paper Money Guaranty has certified fewer than…
• When did the United States stop issuing United States Notes? The Treasury began withdrawing them in 1966, reducing the class to the $100 note alone, and the Bureau of Engraving and Printing made its last delivery in 1971. The…
• Did the Supreme Court uphold the greenbacks? Eventually. Salmon P. Chase, who issued the notes as Treasury Secretary, later sat as Chief Justice in an 1870 decision holding portions of the Legal Tender Act…
• Which United States Notes are affordable to collect? The small-size red seal notes of Series 1928 through 1963 are the accessible end of the class, printed in the hundreds of millions and easy to find. The $1 exists in…

Silver Certificates (1878-1964): Series, How to Identify Them, and What They Are Worth

• What is a silver certificate dollar bill worth? Most of them are worth a few dollars. CoinWeek reports that Series 1935 and 1957 $1 silver certificates are generally worth less than $5 circulated and as much as a…
• How do I know if my dollar bill is a silver certificate? Look at the Treasury seal and the heading. Small-size silver certificates have a blue seal and blue serial numbers, and the words SILVER CERTIFICATE run across the…
• Can you still exchange a silver certificate for silver? No. Treasury Secretary C. Douglas Dillon announced in March 1964 that silver certificates would no longer be redeemed for silver dollars, and the remaining redemption…
• Which silver certificate is the rarest? The Series 1933 $10, catalogued Fr. 1700, is the rarest regularly issued type. The Bureau printed 216,000, destroyed 60,000 and issued 156,000 before Series 1934…
• What is the 1957 silver certificate worth? Series 1957, 1957A and 1957B are the commonest silver certificates of all, so a circulated example carries only a small premium over face value, and the values…
• Why are some silver certificates brown or yellow instead of blue? Those are Second World War emergency issues. The 1942 HAWAII notes carry a brown seal with HAWAII overprinted twice on the face and across the back, so the government…
• What is the Educational Series? It is the Series 1896 silver certificate set of $1, $2 and $5, widely considered the most beautiful United States paper money ever printed. Will H. Low, Edwin H.…

Gold Certificates (1863-1933): History, Series and Values

• What is a gold certificate worth today? It depends almost entirely on the series and the grade. CoinWeek put a Series 1928 $10 gold certificate in MS 63 at roughly $480 to $1,000 in February 2026. At the…
• Can you still redeem a gold certificate for gold? No. The Gold Reserve Act signed on January 30, 1934 ended the redemption of dollars for gold, and Congress prohibited the redemption of currency for gold in 1963. A…
• What did Executive Order 6102 do to gold certificates? Executive Order 6102 of April 5, 1933, titled "Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates," required all persons to deliver gold coin,…
• How can I tell a gold certificate from an ordinary bill? Check the Treasury seal and the heading. Series 1928 and 1934 gold certificates carry a gold seal and gold serial numbers, and the words GOLD CERTIFICATE run across…
• What is the $100,000 gold certificate? It is the Series 1934 $100,000 note, the highest face value ever printed on United States paper. The Bureau of Engraving and Printing produced 42,000 of them between…
• Are gold certificates rarer than silver certificates? Far rarer, because of what happened in 1933. Silver certificates circulated until the 1960s and survive by the million, so common $1 notes sell for a few dollars.…

Fractional Currency (1862-1876): America's Paper Coins, the Five Issues, and What Drives Their Value

• What is fractional currency worth? It depends on the variety rather than the face value. Common first, second and fourth issue notes survive in quantity and are an affordable entry point, while scarce…
• Why did the United States print fractional currency? Because coins vanished. In the second week of July 1862 silver, gold and even copper-nickel cents were hoarded out of circulation, leaving merchants unable to make…
• How many issues of fractional currency were there? Five. The first ran from August 21, 1862 to May 27, 1863, the second from October 10, 1863 to February 23, 1867, the third from December 5, 1864 to August 16, 1869,…
• Who is on the 5 cent fractional currency note? The Bureau of Engraving and Printing records that a 5 cent fractional note carried the portrait of Spencer M. Clark, the Treasury official who had obtained the…
• Why are living people no longer shown on US currency? Because of the fractional currency controversy. Spencer M. Clark, Francis E. Spinner and William P. Fessenden were all living when their portraits appeared on…
• What is a fractional currency shield? It is a display board in the shape of a heraldic shield, mounted with single-sided specimen notes of the fractional issues then circulating. The Treasury sold shields…
• Is fractional currency still valid money? Fractional currency was withdrawn after fractional silver coins returned to circulation, and the last notes were issued on February 15, 1876. Surviving examples are…

Military Payment Certificates (1946-1973): Every Series from 461 to 692 and What Drives Their Value

• What are Military Payment Certificates worth? Value depends on the series, denomination, grade and whether the note is a replacement. Every issued series was surrendered and destroyed on its conversion day within…
• How many series of Military Payment Certificates were there? Fifteen series were created and thirteen were issued, numbered 461, 471, 472, 481, 521, 541, 591, 611, 641, 651, 661, 681 and 692. Series 691 and 701 were printed but…
• What was a conversion day or C-day? A conversion day was the moment one MPC series was canceled and replaced by the next. Bases were closed to civilians and service personnel exchanged their old…
• Why did the United States issue Military Payment Certificates? To keep American cash out of local black markets. Dollars paid to troops overseas were traded far above the official rate and undercut the host country's own…
• What is on the Series 681 Military Payment Certificate? Series 681 shows the armed forces of 1969. The fractional notes carry the nuclear submarine Thomas Edison and Air Force Lieutenant Colonel Edward White on his Gemini…
• When did Military Payment Certificates stop being used? In 1973. MPC were in use from 1946 until a few months after the official end of United States participation in the Vietnam War, when the last certificates were…

How Money Is Made

Who Prints the World's Money? The Security Printers Behind Nearly Every Banknote

• Who prints money in the world? Most of the world's banknotes come from a small group of printers. The main commercial firms are De La Rue in Britain, Giesecke+Devrient in Munich, Crane Currency in…
• Who prints money in the US? United States banknotes are printed by the Bureau of Engraving and Printing, a bureau of the Department of the Treasury, at facilities in Washington DC and Fort…
• Who prints money in the UK? Bank of England banknotes are printed by De La Rue under a contract that began in 2003, when the company took over the Bank's own manufacturing operation, and was…
• What is the largest banknote printing company? De La Rue describes itself as the world's largest commercial banknote printer. It reports that 54 percent of issuing authorities buy its products, that 49 issuing…
• Which banknote printer is the oldest? Orell Fuessli of Zurich is the oldest of the major currency printers. It was founded in 1519 by Christoph Froschauer, a printer who had come to Zurich from Bavaria,…
• Do countries have to print their own money? No. Running a high security printworks takes accredited premises, intaglio presses, engraving staff and a secure supply chain for paper, thread and ink, which is far…
• Who makes polymer banknotes? Polymer film and polymer printing are separate businesses. The first circulating polymer banknote was Australia's commemorative 10 dollar of 1988, developed by the…

De La Rue: Two Centuries of Printing the World's Banknotes

• When was De La Rue founded? De La Rue dates its founding to 1813, when Thomas de la Rue launched a newspaper called Le Miroir Politique in Guernsey and built a print business around it. He moved…
• What was the first banknote De La Rue printed? The first paper money De La Rue printed was for the Government of Mauritius in 1860, in denominations of 10 shillings, 1 pound and 5 pounds. According to the company,…
• Does De La Rue print Bank of England banknotes? Yes. De La Rue signed a seven year contract in 2003 to print and supply sterling and took over the Bank of England's own manufacturing operation, and the Bank renewed…
• What is SAFEGUARD polymer substrate? SAFEGUARD is De La Rue's own polymer banknote film. The first note printed on it was the Fiji 5 dollar, unveiled in 2012 and entering circulation in January 2013. De…
• Who owns De La Rue now? In 2025 De La Rue agreed a takeover by Atlas Holdings, a United States investment firm, ending its run as a company listed on the London Stock Exchange since March…
• How many countries use De La Rue banknotes? De La Rue does not publish a country list, but it does publish market shares. It states that 54 percent of issuing authorities buy De La Rue products, that 49 issuing…
• Can you tell if a banknote was printed by De La Rue? Sometimes. Older colonial and commercial issues often carry a printer imprint in small type along the bottom border, and a De La Rue imprint there is definitive. Most…

The American Bank Note Company: History, Engravers, Specimens and Collectible Notes

• When was the American Bank Note Company founded? The American Bank Note Company was formed in 1858 by the merger of several leading American security printing firms, among them Rawdon, Wright, Hatch and Edson and…
• Did the American Bank Note Company print United States money? Yes. It printed the Demand Notes of 1861, the first paper currency issued by the United States government. According to the Bureau of Engraving and Printing, the…
• What does ABNC mean on a banknote? ABNC is the standard abbreviation for the American Bank Note Company, and it appears in dealer and catalogue descriptions as a printer attribution. On the note itself…
• Which countries used American Bank Note Company banknotes? ABNC printed for many countries after it lost United States federal currency work in 1877. Attributions recorded in the Planet Banknote catalogue include Brazil,…
• What is an American Bank Note Company specimen note? It is a genuine, fully printed note that was set aside for reference rather than issued, usually overprinted or perforated SPECIMEN and carrying zeroed or sample…
• Who engraved the portraits on American Bank Note Company notes? Named engravers are recorded in museum catalogues rather than on the notes. The Bank of Canada Museum credits three ABNC engravers on the 1935 Canadian series: Robert…
• Does the American Bank Note Company still exist? The name survives, but not as a currency printer. The parent holding company filed for reorganisation under Chapter 11 in December 1999 and had its plan confirmed in…

Banknote Paper: How Cotton-Linen Currency Paper Is Made (Crane, Portals, Louisenthal)

• What is banknote paper made of? Banknote paper is rag paper made from cotton, usually blended with linen, and it contains no wood pulp. United States currency paper is 75 percent cotton and 25…
• Who makes the paper for US dollars? Crane Currency of Dalton, Massachusetts. The Bureau of Engraving and Printing states that United States currency paper is made specifically for the Bureau by Crane…
• Why does money survive the washing machine? Because currency paper is made from cotton and linen rather than wood pulp. Wood-pulp paper relies on hydrogen bonds between short fibres, and water breaks those…
• How is a watermark put into a banknote? It is formed during papermaking, not printing. Banknote paper is made on a cylinder mould whose wire surface is raised and depressed in the shape of the image. Where…
• How long does a banknote last? It depends on denomination more than on material. The Board of Governors of the Federal Reserve System estimates a lifespan of 7.2 years for the 1 dollar note, 5.8…
• Which companies make the world's banknote paper? Three names dominate. Crane Currency in Dalton, Massachusetts supplies United States currency paper and works for more than 50 central banks. Portals in Hampshire has…
• Is polymer replacing banknote paper? Only partly. The Bank of England reports that more than 30 countries issue polymer notes, and all four Bank of England denominations are now printed on polymer. Most…

Intaglio Printing and Banknote Engraving: How the Raised-Ink Portrait Is Made

• What is intaglio printing? Intaglio is printing from an image cut into a plate rather than raised on it. Ink is worked into the engraved recesses, the flat face of the plate is wiped clean, and…
• Why is the ink raised on a banknote? Because the ink comes out of a groove rather than sitting on a flat surface. Intaglio presses at the Bureau of Engraving and Printing apply up to 20 tons of pressure,…
• How much work goes into engraving a banknote portrait? Long enough that the plate, not the press, sets the schedule. There is no continuous tone in an engraving, so every gradation has to be built from individual marks…
• Who engraves banknotes? Specialist engravers employed by security printers, most of whom are never credited on the note. Where attributions have been published, they belong to a small group.…
• How can you tell if a banknote has real intaglio printing? Run a fingertip across the areas that should be engraved and feel for a ridge. The Reserve Bank of Australia tells holders to feel across the portraits and numerals,…
• Is banknote engraving still done by hand? Partly. The Reserve Bank of Australia states that intaglio plates used to be hand-engraved and are now grown using a chemical bath and computer technology. The Bureau…
• Do polymer banknotes have intaglio printing? Yes. Polymer notes take intaglio on their coated areas, so they carry raised print just as paper notes do. The Reserve Bank of Australia applies intaglio to its…

How a Banknote Is Designed: From Brief to Press (and Who the Designers Are)

• Who designs banknotes? Usually a design team inside the central bank or its security printing works, working to a brief the bank sets. Individual credits are rare. The clearest exception is…
• How are banknote designs chosen? A series is normally given a single theme first, and the subjects are chosen within it. Norges Bank chose the sea for its series VIII. The Swiss National Bank chose…
• Can the public vote on who appears on a banknote? The public is often consulted, but the decision is normally taken by the central bank or a government minister. The Bank of Canada's open call for an iconic Canadian…
• What comes first, the artwork or the security features? The security features. The Bank of Canada states that security is the most important factor when designing a note, and that visual content must support the chosen…
• How long does it take to design a new banknote? Several years. The Bank of Canada describes the process as taking a number of years across three stages: research and development, design, and production. Rollout…
• Why do some countries make every banknote the same size? It is an accessibility and machine-handling decision. Canada keeps all denominations at 152.4 mm by 69.85 mm and gives blind and partially sighted users a tactile…
• Who approves a finished banknote design? In Canada, the Bank of Canada Act states that the form and material of the notes shall be subject to approval by the Minister of Finance, so the Bank consults the…

Banknote Sizes Around the World: Dimensions Chart and Size Records

• What size is a US dollar bill? Every United States denomination is the same size: 6.14 by 2.61 inches, which converts to 155.96 by 66.29 mm. That size has applied since 1929, when Federal Reserve…
• What are the dimensions of a Canadian bank note? The Bank of Canada gives the actual size of its notes as 152.4 by 69.85 mm, or 6.0 by 2.75 inches, and that applies to every denomination from the 5 to the 100.…
• Are all euro banknotes the same size? No. Euro notes step up with the value, from 120 by 62 mm at the 5 euro note to 160 by 82 mm at the 500. The Europa series changed two heights: the 100 and the 200…
• Why did US banknotes get smaller in 1929? To lower manufacturing costs. The U.S. Currency Education Program states that all Federal Reserve notes were made about 30 percent smaller in 1929 for that reason.…
• Why are some banknotes bigger than others? Size is an accessibility feature. Issuers either step the size up with the value so denominations can be told apart by comparison, as the euro area, the United…
• Which current banknote is the largest? Among the 64 current notes charted on this page, the largest is the Singapore 10,000 dollar note of the Portrait series at 180 by 90 mm, published by the Monetary…
• Do banknote sizes affect how I should store my collection? Yes, and it is the most common storage mistake. Buy holders for the longest note you own, not the average. A sleeve that fits a United States note at 156 mm will not…

Watermarks: 700 Years From Fabriano Paper to the Portrait Watermark, and How to Read One

• What is a watermark on a banknote? A watermark is an image formed inside the paper as the sheet is made, by varying how much fiber sits in each area. Thinner areas pass more light and look bright,…
• What is the watermark on a 100 dollar bill? The current United States $100 note carries a portrait watermark of Benjamin Franklin in the blank space to the right of the engraved portrait. Hold the note to a…
• Which US banknotes have no watermark? The $1 and the $2 have none. The security thread and microprinting introduced on Series 1990 $100 notes had reached every other denomination by Series 1993, but the…
• What is the watermark on a euro banknote? Europa series euro notes carry a portrait of Europa, a figure from Greek mythology whose image was taken from a vase in the Louvre in Paris. The European Central Bank…
• Do polymer banknotes have watermarks? No. A watermark depends on varying the thickness of paper fiber, and polymer is a plastic film, so issuers use a transparent window instead. All four Bank of England…
• Does a missing watermark mean a banknote is counterfeit? Not by itself. Many genuine notes never had one, including United States $1 and $2 notes, every polymer issue, and the Zimbabwe 100 trillion dollar note of 2008. The…
• When was the watermark invented? Papermakers in Fabriano, Italy were countersigning their sheets with watermarks by the late 1200s, according to the town's paper and watermark museum. The technique…

Why Banknotes Have Serial Numbers: History, Formats by Country, and How to Read Them

• Why do banknotes have serial numbers? So the issuing authority can count and account for every note it prints. Currency is made in huge runs, part of every run is destroyed for defects, and the serial is…
• How do you read the serial number on a dollar bill? On a modern $5 through $100 note, the first letter is the series, the second letter is the issuing Federal Reserve Bank and always falls between A and L, the eight…
• Is there an official banknote serial number lookup? No. No central bank operates a public database where you enter a serial number and receive a report on that note. The Bureau of Engraving and Printing publishes…
• What do the letters on a euro banknote serial number mean? On a Europa series note the horizontal black number on the back is two letters and ten digits. The first letter identifies the printing works, for example S for Banca…
• Why are the letters O and Z never used in US serial numbers? The Bureau of Engraving and Printing excludes both on purpose. The letter O is not used because it is too easily confused with the digit 0, and the letter Z is not…
• What does a star in a US serial number mean? It marks a replacement note. When a sheet is spoiled after the serial numbers have been overprinted, reusing the exact number would be costly and slow, so the Bureau…

Who Gets on Money? A History of Banknote Portraits (and Who Chooses Them)

• Who decides who goes on a banknote? The issuing authority does. In the United States the Secretary of the Treasury holds the statutory power over currency design, advised by the Advanced Counterfeit…
• Why are only dead people on US currency? Federal law requires it. Title 31 of the United States Code states that only the portrait of a deceased individual may appear on United States currency and…
• Who is on the 100 dollar bill? Benjamin Franklin, with Independence Hall on the back. Franklin is one of only two faces on circulating United States notes who never served as president, the other…
• Has a woman ever appeared on US paper money? Once. The Bureau of Engraving and Printing states that Martha Washington is the only woman whose portrait has appeared on a United States currency note. It was on the…
• Why are there no people on euro banknotes? A shared currency across many countries would struggle to agree on whose national figures to honor, so the euro uses architecture instead, under the theme of ages and…
• Will the Bank of England keep putting historical figures on its notes? No. In March 2026 the Bank announced that UK wildlife would feature on its next series, after a public consultation in which the nature theme drew the highest…
• Which banknote portrait has appeared in the most countries? Queen Elizabeth II, whose portrait was carried by at least 33 different currencies, more than any other monarch in history. Her banknote story began before her reign,…

Women on Banknotes: The Complete World List

• How many countries have a woman on their banknotes? Around 46 countries have had or currently have a banknote in circulation featuring at least one woman, according to the Bank of Canada Museum, and that number has…
• Which women have appeared on Bank of England notes? Three real women have been the main historical character on a Bank of England note: Florence Nightingale on the ten pound note issued in 1975, Elizabeth Fry on the…
• Who is the woman on the Canadian 10 dollar bill? Viola Desmond, a businesswoman from Halifax who became a civil rights advocate after she was jailed, convicted and fined for refusing to leave a whites-only area of a…
• Which women are on Australian banknotes? Four. Dame Mary Gilmore shares the ten dollar note, Mary Reibey the twenty, Edith Cowan the fifty and Dame Nellie Melba the hundred, each paired with a man on the…
• Is Harriet Tubman going to be on the 20 dollar bill? The Treasury announced on 20 April 2016 that Harriet Tubman would appear on the front of a redesigned twenty dollar note, and said the design would be unveiled in…
• Who was the first woman on a banknote? There is no reliable global first, because allegorical female figures appeared on paper money long before real women did and colonial issues carried queens very…
• Are banknotes with women on them worth collecting? They make an excellent themed collection, though value follows condition and scarcity rather than the theme itself. Withdrawn issues such as the Nightingale ten pound…

Animals on Banknotes: A Field Guide to the World's Wildlife Currency

• Which animals are on South African banknotes? Each denomination carries one of the Big Five: the rhinoceros on the R10, the elephant on the R20, the lion on the R50, the Cape buffalo on the R100 and the leopard…
• Which birds are on Australian banknotes? The Next Generation series gives each denomination a native bird inside its security features: the eastern spinebill on the five dollar note, the sulphur-crested…
• What is the Birds of Canada series? A complete Bank of Canada series issued between April 1986 and June 1993 in which every denomination's reverse shows a Canadian bird: a belted kingfisher, two robins,…
• Is the Zimbabwe Bird a real bird? No. The Zimbabwe Bird is a carved soapstone figure from the ruins of Great Zimbabwe that was adopted as the national emblem, so on banknotes it appears as an emblem…
• Which animal appears most often on banknotes? Birds, by a wide margin. Within the 28 notes verified for this page, 15 rows include a bird and 10 have a mammal as the main subject, and the last three are an…
• Why do countries put animals on their money? For identity, for biodiversity and sometimes for politics. The Bank of Canada Museum records that birds were chosen for its 1986 series partly for their political…
• Are animal banknotes valuable? Most are affordable, because modern wildlife notes were printed in large quantities and many are still in circulation. Value follows condition and scarcity, so the…

Why Is US Money Green? The Colour Code of the World's Banknotes

• Why is US money green? The backs of the 1861 Demand Notes were printed in green ink as a counterfeiting deterrent, because cameras of the period photographed in black and white and colored…
• Why is US money still green today? Tradition, according to the Bureau of Engraving and Printing. Its booklet Currency Notes says that with the introduction of Series 1928 the use of green was…
• What changed about US money in 1929? Series 1928 notes, which reached the public in 1929, were about 30 percent smaller than the old large-size notes, measuring 6.14 by 2.61 inches rather than 7.375 by…
• When did US banknotes get other colors? Background colors returned one denomination at a time: the twenty dollar note in 2003 with green and peach, the fifty in 2004 with blue and red, the ten in 2006 with…
• What do the different seal colors on old US notes mean? On small-size notes from Series 1928 the Treasury seal color identifies the class of currency: green for Federal Reserve Notes, blue for Silver Certificates, red for…
• Why are other countries' banknotes different colors? Because color is the fastest way to identify a denomination. The South African Reserve Bank lists dominant color, animal theme and size as the three ways to tell its…

Money That Changed

Every Currency Redenomination Since 1923: The Complete Table

• What does currency redenomination mean? Redenomination is the replacement of a currency's units with new ones at a fixed conversion ratio, usually a power of ten. Prices, wages, contracts and bank balances…
• What is the largest currency redenomination in history? Hungary's forint reform of August 1, 1946, at 4 times 10 to the 29th power pengő to one forint, which retired twenty-nine zeros in a single step. The figure comes…
• Which countries have redenominated their currency the most times? Brazil carried out four redenominations between 1986 and 1994. Zimbabwe removed the most zeros, twenty-five across three reforms between August 2006 and February…
• What is the difference between redenomination and devaluation? A redenomination changes only the number of digits, at a fixed ratio that applies to every price, wage and balance at once, so nothing changes in real terms or…
• Which country redenominated its currency most recently? Syria, with effect from January 1, 2026, at 100 old pounds to one new pound under Decree No. 293 of 2025. The Central Bank of Syria issued six new notes dated 2025…
• Do redenominations make old banknotes more collectible? They fix the surviving population on a known date, which is the condition a collecting field needs. Whether that produces scarcity depends on how much of the old…
• Where does the data in this table come from? From four kinds of source, named row by row: national decrees and laws, numismatic and central-bank records, ISO 4217 List Three of withdrawn currency codes published…

Syria's 2026 Redenomination: Old Pound vs. New Pound, Note by Note

• What is the Syrian pound redenomination ratio? One hundred old Syrian pounds convert to one new Syrian pound. Decree No. 293 of 2025 removed two zeros from every face value with effect from January 1, 2026,…
• What are the new Syrian banknote denominations? The Central Bank of Syria issued six notes dated 2025: 10, 25, 50, 100, 200 and 500 pounds, all introduced on January 1, 2026. The Banknote Book catalogs them as B637…
• What is on Syria's new banknotes? Each note pairs a Syrian crop with an animal on the front: roses and a butterfly on the 10, a mulberry branch on the 25, an orange tree branch and a conch shell on…
• When did Syria's old banknotes stop being legal tender? The exchange opened on January 1, 2026 with a 90-day period of dual circulation, then ran through three extensions. The central bank extended the deadline by two…
• Which old Syrian note does the new 500 pound note replace? None directly. At 100 old pounds to one new pound, the new 500 stands for 50,000 old pounds, and the old series never printed a single note at that value. Its largest…
• Are the new Syrian banknotes worth collecting? Collectors buy them for the history rather than as an investment. The 2026 series is a complete national issue introduced on a single day, with one date, one printer,…
• Who printed Syria's 2026 banknotes? The Banknote Book records Goznak as the printer of all six denominations in the new series. At the December 28, 2025 press conference the governor said only that the…

Currencies That No Longer Exist: 60 Dead Currencies and What Their Banknotes Are Worth Today

• How many currencies no longer exist? The ISO 4217 historic table, maintained by SIX Financial Information as the standard's Maintenance Agency, listed 169 retired currency and fund codes in the version…
• What was the most recent currency to stop existing? The Bulgarian lev. Bulgaria joined the euro area on 1 January 2026, euro and lev cash both circulated for one month, and the euro became sole legal tender on 1…
• Can I still exchange old French francs or Italian lire for euro? No. Those windows have closed. France stopped exchanging franc banknotes on 17 February 2012 and Italy stopped exchanging lira banknotes on 6 December 2011, according…
• Are banknotes from countries that no longer exist worth anything? Value depends on grade, catalog number and how famous the collapse was, not on the country being gone. At Planet Banknote in October 2026, a 1993 Yugoslavia 500…
• Which country has had the most dead currencies? Brazil, on this list. Five Brazilian currency units were retired between 1986 and 1994: the cruzeiro in March 1986, the cruzado in February 1989, the new cruzado in…
• Is a redenominated currency the same as a dead currency? No. A redenomination strikes zeros off a unit that keeps its name, as Turkey did with the lira in 2005 and Poland did with the zloty in 1995. Those currencies still…

Demonetisation Events of the 21st Century: India, the Euro, Zimbabwe

• What does demonetization mean? Demonetization is the formal act of stripping a banknote, a denomination, or an entire currency of its status as money from a stated date. It is an administrative…
• What was the biggest demonetization of the 21st century? India's action on 8 November 2016, measured by cash withdrawn at once, and the euro changeover measured by number of currencies. India withdrew the 500 and 1,000…
• What should I do with old foreign banknotes? Check three things in order. First, whether the issuing central bank still exchanges them: twelve pre-euro currencies have no deadline at all, and the Bank of…
• Is old foreign currency worth anything? It depends on how the currency ended and what condition the note is in. Notes withdrawn abruptly, before they could be spent, survive in uncirculated grade and…
• Are demonetized banknotes still legal tender? Usually not, but there are exceptions worth knowing. India's 2,000 rupee note was withdrawn from circulation on 19 May 2023 while continuing as legal tender. Canadian…
• Which currency was demonetized most recently? The Bulgarian lev. Bulgaria joined the euro area on 1 January 2026, converting the lev at the fixed changeover rate set by the EU Council, ran one month of dual…

Iran's Redenomination: Four Zeros Off the Rial, the New Qiran, and What Happened to the Toman Plan

• Is Iran changing the rial to the toman? Not under the law that passed. Bills in 2019 and 2020 would have renamed the currency the toman at 10,000 rials to one toman, subdivided into 100 parsehs. The motion…
• What is the Iran redenomination ratio? Ten thousand current rials become one unit of the redenominated currency, which is a removal of four zeros. That ratio has been constant across every draft since…
• Has Iran issued new banknotes after the redenomination law? No banknote or cheque denominated in the new unit has been reported as of September 2026. The most recent issue from the Central Bank of Iran is the 10,000,000 rial…
• Why do Iranian banknotes show two different numbers? Because the central bank has been preparing the public for the change since 2020. Notes and cheques print the post-reform figure prominently, in the corners or in the…
• What is an Iran cheque? An Iran cheque is a bearer instrument issued by the Central Bank of Iran that circulates and is accepted like a banknote without being classified as one. State banks…
• What is the highest denomination Iranian note? The 10,000,000 rial Iran Cheque, introduced on March 3, 2026, is the largest face value the Central Bank of Iran has put into circulation. It shows the Jameh Mosque…
• Will old Iranian rial notes still be collectible after the change? Yes, and arguably more so. A redenomination fixes the surviving population of the old series on a known date, which is what turns circulating paper into a closed…

Records & Errors

The Largest Banknotes Ever Printed (by Physical Size)

• What is the largest banknote ever printed? The largest banknote ever issued as legal tender is Malaysia's RM600 commemorative note of 2017. Guinness World Records lists it at 814 square centimeters, from…
• How big was the Ming dynasty 1 guan note? Surviving Ming 1 guan notes of 1375 measure between about 321 and 341 millimeters tall and 207 to 222 millimeters wide, depending on the specimen. The British Museum…
• Which country had the largest banknote before Malaysia? The Philippines. Its 100,000 piso note of 1998, issued for the centennial of Philippine independence, measured 356 by 216 millimeters and held the Guinness World…
• What is the biggest banknote in Vietnam? The 500,000 dong note is Vietnam's biggest banknote by face value and the country's highest circulating denomination. It was introduced in 2003 on a polymer…
• Are bigger banknotes worth more? Not automatically. Physical size and face value are unrelated, and collector demand is driven by rarity, condition and story rather than surface area. Oversized…
• Why were old banknotes so much larger? Early notes were printed from large engraved plates and carried long legal text, ornate borders and multiple signatures, all of which needed room. The United States…
• How should you store an oversized banknote? Store it flat in an inert large-format sleeve or a rigid holder sized for the note, never folded and never upright in a standard currency album. Most currency sleeves…

The Smallest Banknotes Ever Issued

• What is the smallest banknote in the world? Guinness World Records lists the smallest paper money as the 10 bani note issued by the Ministry of Finance of Romania in 1917, with a printed area of 27.5 by 38…
• How small was Romania's 1917 10 bani note? Its printed area measures 27.5 by 38 millimeters according to Guinness World Records, roughly the footprint of a large postage stamp. One side carries King Ferdinand…
• Why is notgeld excluded from the smallest banknote record? Records bodies separate national currency from emergency money. Notgeld was issued by German towns, companies and local institutions rather than by the national…
• Why were emergency banknotes so small? They were printed to replace missing coins, not to last. Paper was rationed, so smaller notes meant more notes per sheet. The denominations were tiny, often between…
• What is the smallest banknote in circulation today? No records body publishes a current smallest-in-circulation title, so there is no verified global answer. Among major currencies the European Central Bank lists the…
• Why do sources give different sizes for the same small note? Because they measure different things. Records bodies often publish the printed area, meaning the design on the paper, while museums measure the whole object edge to…
• How should you store very small banknotes? Use a rigid holder or a sleeve sized close to the note so it cannot slide, which is the main cause of abrasion on tiny paper. Keep the note flat, avoid adhesives of…

The Rarest Banknotes in the World: Survival Counts and Last Auction Prices

• What is the rarest banknote in the world? There is no undisputed single answer, because rarity is counted issue by issue. The strongest published claim belongs to a Curacao 250 Gulden of 1918 with serial…
• How many Grand Watermelon notes still exist? Seven are known in total, and all but three sit permanently in government collections, according to Stack's Bowers Galleries in June 2020. Two of the survivors are…
• Is the rarest banknote also the most expensive? No. Rarity counts survivors while value counts buyers, so a note with three survivors and a deep collector base will outprice a unique note that few people collect.…
• Who decides how many examples of a banknote survive? Four kinds of source do. Printer and treasury records give the production figure, issuing bank redemption records say how many came back, grading service population…
• Why are Zanzibar banknotes considered so rare? Zanzibar printed its own money through Waterlow and Sons from 1908, adding a 500 Rupees note in 1920. Stack's Bowers called that 500 Rupees one of the most difficult…
• Can a collector buy a genuinely rare banknote without spending six figures? Yes. Specimen and proof material, replacement and star notes, and condition rarities all offer documented scarcity at ordinary prices, because the population data…
• Why do so few high denomination banknotes survive? They were settlement instruments for banks rather than money people kept, so they were returned to the issuer and destroyed. In the United States, $5,000 notes…

The Most Expensive Banknotes Ever Sold at Auction (Record Table)

• What is the most expensive banknote ever sold at auction? The 1890 United States $1,000 Treasury Note known as the Grand Watermelon, catalogued Friedberg 379b, sold for $3,290,000 at Heritage Auctions during the Florida…
• What is the most expensive world banknote sold at auction? The best documented result for a note issued outside the United States is $360,000 for the 1870 Dominion of Canada $2 payable at Victoria, catalogued DC-3e and graded…
• Do banknote auction prices include the buyer's premium? Usually, but the published reports do not always say so. Paper Money Guaranty stated that prices realized in Heritage's April 2021 Central States sale include the…
• Why do United States notes dominate the record table? Three factors combine. Nineteenth century American high denominations were redeemed almost completely, leaving populations in single figures. The United States has a…
• Has any banknote sold privately for more than the auction record? The largest documented private figure is $2,600,000, paid for the 1891 $1,000 Marcy Silver Certificate in a private treaty placement announced in June 2013 as part of…
• What was the first banknote to sell for a million dollars? The finest known 1890 $1,000 Grand Watermelon, catalogued Fr. 379a, which realized $1,092,500 at Lyn Knight Auctions in October 2005 in the David Rickey Collection…
• Does a higher face value mean a higher auction price? No. Face value predicts very little. A 1996 $20 Federal Reserve Note carrying the Del Monte obstructed printing error realized $396,000 at Heritage in early 2021,…

Banknote Errors: Every Type (Misprints, Inverted Backs, Cutting and Ink Errors) and What They Are Worth

• What is a banknote error? A banknote error is a production fault created at the printing works that escaped inspection and reached circulation. It is not damage that happened after the note…
• What is the most expensive error note ever sold? The Del Monte Note, a Series 1996 $20 Federal Reserve Note with a Del Monte banana sticker printed onto it, realized $396,000 at a Heritage Auctions sale on 22…
• How does an inverted back error happen? Currency is printed in separate passes, with the back printed first and the face printed days later after the sheet dries. If a sheet goes into the second press…
• Are star notes error notes? No. A star note is a correctly printed replacement inserted when a defective note was found before the currency left the control of the issuing government. On US…
• How can you tell a real error from a fake or damage? Check that the fault is consistent with a stage of the press. Third-stage ink sits on top of second-stage ink, so anything printed over means it arrived earlier.…
• Do PMG and PCGS grade error notes? Yes. Both use the standard 1 to 70 banknote scale. PMG records the error as a separate notation on the label, so the grade describes preservation while the notation…
• Which banknote errors are the most common? Cutting errors and minor insufficient inking turn up most often, because cutting happens after every printing check and faint inking is easy to miss. Third-stage…

By Country

United States Banknotes: History, Types & Collecting Guide

• Are old United States banknotes still legal tender? Yes. All US currency issued since 1861 remains valid and redeemable at full face value, according to the US Currency Education Program. That includes discontinued…
• What are the main types of US paper money? US paper money is organized by class rather than by date. The federal classes are Demand Notes, United States Notes, Fractional Currency, National Bank Notes, Gold…
• What does "not worth a Continental" mean? It refers to Continental currency, the paper money the Continental Congress authorized from 1775 to finance the Revolutionary War. A lack of solid backing and the…
• What are National Bank Notes? Currency issued between 1863 and 1935 by federally chartered national banks and secured by US government bonds. Each note names its issuing bank, town and charter…
• When did US banknotes get smaller? In 1929. Every note was reduced by about 30 percent, from 7.375 by 3.125 inches to 6.14 by 2.61 inches, to cut manufacturing costs and standardize designs by…
• What is the most valuable United States banknote? The 1890 $1,000 Treasury Note known as the Grand Watermelon, nicknamed for the bulging green zeros on its back. One example sold for $3,290,000 at Heritage Auctions…

Iraq Banknotes: History, Notable Notes & Collecting Guide

• What is the Iraqi dinar? The Iraqi dinar is the national currency of Iraq, issued by the Central Bank of Iraq and divided into 1,000 fils. It was introduced in 1932, replacing the Indian…
• What is the difference between the Swiss dinar and the Saddam dinar? The Swiss dinar is the collector's name for Iraq's pre-1991 notes, so called because they were produced abroad to a high standard using engraving plates reportedly…
• Why is the 25,000 dinar note so well known? The 25,000 dinar note was the largest denomination issued in the currency exchange Iraq carried out after 2003, when the Coalition Provisional Authority and the…
• Are Iraqi banknotes a good investment? Collectors buy Iraqi banknotes for their history, not as an investment. The Iraqi dinar has been promoted by currency-speculation schemes that promise a sudden…

Vietnam Banknotes: The 500,000 Dong and the Polymer Series

• What is the Vietnamese dong? The dong is the official currency of Vietnam, issued by the State Bank of Vietnam and abbreviated VND. Its modern banknotes all carry a portrait of Ho Chi Minh on the…
• What is the highest-denomination Vietnamese banknote? The 500,000 dong note is Vietnam's highest-denomination circulating banknote. It was introduced in 2003 on a polymer substrate, with Ho Chi Minh on the front and his…
• Are Vietnamese polymer banknotes worth collecting? Yes, especially as an affordable and colorful modern set. The six polymer denominations from 10,000 up to 500,000 dong each pair Ho Chi Minh's portrait with a…
• Is the Vietnamese dong a hyperinflation currency? No. Vietnam is not a hyperinflation currency in the way Zimbabwe or Venezuela were. The dong's large denominations are the result of long-run devaluation and a period…
• Are old Vietnamese dong notes still legal tender? The current dong notes, including the polymer series, are legal tender issued by the State Bank of Vietnam. Older pre-reform paper dong notes are no longer spendable…

China Banknotes: History & Collecting Guide

• What currency does China use? China's official currency is the renminbi, which means people's currency. Its main unit is the yuan, with the ISO code CNY and the symbol ¥. One yuan divides into 10…
• Why are first series renminbi notes so collectible? The first series renminbi, issued from 1948, was the founding currency of the People's Republic. Many of its notes circulated only briefly before they were withdrawn,…
• Are hell bank notes real Chinese money? No. Hell bank notes, a form of joss paper, are ceremonial offerings burned for ancestors in Chinese tradition. They are not legal tender and are not issued by any…
• Did China ever experience hyperinflation? Yes. During the Chinese Civil War, the Republican government's money collapsed, and the gold yuan introduced in 1948 lost value catastrophically through 1949. This…
• How do I start collecting Chinese banknotes? Pick one focus, such as the current fifth series, the historic first through fourth series, or Republic-era notes, then buy from a source-first dealer that…

Argentina Banknotes: Five Currencies in One Century

• What currency does Argentina use? Argentina's official currency is the peso, first issued as the convertible peso on January 1, 1992. It replaced the austral at 10,000 to 1 and remains the country's…
• What was the Argentine austral? The austral, symbol ₳, was Argentina's currency from 1985 to 1991. It was introduced in June 1985 under President Raul Alfonsin's Plan Austral, replacing the peso…
• Why has Argentina changed its currency so many times? Repeated bouts of high inflation. Each time inflation added zeros faster than the mint could keep up, Argentina redenominated by lopping zeros off and renaming the…
• Are old Argentine peso and austral notes worth collecting? Yes, for their history and affordability. Because redenominations retired each currency, many older notes reached the market in crisp Uncirculated condition rather…
• How bad was Argentina's hyperinflation? Argentina's 1989 to 1990 hyperinflation is one of the episodes recorded in the Hanke-Krus World Hyperinflation Table (Cato Institute), with monthly inflation running…

Brazil Banknotes: Cruzeiro, Cruzado and the Real

• How many different currencies has Brazil had? Brazil has issued paper money under several currencies, including the real of the colonial and early republican era, the cruzeiro, the cruzado, the cruzeiro real, and…
• What is the difference between the cruzeiro, the cruzado, and the real? They are successive Brazilian currencies. The cruzeiro was used, in several versions, from 1942 into the 1980s and again in the early 1990s. The cruzado replaced it…
• How bad was Brazil's inflation? Severe enough that Brazil replaced its currency repeatedly to keep cash usable. Per the Hanke-Krus World Hyperinflation Table (Cato Institute), Brazil experienced an…
• Are old Brazilian banknotes still worth anything? Yes, but as collector items rather than as spendable money. Each redenomination retired the previous currency, so cruzeiro, cruzado, and cruzeiro real notes can no…
• What animals are on modern Brazilian real banknotes? The modern real series shows the sculpted Effigy of the Republic on the front and native Brazilian wildlife on the back. The animals include the hummingbird, sea…

Mexico Banknotes: History & Collecting Guide

• What currency does Mexico use? Mexico uses the Mexican peso, ISO code MXN, issued by the country's central bank, Banco de México, since 1925. The peso descends from the Spanish colonial silver…
• What was the 1993 nuevo peso redenomination? On January 1, 1993, Mexico introduced the nuevo peso, or new peso, which replaced 1,000 old pesos with one new peso and carried an N$ prefix on the notes. The reform…
• What are Mexican revolutionary banknotes? During the Mexican Revolution, roughly 1910 to 1920, states, banks, and military factions issued their own paper money. Collectors prize types such as the dos…
• Are old Mexican peso notes still worth anything? Pre-1993 peso notes are no longer legal tender for spending, but many carry collector value based on their series, condition, and rarity. Value comes from collector…
• Which modern Mexican banknote is most celebrated? The Banco de México 50-peso note featuring an axolotl and the chinampas of Xochimilco was named the International Bank Note Society's Bank Note of the Year for 2021.…

Russia Banknotes: History & Collecting Guide

• What currency does Russia use? Russia uses the Russian ruble, one of the world's oldest monetary units still in use, having served as Russia's money for centuries. Its paper history divides into…
• What makes Russian banknotes collectible? Russian banknotes are collectible because they span three dramatic eras of one country. You can hold the ornate, beautifully engraved credit notes of the Tsarist…
• What is the most famous Imperial Russian banknote? Among the most famous are the large, ornate late-Imperial State Credit Notes, especially the 500-ruble note featuring Peter the Great and the 100-ruble note featuring…
• Why did Russia redenominate the ruble in 1998? The early and mid 1990s brought severe inflation to Russia as prices were liberalized after the Soviet collapse, pushing denominations into the hundreds of thousands…
• How do I start collecting Russian banknotes? Pick one era to anchor your collection, decide whether you want raw or certified notes, and buy from a source-first dealer that authenticates every note. Imperial…

Indonesia Banknotes: The Rupiah up to the 100,000 Note

• What is the highest denomination Indonesian banknote? The 100,000 rupiah note is the highest denomination in current circulation. In the "emisi 2016" series it features the founding proclaimers of Indonesian…
• Why are Indonesian banknotes so colorful? Indonesia designs its currency as a showcase of national identity. The modern series pairs a different national hero on each denomination with a traditional dance and…
• Are old Indonesian rupiah notes still worth anything? As collectibles, yes. The 1946 Oeang Republik Indonesia notes and the engraved wildlife and cultural series of the 1950s and 1960s are the most sought after, valued…
• Did Indonesia have hyperinflation? Indonesia experienced severe inflation in the mid-1960s, which led Bank Indonesia to redenominate the rupiah in December 1965 by removing three zeros. That episode…
• How much does it cost to start collecting Indonesian banknotes? Very little. Modern rupiah notes are among the most affordable in world collecting, and a complete Uncirculated set of the current series is an inexpensive way to own…

Iran Banknotes: Shah Portraits, 1979 Overprints & the Rial

• What currency does Iran use? Iran's official currency is the Iranian rial (ISO code IRR), issued by Bank Markazi Iran, the central bank. In everyday speech, however, Iranians almost always quote…
• What is the difference between pre- and post-1979 Iranian banknotes? Pre-1979 notes were issued under the Pahlavi monarchy and carry the portrait of Mohammad Reza Shah Pahlavi along with the Lion and Sun emblem. After the 1979 Islamic…
• Why does Iran have such high-denomination banknotes? Decades of inflation and a steadily depreciating rial pushed Iran to issue ever-larger denominations, and eventually to introduce bearer instruments called Iran…
• Are Iranian banknotes a good place to start collecting? Yes. Iranian notes pack an unusual amount of history into an affordable, widely available series, and many survive in crisp Uncirculated condition. A single…

Cuba Banknotes: Che Guevara Notes, the CUC and the Peso

• What currency does Cuba use? Cuba uses the Cuban peso, abbreviated CUP and known locally as moneda nacional. It is issued by the Central Bank of Cuba (Banco Central de Cuba), which took over the…
• Did Che Guevara really sign Cuban banknotes? Yes. Ernesto "Che" Guevara served as president of the National Bank of Cuba from 1959 to 1961, and banknotes printed during his tenure carry his signature. On those…
• What was the difference between the Cuban peso (CUP) and the convertible peso (CUC)? The Cuban peso (CUP) is the national currency used by residents for everyday wages and prices. The convertible peso (CUC), introduced in 1994 and pegged one-to-one to…
• Which Cuban banknote features Che Guevara? The Cuban 3 peso note carries Che Guevara's portrait on the front, showing him in his familiar beret, with a reverse that depicts him cutting sugar cane as a…
• Are Cuban banknotes worth collecting? Cuban banknotes are collected for their history rather than as an investment. The revolutionary story, the Che Guevara connection, and the closed chapter of the…

Japan Banknotes: History & Collecting Guide

• When was the Japanese yen created? The yen was established by Japan's New Currency Act of 1871, during the Meiji period, replacing the older system of mon, ryo, and other units. The reform made the…
• Who issues Japanese banknotes? Japan's banknotes are issued by the Bank of Japan, the country's central bank, which was founded in 1882 and put its first notes into circulation in 1885. Earlier…
• What is Japanese invasion money? Japanese invasion money is the currency Japan issued for use in the territories it occupied during the Second World War, including the Philippines, Malaya, Burma, and…
• Are Japanese banknotes valuable to collectors? It depends entirely on the note, its age, and its condition. Common WWII invasion notes and modern circulated yen are inexpensive, while early Meiji large-size notes…
• What is special about Japan's 2024 banknote series? The series the Bank of Japan introduced in July 2024 features Shibusawa Eiichi on the 10,000 yen, Tsuda Umeko on the 5,000 yen, and Kitasato Shibasaburo on the 1,000…

Great Britain Banknotes: History & Collecting Guide

• What currency does Great Britain use? Great Britain uses the pound sterling, symbol £, which is the official currency of the United Kingdom. One pound is divided into 100 pence. Sterling traces back more…
• Who issues Great Britain's banknotes? The Bank of England, founded in 1694, is the central issuing authority for banknotes in England and Wales. In Scotland and Northern Ireland several commercial banks…
• What is a white note? A white note is an early style of Bank of England note printed in black ink on one side of plain white paper, with no picture on the reverse. The Bank issued these…
• When did the Bank of England switch to polymer notes? The Bank of England began issuing polymer banknotes with the £5 note featuring Winston Churchill in September 2016. The £10 note with Jane Austen followed in 2017,…
• Are older British banknotes still worth collecting? Yes. Older British notes are among the most collectible in the hobby because of their history and craftsmanship, from Bradbury Treasury notes of the First World War…

Egypt Banknotes: The Egyptian Pound Since 1899

• What currency does Egypt use? Egypt uses the Egyptian pound, ISO code EGP, known locally as the gineih and divided into 100 piastres. The pound was established by a monetary decree in 1834, and…
• When did Egypt first issue banknotes? The National Bank of Egypt, founded in 1898, issued the country's first banknotes in 1899. It held the sole right to issue currency and printed bilingual notes in…
• Why do Egyptian banknotes show a mosque on one side and a temple on the other? Modern Egyptian notes use a deliberate split design that celebrates both halves of the country's heritage. One face shows an Islamic monument such as a mosque, with…
• Are Egyptian banknotes expensive to collect? Most Egyptian banknotes are very affordable, which is a large part of their appeal for new collectors. Because Egypt never experienced a hyperinflation, the interest…
• What is the difference between the National Bank of Egypt and the Central Bank of Egypt? The National Bank of Egypt, founded in 1898, was the original note-issuing bank and issued Egypt's currency until 1960. In 1961 the Central Bank of Egypt was founded…

Syria Banknotes: French Mandate Notes to Today's Pound

• What is the Syrian pound? The Syrian pound, also called the lira, is the national currency of Syria, issued by the Central Bank of Syria and divided into 100 piastres. Its history began under…
• What are French Mandate-era Syrian banknotes? French Mandate-era Syrian banknotes are the notes issued between roughly 1920 and 1946 by the Banque de Syrie et du Liban, a French-affiliated bank that served as the…
• Why did the Syrian pound lose so much value? The Syrian pound collapsed during the civil war that began in 2011. Lost oil revenue and widespread economic destruction drove the currency down from a pre-war rate…
• Are Syrian banknotes a good investment? Collectors buy Syrian banknotes for their history, not as an investment. The notes carry a remarkable story, from the French Mandate through independence to a long…

Lebanon Banknotes: History & Collecting Guide

• What currency does Lebanon use? Lebanon's official currency is the Lebanese pound, also written as the lira. It is issued by the Banque du Liban, the country's central bank, which has held the sole…
• What happened to the Lebanese pound in the 2019 crisis? The Lebanese pound had been pegged at roughly 1,507.5 to the US dollar since December 1997, but that peg broke apart in the financial crisis that began in late 2019,…
• What do Lebanese banknotes depict? Lebanese banknotes are built around the country's national symbols and heritage. The Lebanon cedar, the emblem at the center of the national flag, recurs across the…
• Are Lebanese banknotes worth collecting? Yes, for both their designs and their history. Lebanese notes are affordable and widely available in crisp Uncirculated condition, because the recent crisis and…
• Where can you buy Lebanon banknotes? Buy from a source-first dealer that inspects every note and documents where it came from. Planet Banknote stocks Lebanon notes rather than fixing a single market…

Afghanistan Banknotes: History & Collecting Guide

• What is the afghani? The afghani is the national currency of Afghanistan, issued by Da Afghanistan Bank and divided into 100 pul. It was introduced in 1925 under King Amanullah Khan,…
• Why did Afghanistan have more than one kind of afghani note in the 1990s? During the 1990s civil war, no single authority controlled the currency. The internationally recognized government in Kabul kept ordering afghani notes, while the…
• What happened in the 2002 currency reform? After the fall of the Taliban, Da Afghanistan Bank issued a new afghani in 2002 to replace the fractured old currency. Government notes were exchanged at 1,000 old…
• Are old Afghan banknotes legal to own? Yes. In the United States, demonetized foreign banknotes such as older Afghan afghani notes are legal to own and collect. They are no longer legal tender and cannot…
• Are Afghan banknotes a good investment? Collectors buy Afghan banknotes for their history, not as an investment. This guide makes no prediction about future exchange rates or values, and many Afghan notes…

Myanmar (Burma) Banknotes: The 45 and 90 Kyat Notes

• What currency does Myanmar (Burma) use? Myanmar, formerly known as Burma, uses the kyat, pronounced roughly "chat." It was introduced in 1952 to replace the Burmese rupee at par and is divided into 100…
• Why are there 45 and 90 kyat banknotes? In September 1987 Myanmar's ruler, General Ne Win, canceled the notes then in circulation and replaced them with new 45 and 90 kyat denominations. Both numbers are…
• What was Myanmar's 1987 demonetization? On September 5, 1987, the government voided several banknote denominations without warning and without compensation, erasing much of the cash savings held by ordinary…
• Are old Burmese kyat banknotes worth collecting? Yes, mainly for their history and affordability. Because repeated demonetizations pulled notes out of circulation, many survive in crisp Uncirculated condition, and…
• Why is the country called both Burma and Myanmar? The ruling military government renamed the country from Burma to Myanmar in 1989, and the central bank became the Central Bank of Myanmar. Both names refer to the…

Cambodia Banknotes: History & Collecting Guide

• What is the Cambodian riel? The riel is the official currency of Cambodia, issued by the National Bank of Cambodia and abbreviated KHR. It was introduced in the mid-1950s after independence from…
• Did the Khmer Rouge really abolish money in Cambodia? Yes. After the Khmer Rouge captured Phnom Penh in April 1975, the regime abolished money entirely as part of its plan to remake the country as an agrarian society.…
• Why are there 1975 Cambodian banknotes that were never issued? The Khmer Rouge government printed a series of riel notes in 1975, designed with revolutionary scenes, but abolished money before the notes were ever released into…
• What makes Cambodian banknotes collectible? History and imagery. The 1975 Democratic Kampuchea series is prized as money that was designed but never spent, while earlier Kingdom of Cambodia notes and the modern…
• Is the riel still used in Cambodia today? Yes. The riel is Cambodia's official currency, issued by the National Bank of Cambodia, and modern notes are current, colorful, and inexpensive. In everyday life the…

Hong Kong Banknotes: Why Three Banks Print the Money

• What currency does Hong Kong use? Hong Kong uses the Hong Kong dollar, with the ISO code HKD and the symbol HK$. One dollar divides into 100 cents. Its most unusual feature is that most banknotes are…
• Why do three different banks issue Hong Kong banknotes? The arrangement dates to the colonial era, when private banks such as HSBC and the Chartered Bank began issuing notes in the 1860s. Today the government, through the…
• Is the Hong Kong dollar pegged to the US dollar? Yes. Under the Linked Exchange Rate System, the Hong Kong dollar is tied to the US dollar, and note-issuing banks put notes into circulation against US dollars at a…
• Which Hong Kong banknote is issued by the government? The HK$10 note is issued by the government through the Hong Kong Monetary Authority, and it is currently the only denomination the authority issues directly. Every…
• How do I start collecting Hong Kong banknotes? Pick one focus, such as a matched set of a single denomination from all three issuing banks, the historic issues of HSBC and the Chartered Bank, or the 1994 first…

Singapore Banknotes: Orchid, Bird, Ship & Portrait Series

• When was the Singapore dollar introduced? The Singapore dollar was introduced in 1967, two years after Singapore became fully independent. From 1967 the notes were issued by the Board of Commissioners of…
• What are the four themed series of Singapore banknotes? Singapore has issued four series of banknotes, each with its own theme. The Orchid Series began in 1967, the Bird Series in 1976, and the Ship Series in 1984, and the…
• Who is on Singapore's Portrait Series banknotes? The front of every Portrait Series note carries Yusof bin Ishak, Singapore's first President. The series was introduced in 1999 and remains current. Each reverse…
• Can Singapore and Brunei dollars be used interchangeably? Yes. Under a Currency Interchangeability Agreement dating to 1967, the Singapore dollar and the Brunei dollar trade at par and are accepted as customary tender in…
• Are Singapore banknotes valuable to collectors? It depends on the note, its series, and its condition. Common modern Portrait Series notes are inexpensive, while early Orchid and Bird issues, the unusual 25-dollar…

Saudi Arabia Banknotes: From Hajj Receipts to the Riyal

• What currency does Saudi Arabia use? Saudi Arabia's official currency is the Saudi riyal (ISO code SAR), divided into 100 halalas and issued by the Saudi Arabian Monetary Authority (SAMA), which was…
• What are Hajj pilgrim receipts? Hajj pilgrim receipts were Saudi Arabia's first paper money, first issued by the Saudi Arabian Monetary Authority in 1953. They were technically receipts exchangeable…
• What is the Saudi Arabian Monetary Authority? The Saudi Arabian Monetary Authority (SAMA) is Saudi Arabia's central bank, established in 1952 and one of the oldest central banks in the Arab world. It issued the…
• What images appear on Saudi riyal banknotes? Modern Saudi riyal notes feature portraits of Saudi kings alongside the Kingdom's most important religious and national landmarks, including the Kaaba and the Grand…
• Are Saudi Arabian banknotes a good place to start collecting? Yes. Saudi notes combine an unusual origin story, the Hajj pilgrim receipts, with striking designs built around Islam's holiest sites, and many modern issues are…

Australia Banknotes: History & Collecting Guide

• What currency does Australia use? Australia uses the Australian dollar, ISO code AUD, divided into 100 cents and issued by the Reserve Bank of Australia. The dollar replaced the Australian pound on 14…
• What was the world's first polymer banknote? Australia's commemorative $10 note, issued in January 1988 for the bicentenary, was the world's first polymer banknote. The Reserve Bank of Australia developed it…
• When did Australia change its whole series to polymer? Between 1992 and 1996. After the 1988 commemorative note, the Reserve Bank replaced its entire family of notes with polymer one denomination at a time: the $5 in…
• What is an Australian pre-decimal banknote? Any Commonwealth note denominated in pounds, shillings and pence, issued between 1913 and the decimal changeover of 1966. The first was a ten shillings note ready for…
• How much is an old Australian banknote worth? It depends almost entirely on grade and on whether the note is a replacement. The PMG World Paper Money Price Guide lists the 1960 to 1961 ten shillings note at $20…
• How many Australian banknote series have there been? Seven complete series have been issued since 1913, spanning the change from pounds to dollars and from paper to polymer, and the eighth series began with the $5 note…

Colombia Banknotes: The Peso and the 2016 Note Series

• What currency does Colombia use? Colombia's official currency is the peso, issued by the Banco de la Republica, the country's central bank. The peso has been Colombia's currency since the 19th…
• Who is on Colombian banknotes? The family of notes introduced from 2016 features Colombian cultural and political figures. The 50,000 peso note honors the Nobel laureate author Gabriel Garcia…
• What is the highest-denomination Colombian banknote? The 100,000 peso note is the highest circulating denomination. It was introduced in 2016 as part of the current family of notes and features former president Carlos…
• Are Colombian peso notes worth collecting? Yes, for their design, story, and affordability. The modern series is prized for its vivid color and for honoring writers, artists, and scientists rather than only…
• Who issues Colombia's banknotes? The Banco de la Republica, Colombia's central bank, issues the country's banknotes. It was created in 1923 and given the sole right to issue currency, and its name…

Ethiopia Banknotes: History & Collecting Guide

• What is the currency of Ethiopia? The currency of Ethiopia is the Ethiopian birr, ISO code ETB, which is divided into 100 santim. It is issued by the National Bank of Ethiopia, the country's central…
• Who issues Ethiopian banknotes? Ethiopian banknotes are issued by the National Bank of Ethiopia, which was established in 1963 as the central bank and sole note-issuing authority. Earlier paper…
• What is the highest denomination Ethiopian banknote? The 200 birr note is the highest circulating denomination. It was introduced in 2020 when the National Bank of Ethiopia issued a redesigned series with upgraded…
• Are older Ethiopian banknotes with Haile Selassie valuable to collectors? The imperial notes bearing the portrait of Emperor Haile Selassie, whose reign ran from 1930 to 1974, are among the most sought-after Ethiopian notes for their…
• Did Ethiopia ever have hyperinflation? Ethiopia is not one of the classic hyperinflation stories, and it does not appear among the record collapses catalogued in the Hanke-Krus World Hyperinflation Table…

Belize Banknotes: History & Collecting Guide

• What currency does Belize use? Belize uses the Belize dollar, currency code BZD, which is pegged to the United States dollar at a fixed rate of BZ$2 to US$1, according to the Central Bank of…
• Who issues Belize's banknotes? The Central Bank of Belize is the sole issuing authority for the country's banknotes and coins. It was established on 1 January 1982 as the successor to the Belize…
• Do Belize banknotes feature Queen Elizabeth II? Yes. Queen Elizabeth II appeared on British Honduras notes from 1952 and remained on Belize paper money for decades after the colony was renamed Belize in 1973,…
• What is the difference between British Honduras and Belize banknotes? British Honduras was the colonial name of the country, and its government issued paper money under that name from 1894. The colony was renamed Belize in 1973, and the…
• Are older Belize and British Honduras banknotes worth collecting? Older Belize and British Honduras notes are collected for their history and their connection to the country's path from colony to independent nation. Condition drives…

Bermuda Banknotes: History & Collecting Guide

• What currency does Bermuda use? Bermuda uses the Bermudian dollar, symbol $ and code BMD, which is divided into 100 cents. It is the official currency of Bermuda, a British Overseas Territory, and…
• Is the Bermudian dollar pegged to the US dollar? Yes. The Bermudian dollar has been pegged one for one to the US dollar since 1972, when Bermuda broke the older link to the pound sterling on 31 July of that year.…
• Who issues Bermuda's banknotes? Bermuda's banknotes are issued by the Bermuda Monetary Authority, the island's central financial regulator, which was established under the Bermuda Monetary Authority…
• What makes the 2009 Bermuda banknotes special? The 2009 series was Bermuda's first major redesign in about forty years and is printed vertically rather than in the usual landscape format. Each denomination, from…
• Does Bermuda have King Charles III banknotes? Yes. In late 2024 the Bermuda Monetary Authority issued new polymer $2 and $5 notes that were the first Bermuda banknotes to carry a portrait of King Charles III,…

El Salvador Banknotes: The Colón, Its Former Currency

• What currency does El Salvador use? El Salvador uses the US dollar as its everyday currency and has done so since 2001. Its historic national currency was the Salvadoran colón (ISO code SVC), issued by…
• Why did El Salvador switch from the colón to the US dollar? On January 1, 2001, under President Francisco Flores, El Salvador's Law of Monetary Integration made the US dollar legal tender alongside the colón at a fixed rate of…
• What do Salvadoran colón banknotes depict? Christopher Columbus, the figure the colón was named for, appears on colón notes, in some designs at center and in others beside a map and his three ships. The other…
• Are Salvadoran colón banknotes worth collecting? Yes. Because the colón era is closed and well defined, running from the first Central Reserve Bank series of 1934 to the last notes before dollarization in 2001, El…
• Where can you buy El Salvador banknotes? Buy from a source-first dealer that inspects every note and documents where it came from. Planet Banknote stocks El Salvador notes rather than fixing a single market…

Fiji Banknotes: History & Collecting Guide

• What currency does Fiji use? Fiji uses the Fijian dollar, ISO code FJD and symbol $, issued by the Reserve Bank of Fiji. The dollar replaced the Fijian pound on 15 January 1969 at a rate of two…
• When did Fiji switch from the pound to the dollar? Fiji converted from the imperial system of pounds, shillings, and pence to the decimal Fijian dollar on 15 January 1969, replacing the pound at a rate of one pound to…
• Why was Queen Elizabeth II removed from Fiji's banknotes? On 12 December 2012 the President of Fiji, Ratu Epeli Nailatikau, unveiled a new Flora and Fauna series that replaced the portrait of Queen Elizabeth II with native…
• What is the Fiji seven dollar banknote? The Fiji seven dollar note is a commemorative issued in 2017 to celebrate the Fiji rugby sevens team winning gold at the 2016 Summer Olympics in Rio de Janeiro, and…
• How do you start collecting Fiji banknotes? Choose a focus that appeals to you, such as the Queen Elizabeth II decimal notes issued from 1969, the modern Flora and Fauna series, or commemoratives like the seven…

Oman Banknotes: History & Collecting Guide

• What currency does Oman use? Oman's official currency is the Omani rial (ISO code OMR), divided into 1,000 baisa and issued by the Central Bank of Oman. Unusually, the rial is split into a…
• Why is the Omani rial so valuable? The Omani rial is valuable because of a long-standing fixed peg to the US dollar rather than any recent surge. The Central Bank of Oman has held the rial at 1 rial to…
• What was the Saidi rial? The Saidi rial was Oman's first modern currency, introduced on 7 May 1970 to replace the Gulf rupee at a rate of 1 Saidi rial to 21 rupees. It was named after the…
• What is the Central Bank of Oman? The Central Bank of Oman is Oman's central bank and the sole authority that issues, holds, and recalls the country's currency. It was established in December 1974 and…
• Are Omani banknotes a good place to start collecting? Yes. Oman offers a compact, well-defined series that begins only in 1970, so a collector can cover the whole modern arc from the Saidi rial to the current polymer…

Yemen Banknotes: North and South Yemen to the Divided Rial

• What is the Yemeni rial? The Yemeni rial is the national currency of Yemen, issued by the Central Bank of Yemen and technically divided into 100 fils, though fils coins have not circulated…
• What happened to North and South Yemen's currencies? Before 1990, North Yemen (the Yemen Arab Republic) used the North Yemeni rial and South Yemen (the People's Democratic Republic of Yemen) used a separate,…
• Why are there two different Yemeni rials today? After the internationally recognized government relocated the Central Bank of Yemen to Aden in 2016, it began issuing new rial banknotes printed abroad. According to…
• Why did the Yemeni rial lose so much value? The rial collapsed during the war that began in 2015. The halt of oil exports, the loss of government revenue, the depletion of the central bank's foreign reserves,…

France Banknotes: History, Notable Notes & Collecting Guide

• What currency does France use today? France has used the euro since euro banknotes and coins entered circulation on 1 January 2002. The French franc lost legal tender status on 17 February 2002, at a…
• Can I still exchange old French franc banknotes? No. The Banque de France exchanged franc coins until 17 February 2005 and franc banknotes until 17 February 2012. Both deadlines have passed, so franc notes now carry…
• What were the assignats? Assignats were paper obligations first issued by France's National Assembly in December 1789, backed by church lands confiscated during the Revolution. Massive…
• Why did France introduce a new franc in 1960? Decades of wartime and postwar inflation had worn down the franc, so a reform launched in 1958 under Charles de Gaulle's government redenominated the currency. On 1…
• Are old French franc banknotes valuable? Franc notes are collected for design and history rather than face value. Condition drives price, and popular targets include the personality notes of the 1960s to…

Turkey Banknotes: Ottoman Kaime to the 20,000,000 Lira Note

• What currency does Turkey use? Turkey uses the Turkish lira, issued by the Central Bank of the Republic of Turkey. The current banknote family, the E9 emission group, entered circulation on January…
• What was the Ottoman kaime? The kaime was the Ottoman Empire's first paper money, introduced in 1840 under Sultan Abdulmecid I. According to the Central Bank of the Republic of Turkey's Banknote…
• Why did Turkey drop six zeros from the lira? Decades of chronic inflation had pushed everyday prices into the millions of lira, so a redenomination law passed by the Grand National Assembly in January 2004…
• Did Turkey ever have hyperinflation? No, not by the standard academic definition. The Hanke-Krus World Hyperinflation Table (Cato Institute) counts an episode as hyperinflation only when prices rise more…
• Are old multi-million-lira Turkish notes still worth anything? They no longer hold monetary value. The Central Bank of the Republic of Turkey withdrew the last old-lira banknotes on January 1, 2006, and their redemption period…

Poland Banknotes: Marka, Złoty and Two Hyperinflations

• Did Poland ever have hyperinflation? Yes, twice. The Hanke-Krus World Hyperinflation Table (Cato Institute) lists a marka episode from January 1923 to January 1924, with a peak monthly inflation rate of…
• What currency did Poland use before the złoty? The Polish marka, issued by the Polska Krajowa Kasa Pożyczkowa from 1917. It began as German occupation money at par with the German mark, was kept by independent…
• What was the 1995 Polish redenomination? On 1 January 1995, Narodowy Bank Polski replaced the old złoty (PLZ) with a new złoty (PLN) at 10,000 to 1, removing four zeroes after the high inflation of the late…
• Who appears on Polish banknotes today? The "Polish Rulers" series, designed by Andrzej Heidrich, features Mieszko I (10 złotych), Bolesław I the Brave (20), Casimir III the Great (50), Władysław II…
• Are old Polish banknotes worth collecting? Yes. Demonetized marka and old złoty notes can no longer be spent, so they are collected for history and design, and condition drives value. Late communist-era notes…

Ukraine Banknotes: Karbovanets, Coupons and the Hryvnia

• What is the currency of Ukraine? Ukraine's currency is the hryvnia, divided into 100 kopiyky. It was introduced during the monetary reform of September 2 to 16, 1996, when it replaced the karbovanets…
• What was the Ukrainian karbovanets? The karbovanets, popularly called the kupon, was Ukraine's transitional currency after independence. The National Bank of Ukraine put the coupon notes into…
• Did Ukraine have hyperinflation? Yes. Per the Hanke-Krus World Hyperinflation Table (Cato Institute), Ukraine's hyperinflation lasted from January 1992 to November 1994 and peaked in January 1992 at…
• What was the first Ukrainian banknote? The first Ukrainian banknote was a 100 karbovantsiv note of the Ukrainian People's Republic, issued on January 5, 1918. It was designed by the artist Heorhiy Narbut,…
• Are old karbovanets and UNR notes worth anything? They hold collector value rather than spending value, since both currencies were withdrawn long ago. Most 1992 to 1996 kupon notes are common and affordable, even in…

Venezuela Banknotes: Bolívar Fuerte, Soberano & Digital

• Why did Venezuela print a 1,000,000 bolívar note? Years of hyperinflation made small denominations impractical for everyday cash transactions, so on 5 March 2021 the Banco Central de Venezuela announced 200,000,…
• How many times has Venezuela redenominated its currency? Three times in the modern era. The bolívar fuerte of 1 January 2008 removed three zeros at 1,000 to 1, the bolívar soberano of 20 August 2018 removed five zeros at…
• When did Venezuela's hyperinflation start? Venezuela's monthly inflation rate first exceeded 50 percent, the standard threshold for hyperinflation, in November 2016, making it the 57th verified episode in the…
• What is on the 2008 bolívar fuerte banknotes? The 2008 series pairs Venezuelan historical figures with endangered wildlife: Cacique Guaicaipuro with a harpy eagle on the 10, Luisa Cáceres de Arismendi, the first…
• Are Venezuelan banknotes worth collecting? Yes. Demonetized fuerte and soberano notes are collected worldwide as artifacts of one of history's longest hyperinflations, and most remain inexpensive in crisp…

Germany Banknotes: Papiermark to Deutsche Mark and Euro

• Did Germany have hyperinflation? Yes, the most famous episode in history. The Hanke-Krus World Hyperinflation Table (Cato Institute) records Weimar Germany's hyperinflation peaking in October 1923 at…
• What was the highest denomination German banknote? The 100 trillion mark note of late 1923, the largest denomination the Reichsbank issued during the Weimar hyperinflation. It marked the peak of a spiral that had…
• Can old German marks still be exchanged? Deutsche Mark notes and coins can: the Deutsche Bundesbank exchanges unlimited amounts for euros indefinitely and free of charge at 1.95583 DM per euro. Earlier…
• What is the difference between the Rentenmark and the Reichsmark? The Rentenmark was the emergency stabilization currency introduced in November 1923, issued by the Deutsche Rentenbank and backed by mortgages on German land and…
• Are German banknotes from the 1923 inflation valuable? Most are abundant and inexpensive, because they were printed in enormous quantities and saved in bulk, which makes them an ideal entry point into collecting. Value…

Zaire Banknotes: Mobutu's Currency & Three Hyperinflations

• What currency did Zaire use? The zaïre, introduced in 1967 to replace the first Congolese franc at 1 zaïre to 1,000 francs. It was subdivided into 100 makuta, each of 100 sengi. A reformed…
• Did Zaire have hyperinflation? Yes, repeatedly. The Hanke-Krus World Hyperinflation Table (Cato Institute) lists three episodes for the country: October 1991 to September 1992, peaking at 114…
• What is a nouveau zaïre? The "new zaïre," introduced by the Banque du Zaïre in 1993 at a rate of 1 nouveau zaïre to 3,000,000 old zaïres. The reform failed to stop inflation, and by 1996 the…
• Why do some Zaire banknotes have a hole where the portrait should be? After Mobutu was overthrown in May 1997, the new government of the renamed Democratic Republic of the Congo kept existing notes in circulation but released them with…
• Are Zaire banknotes worth collecting? Yes. The series combines a striking single-ruler portrait gallery, two documented hyperinflations, and the unique punched-portrait finale. Most notes are affordable…

Bolivia Banknotes: Hyperinflation History & Collecting Guide

• What currency does Bolivia use today? Bolivia uses the boliviano, divided into 100 centavos and issued by the Banco Central de Bolivia. It was introduced on January 1, 1987, replacing the peso boliviano…
• How bad was Bolivia's hyperinflation? The Hanke-Krus World Hyperinflation Table (Cato Institute) records Bolivia's hyperinflation lasting from April 1984 to September 1985. In the peak month, February…
• What was Supreme Decree 21060? Supreme Decree 21060 was the stabilization package promulgated by President Victor Paz Estenssoro on August 29, 1985. Known as the New Economic Policy, it freed…
• What is a cheque de gerencia? A cheque de gerencia is a bank manager's check. During the 1984 to 1985 hyperinflation the Banco Central de Bolivia issued these checks as circulating currency…
• Are old Bolivian peso notes worth anything? Only as collectibles. The peso boliviano was replaced by the boliviano in 1987 and no longer circulates, so its value today is collector value. That depends on…

Peru Banknotes: The Sol, the Inti & Collecting Guide

• What currency does Peru use today? Peru uses the sol, issued by the Central Reserve Bank of Peru. It was introduced on 1 July 1991 as the nuevo sol, replacing the inti at 1,000,000 to 1, and Peru's…
• What was the Peruvian inti? The inti was Peru's currency from 1985 to 1991. Introduced on 1 February 1985 at 1,000 soles de oro to 1 inti, it was named after Inti, the sun god of the Incas,…
• How bad was Peru's hyperinflation? The Hanke-Krus World Hyperinflation Table (Cato Institute) records two Peruvian episodes, both under the inti: one in September 1988 that peaked at 114 percent…
• How many intis equaled one nuevo sol? One million. The nuevo sol replaced the inti at 1,000,000 intis to 1 nuevo sol on 1 July 1991. Because the inti had itself replaced the sol de oro at 1,000 to 1 in…
• Are Peruvian inti banknotes worth collecting? Yes. The inti era lasted barely six years and ended in a million-to-one redenomination, so its high-denomination notes, including the 1,000,000 intis note featuring…

India Banknotes: History, Rarities, and Collecting Guide

• What currency does India use? India uses the Indian rupee, ISO code INR, issued by the Reserve Bank of India. The rupee symbol ₹, designed by D. Udaya Kumar, was introduced by the Government of…
• When was the Reserve Bank of India founded? The Reserve Bank of India was established on April 1, 1935 under the Reserve Bank of India Act, 1934. It issued its first banknote, a 5 rupee note with King George…
• Are old 500 and 1,000 rupee notes from before 2016 worth anything? They are no longer legal tender and the official exchange window closed at the end of 2016. They now trade only as collectibles, where value depends on condition,…
• What was India's largest banknote? The 10,000 rupee note, first issued by the Reserve Bank of India in June 1938. It was demonetized in January 1946, reintroduced in 1954, and demonetized again in…

Philippines Banknotes: Peso History & Collecting Guide

• What was Mickey Mouse money in the Philippines? Mickey Mouse money was the Filipino nickname for the fiat pesos issued by the Japanese occupation government between 1942 and 1945, printed with the words "The…
• What are Philippine guerrilla and emergency notes? They are emergency currency printed during World War II by provincial currency boards authorized by President Manuel Quezon and by resistance forces in areas outside…
• Are Japanese occupation pesos from the Philippines valuable? Most common types are inexpensive because they were printed in vast quantities and were demonetized after liberation, so their appeal is historical rather than…
• Is the Philippines replacing paper banknotes with polymer? Not entirely. The Bangko Sentral ng Pilipinas released a 1000-piso polymer note in April 2022 and unveiled the First Philippine Polymer Series of 50, 100 and 500 piso…
• What is the difference between peso and piso? They are the same currency. Peso is the Spanish and English name, while piso is the Filipino-language spelling that has appeared on the notes themselves since the…

South Korea Banknotes: Won, Hwan and the 50,000 Won Note

• When was the current South Korean won introduced? The won in use today dates from the currency reform of June 10, 1962, when the Bank of Korea replaced the hwan at a rate of ten hwan to one won and issued six new…
• What was the South Korean hwan? The hwan was South Korea's currency from February 15, 1953 to June 10, 1962. It was introduced after Korean War inflation at a rate of 100 won to 1 hwan, and the Bank…
• Who is the woman on the 50,000 won note? She is Shin Saimdang, a Joseon-period artist, calligrapher, and writer who lived from 1504 to 1551. When the Bank of Korea issued the 50,000 won note on June 23,…
• Who issues South Korean banknotes? The Bank of Korea, the country's central bank, has issued South Korea's banknotes since its founding on June 12, 1950. The notes themselves are printed by the Korea…
• Are South Korean banknotes valuable to collectors? It depends on the note, its era, and its condition. Modern circulated won notes are inexpensive, while early Bank of Korea issues, hwan-era notes, and high-grade…

North Korea Banknotes: The Won and the 2009 Revaluation

• What was the 2009 North Korean currency revaluation? On November 30, 2009, North Korea announced a surprise revaluation that exchanged 100 old won for 1 new won and capped how much cash each household could convert.…
• What are the red won and blue won? They are foreign exchange certificates North Korea issued for visitors from 1983 until the system was abolished in 2002. Notes for visitors from socialist countries…
• Are old North Korean won notes worth anything? The pre-2009 series was withdrawn and demonetized in the revaluation, and the won was never convertible abroad, so these notes trade purely as collectibles. Their…
• What is the highest denomination North Korean banknote? The 5,000 won note is the highest denomination in the current series introduced in the 2009 revaluation. In 2014 North Korea released a redesigned 5,000 won note that…

Switzerland Banknotes: The Nine Swiss Franc Series

• What currency does Switzerland use? Switzerland uses the Swiss franc, ISO code CHF, divided into 100 centimes, called Rappen in German-speaking Switzerland. Banknotes are issued by the Swiss National…
• How many Swiss banknote series are there? The Swiss National Bank has created nine banknote series since 1907. Seven of them circulated, while the fourth series of 1938 and the seventh series of 1984 were…
• Which Swiss banknote won Bank Note of the Year? Two of them, in consecutive years. The International Bank Note Society named the vertical green 50 franc note its Bank Note of the Year for 2016, and the yellow 10…
• Can old Swiss banknotes still be exchanged? It depends on the series. Since 1 January 2020, banknotes from the sixth series of 1976 onward can be exchanged at the Swiss National Bank for current notes at full…
• Is the 1,000 Swiss franc note still in use? Yes. The ninth series 1,000 franc note was issued on 13 March 2019 and remains legal tender, making it one of the highest-value banknotes in general circulation…

Canada Banknotes: History, Notable Notes & Collecting Guide

• What size is a Canadian dollar bill? Every Canadian banknote measures 152.4 by 69.85 millimetres, or 6.0 by 2.75 inches. The Bank of Canada publishes that as the actual size of genuine notes, and it is…
• What currency does Canada use? Canada uses the Canadian dollar, ISO code CAD, divided into 100 cents. The Bank of Canada has been the country's sole banknote issuer since it opened on 11 March…
• What is the Devil's Face on 1954 Canadian banknotes? On the first printings of the 1954 series, highlights in the curls behind Queen Elizabeth II's ear appeared to form a horned face. The portrait was engraved…
• Are old Canadian banknotes still legal tender? Most are, but not all. As of 1 January 2021 the $1, $2, $25, $500 and $1,000 notes from every Bank of Canada series stopped being legal tender. The Bank still honours…
• When did Canada switch to polymer banknotes? Between 2011 and 2013, with the Frontiers series. The Bank of Canada issued the polymer $100 on 14 November 2011, the $50 on 26 March 2012, the $20 on 7 November…
• Who was the first Canadian woman on a banknote? Viola Desmond, the civil rights figure on the vertical $10 note issued on 19 November 2018. The Bank of Canada describes her as the first Canadian woman to appear on…
• What is coming next on Canadian banknotes? A vertical $20 with a portrait of King Charles III, unveiled on 3 September 2026 and entering circulation in late February 2027. It is Canada's first note to carry…

South Africa Banknotes: The Rand, Big Five & Mandela Notes

• What currency does South Africa use? South Africa uses the rand, ISO code ZAR and symbol R, divided into 100 cents. It is issued by the South African Reserve Bank and was introduced on 14 February 1961,…
• Whose portrait appeared on apartheid-era rand notes? From 1961 into the early 1990s, rand notes carried a portrait identified as Jan van Riebeeck, the Dutch East India Company commander who founded the Cape settlement…
• Which animals are on South Africa's Big Five banknotes? Each denomination carries one animal: the rhinoceros on the R10, the elephant on the R20, the lion on the R50, the Cape buffalo on the R100, and the leopard on the…
• When were the Mandela banknotes introduced? The South African Reserve Bank put the Mandela series into circulation on 6 November 2012, placing Nelson Mandela's portrait on the front of every denomination from…
• Are old South African banknotes still legal tender? Yes. According to the South African Reserve Bank, all banknotes it has issued remain legal tender and keep their face value regardless of issue date. For collectors…

Israel Banknotes: Pound, Lira, Shekel and New Shekel

• What currency does Israel use today? Israel uses the new shekel, issued by the Bank of Israel. The Bank of Israel dates its introduction to September 4, 1985, when it replaced the old shekel at 1,000 to…
• What was the Israeli lira or pound? The lira, also called the Israeli pound, was Israel's currency from June 1952 until February 1980. It was first issued by Bank Leumi le-Israel and then by the Bank of…
• Did Israel have hyperinflation in the 1980s? Not by the technical definition. Annual inflation reached 445 percent in 1984, per National Bureau of Economic Research work on Israel's stabilization, which is…
• Why is Israel's currency called the new shekel? Because it replaced the original shekel of 1980. As part of the 1985 Economic Stabilization Plan, Israel dropped three zeros from its currency, exchanging 1,000 old…
• Are old Israeli banknotes valuable? It depends on the era and the condition. Inflation-era shekel notes from 1980 to 1985 are generally plentiful and affordable, even in high grades, because the reform…

Zimbabwe Banknotes: From Bird Watermarks to the ZiG

• What currency does Zimbabwe use today? Zimbabwe's currency is the ZiG, short for Zimbabwe Gold, launched in April 2024 with the international code ZWG. It replaced the 2019 to 2024 Zimbabwe dollar and is…
• What is the ZiG? The ZiG (Zimbabwe Gold) is the structured currency Zimbabwe introduced in April 2024. Banks converted Zimbabwe dollar balances into ZiG starting April 5, 2024, and…
• What are Zimbabwe bearer cheques? Bearer cheques were emergency cash instruments the Reserve Bank of Zimbabwe issued from 2003 to 2008 when inflation outran conventional banknote printing. Unlike…
• Are old Zimbabwe dollar notes still spendable? No. The hyperinflation-era Zimbabwe dollar was formally demonetized by the Reserve Bank in a process that ran from June 15 to September 30, 2015, and the 2019 to 2024…
• Why is the 100 trillion dollar note famous? The 2008-dated 100 trillion dollar note (Pick 91) is the highest-denomination banknote of the modern era, with fourteen zeros, printed at the peak of a hyperinflation…

Lesotho Banknotes: History, Notable Notes & Collecting Guide

• What currency does Lesotho use? Lesotho uses the loti, plural maloti, issued by the Central Bank of Lesotho since the early 1980s. It is pegged one to one to the South African rand through the…
• Who was King Moshoeshoe II? Moshoeshoe II was king of Lesotho from independence in 1966 until 1990, when the military deposed him, and again from January 1995 until his death in a January 1996…
• What is on the 1989 Lesotho 5 maloti note? The front shows King Moshoeshoe II in civilian dress with the national coat of arms and a watermark of the king. The back shows Maletsunyane Falls near Semonkong, a…
• Are Lesotho banknotes a good collecting area? Yes, especially for collectors who like finishable sets. Lesotho has issued circulating paper money only since 1980, across a handful of series with denominations up…

Yugoslavia Banknotes: Dinar History & Collecting Guide

• What currency did Yugoslavia use? The Yugoslav dinar, from the country's formation after World War I until the federation's final years. The dinar served the Kingdom of Yugoslavia, the socialist…
• What are Yugoslav payment orders? Pre-printed payment and transfer forms used in socialist Yugoslavia's banking system, where enterprises and institutions settled accounts through documented transfers…
• How many times did Yugoslavia redenominate its currency? Five times: January 1966 at 100 to 1, January 1990 at 10,000 to 1, July 1992 at 10 to 1, October 1993 at 1,000,000 to 1, and January 1, 1994 at 1,000,000,000 to 1.…
• Are Yugoslav dinar notes collectible? Yes, and from several angles: socialist-era designs like the Arif Heralic steelworker note, the Tesla monument note, and the 1985 Tito 5,000 dinara; the climbing…
• What is the 1993 Yugoslavia 50,000 dinara note? A dark-blue note of the October 1993 series showing Petar II Petrovic Njegos, the poet-prince of Montenegro, on the front and the Cetinje monastery on the back. It…

Hungary Banknotes: History, Notable Notes & Collecting Guide

• What currency does Hungary use? Hungary uses the forint, issued by the Magyar Nemzeti Bank since August 1, 1946. It replaced the pengő after the 1946 hyperinflation at a rate of 400 octillion pengő…
• When was the forint introduced? On August 1, 1946, as the centerpiece of Hungary's post-war stabilization. The government halted the printing of pengő, restarted tax collection, and set one forint…
• What was the pengő? The pengő was Hungary's currency from January 1, 1927, when it replaced the korona at 12,500 to one, until July 31, 1946. It is remembered for its ending: in 1945 and…
• Are Hungarian forint banknotes collectible? Yes. The socialist-era notes carry classic portrait engraving at entry-level cost, the 1997 to 2001 redesigned series is a clean seven-note set, and the 2014 to 2019…
• Which Hungarian banknote holds the world record? The 100 million b.-pengő of 1946, equal to 100 quintillion pengő, is the highest-denomination banknote ever placed in general circulation, and Hungary's July 1946…

New Zealand Banknotes: Series 1 to 7, the 1999 Polymer Switch, and Collector Values

• What currency does New Zealand use? New Zealand uses the New Zealand dollar, ISO code NZD, divided into 100 cents and issued by the Reserve Bank of New Zealand. The Reserve Bank of New Zealand Act 1933…
• When did New Zealand change to decimal currency? On 10 July 1967, under the Decimal Currency Act 1964, with the dollar as the monetary unit. The Reserve Bank issued notes for 1, 2, 5, 10, 20 and 100 dollars on the…
• When did New Zealand start using polymer banknotes? In 1999. Note Printing Australia, the Reserve Bank of Australia's banknote subsidiary, records that New Zealand moved to polymer soon after Australia proved the…
• Who is the woman on the New Zealand $10 note? Kate Sheppard, who lived from 1847 to 1934 and was at the forefront of the suffrage movement that won votes for women in New Zealand in 1893. She has appeared on the…
• What is the Brighter Money series? Brighter Money is the marketing name for Series 7, New Zealand's current banknote family and the first redesign since 1999. The $5 and $10 went into circulation from…
• Has a New Zealand banknote ever won an award? Yes. The International Bank Note Society named the New Zealand $5 of the Brighter Money series its Banknote of the Year for 2015, announced in April 2016. About…
• How much is an old New Zealand banknote worth? It depends on the era and the signature. The PMG World Paper Money Price Guide lists the 1934 ten shillings note at $100 in Very Good 8 and $4,000 in Uncirculated 60,…

Irish Banknotes: Lady Lavery, Series B and C, and the Punt Before the Euro

• What currency did Ireland use before the euro? Ireland used the Irish pound, commonly called the punt. It was created by the Currency Act 1927 as the Saorstát pound and renamed the Irish pound after the 1937…
• Who is the woman on old Irish banknotes? Lady Hazel Lavery. A committee appointed to advise on the design of Ireland's first legal tender notes chose an emblematic female figure as their principal feature,…
• What is the difference between Series A, Series B and Series C Irish banknotes? Series A is the Lady Lavery family first dated 10 September 1928, with Dublin Custom House river masks on the reverses. Series B was introduced in 1976 and features…
• Which Irish banknote was never issued? The Series B £100. It featured Grace O'Malley on the front and a genealogical map of Ireland on the reverse, and although it was prepared as part of the series it was…
• Why did Ireland replace the Series B £20 note? Because of counterfeiting. The Central Bank of Ireland says it was prompted to bring forward its plans for a new series because of widespread counterfeiting of the…
• Can you still exchange old Irish pound banknotes? Yes. The Irish pound ceased to be legal tender on 9 February 2002, but the Central Bank of Ireland still exchanges old Irish banknotes and coins, and the European…
• Are Irish banknotes worth collecting? They are, and the field is unusually well documented because the issuing bank publishes the technical details of every denomination itself. Series C makes a realistic…

Greek Drachma Banknotes: 1841 to 2001

• What currency did Greece use before the euro? Greece used the drachma. It was issued by the National Bank of Greece from the 1840s and by the Bank of Greece from 1928 onward. Greece adopted the euro on 1 January…
• Who issued Greek drachma banknotes? Two institutions. The National Bank of Greece, established as a société anonyme on 30 March 1841, issued the drachma for most of the nineteenth century and the first…
• Who is on the 10,000 drachmes banknote? Dr Georgios Papanikolaou, the Greek physician whose name is attached to the Papanicolaou, or Pap, test, the cytopathology screening method for cervical cancer. He…
• What were the last Greek drachma banknotes? Six denominations were in circulation when the euro arrived. The European Central Bank lists the head of Athena on the 100 with Adamantios Korais on the back, Rigas…
• Can you still exchange Greek drachma banknotes? No. The European Central Bank states that Greek drachma banknotes cannot be exchanged after 1 March 2012. For collectors that makes the drachma a closed series: no…
• Are Greek drachma banknotes rare? It depends entirely on the era. The nineteenth-century National Bank of Greece issues are genuinely scarce and priced accordingly, and the occupation-era emergency…
• Which Greek banknote should a beginner buy first? One of the six denominations that were circulating when the euro arrived. They are attractive, documented by both the European Central Bank and the standard catalogs,…

Rhodesian Banknotes (1964-1980): The Notes Before the Zimbabwe Dollar

• What currency did Rhodesia use? Rhodesia used a pound divided into 20 shillings until 17 February 1970, when it switched to a decimal dollar. Both were issued by the Reserve Bank of Rhodesia in…
• Who issued Rhodesian banknotes? The Reserve Bank of Rhodesia, which took over the note issue in 1964. Before it, the same territory's notes were issued by the Bank of Rhodesia and Nyasaland from…
• Do Rhodesian banknotes have Queen Elizabeth II on them? The pound notes do. Every Reserve Bank of Rhodesia pound note, from the 1964 issue through the 1 pound dated 14 October 1968, carries her portrait at right with the…
• Why do Rhodesian banknotes have no printer's imprint? Because the Reserve Bank printed the 1966 series itself. An order placed with Bradbury Wilkinson in October 1965 never received an export license, and a replacement…
• What are Rhodesian banknotes worth? It depends entirely on the type and the grade. The PMG World Paper Money Price Guide, read in September 2026, lists the 1964 10 shillings at $60 in Very Good 8 and…
• What replaced the Rhodesian dollar? The Zimbabwe dollar. The Reserve Bank of Zimbabwe issued its first notes in 1980, in denominations of 2, 5, 10 and 20 dollars, still printed with Salisbury as the…

Biafra Banknotes (1967-1970): The Currency of a Country That Lasted Three Years

• What currency did Biafra use? Biafra used the Biafran pound of 20 shillings, issued by the Bank of Biafra from January 1968. Before that it used Nigerian notes and coins, because the decree that…
• What denominations were Biafran banknotes issued in? Five in total. The first issue of January 1968 had only two, a 5 shilling and a 1 pound note. The second issue, announced in February 1969, added a 10 shilling, a 5…
• Who printed the Biafran pound? No printer has ever been confirmed. Neither issue carries a printer's imprint. Yasha Beresiner and Colin Narbeth suggested in 1973 that the notes were printed in…
• What are Biafran banknotes worth? Most are inexpensive. The PMG World Paper Money Price Guide, read in September 2026, lists the second-issue 1 pound at $1.50 in Uncirculated 60 and the 10 shillings…
• Why are Biafran banknotes so affordable? Because a large share of both issues never reached Biafra and was sold to collectors instead. Sales began in September 1968 and continued after January 1970, flooding…
• What is a Biafran remainder note? A note printed without serial numbers, which were normally applied at the top right and bottom left of the front. Remainders are recorded only for the second series,…

Chilean Banknotes: Peso, Escudo and the Polymer Notes of the Banco Central de Chile

• What currency does Chile use? The Chilean peso, issued by the Banco Central de Chile. The unit was called the escudo between 1960 and 1975, when the peso returned. Five banknotes circulate today,…
• Which Chilean banknotes are printed on polymer? The 1,000, 2,000 and 5,000 peso notes, all on Guardian polymer printed by Note Printing Australia. The 10,000 and 20,000 peso notes are printed on cotton paper by…
• Who is on Chilean banknotes? Ignacio Carrera Pinto on the 1,000 pesos, the lawyer and guerrilla leader Manuel Rodriguez Erdoiza on the 2,000, the poet Gabriela Mistral on the 5,000, Captain…
• What was the Chilean escudo? The escudo was Chile's monetary unit between 1960 and 1975, replacing the peso and then being replaced by it again. The first escudo notes were not new designs: the…
• When was the Banco Central de Chile founded? In 1925. In February of that year Chile's ambassador in Washington approached Edwin Walter Kemmerer of Princeton University about a financial mission, and the…
• Why are the current Chilean banknotes different sizes? Because the series steps up in length with the denomination. The 1,000 pesos measures 120 by 70 mm, the 2,000 measures 127 by 70 mm, the 5,000 measures 134 by 70 mm,…
• Are Chilean banknotes worth collecting? They are, particularly for anyone who likes complete sets. The bicentenary family of five can be finished in uncirculated condition without hunting for scarce…

Ghana Banknotes: From the Ghana Pound to the Cedi and the 2007 Redenomination

• Why is Ghana's currency called the cedi? The Bank of Ghana says the name was derived from sedie, meaning cowrie, the shell money that gained popularity and wider circulation in the later part of the…
• What currency did Ghana use before the cedi? The Ghana pound. After independence the Bank of Ghana issued its own currency in the form of Ghana pounds, shillings and pence on 14 July 1958, and with that issue…
• What was the new cedi of 1967? A replacement currency without Kwame Nkrumah on it. After the overthrow of the CPP government the military government decided to replace the existing currency, which…
• What was the 2007 redenomination of the cedi? The replacement of the cedi by the Ghana cedi, effective 1 July 2007. The Bank of Ghana set ten thousand cedis to one new Ghana cedi, which it also expressed as one…
• Who are the Big Six on Ghana banknotes? The six nationalist leaders of Ghana's independence generation: Kwame Nkrumah, Emmanuel Odarkwei Obetsebi Lamptey, William Ofori Atta, Edward Akufo-Addo, Ebenezer Ako…
• What are the current Ghana cedi denominations? Seven denominations make up the current family: GH¢1, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200. The first five date from the redenomination of 1 July 2007 and a…
• Are old Ghana cedi notes worth collecting? They are, and they are among the most affordable African notes to collect. Almost everything from the 1970s to the 2000s can be bought in high grade for modest money,…

Belgian Franc Banknotes: The National Bank of Belgium's Notes from 1851 to the Euro

• When did the National Bank of Belgium issue its first banknotes? On 2 January 1851. The bank was founded by the law of 5 May 1850 and opened its doors on 2 January 1851, putting a first series of banknotes into circulation the same…
• Who is on the last Belgian franc banknotes? The final series honours Belgian artists and cultural figures. The National Bank of Belgium lists James Ensor on the 100 francs, Adolphe Sax on the 200, René Magritte…
• Can you still exchange Belgian franc banknotes? Yes. The National Bank of Belgium says all banknotes it issued after 1944 can still be exchanged, together with a few rare pre-1944 denominations and certain notes…
• What was the belga on Belgian banknotes? A second currency unit introduced in 1926 and printed on the notes alongside the franc. The National Bank of Belgium says it was meant to distinguish the Belgian…
• What is the highest denomination Belgian banknote? The 10,000 franc note. The National Bank of Belgium says persistent inflation led to the issue of a 10,000 franc note in 1929, marked 2,000 belgas, and describes it…
• Who printed Belgian banknotes during the First World War? The Société Générale. The German occupier punished the National Bank of Belgium for moving its banknotes and gold to London by withdrawing its issuing privileges and…
• When did the Belgian franc stop circulating? Euro notes and coins were introduced on 1 January 2002 and the withdrawal of the Belgian franc began immediately. The National Bank of Belgium records that the period…

Danish Krone Banknotes: Danmarks Nationalbank Series from 1818 to the Bridge Notes

• Which Danish banknotes are still valid? The 2009 series of bridges and archaeological finds, in denominations of 50, 100, 200 and 500 kroner, together with the security-upgraded 2009A printings of the same…
• When did Denmark withdraw the 1000-krone note? The 1000-krone note from the 2009 series stopped being a valid means of payment after 31 May 2025, together with banknotes from the 1944, 1952, 1972 and 1997 series.…
• Can you still exchange old Danish banknotes? No. After the 31 May 2025 deadline the recalled notes could be handed in only at Danmarks Nationalbank's exchange points in Odense, Aarhus and Copenhagen, and that…
• Why did Denmark withdraw its older banknotes? Danmarks Nationalbank said cash is used for approximately 10 per cent of payments in physical stores and that 90 per cent of cash payments in stores are under DKK…
• When was Danmarks Nationalbank founded? In 1818. It was established after the Napoleonic Wars, when the King allowed the printing press to run to finance war costs and inflation ran in excess of 300 per…
• What is on the 1972 Danish banknote series? Portraits engraved from paintings by Jens Juel on the front and animals on the back. The denominations run 10, 20, 50, 100, 500 and 1000 kroner, showing Cathrine…
• What will the next Danish banknote series be? Danmarks Nationalbank plans to launch a new series in 2028 and 2029 and said in its announcement of 30 November 2023 that citizens will also be consulted about the…

Nepal Banknotes: From the 1945 Mohru Notes to Mount Everest on the Rupee

• What was Nepal's first banknote? Nepal's first notes were issued from September 1945 by the Sadar Mulukikhana, the government Central Treasury, in denominations of 5, 10 and 100 rupees. All three…
• Why are old Nepalese notes called mohru notes? Because of the word printed on them. The Nepal Rastra Bank catalogue records that the word Mo Ru for rupees was changed into Rupaiyan on notes issued from 1962…
• When was Nepal Rastra Bank established? Nepal Rastra Bank was established on 26 April 1956 under the Nepal Rastra Bank Act, 1955. It set up a Note Department in September 1956, and the responsibility for…
• Which animals are on Nepalese rupee notes? An Asian rhinoceros has been on the back of the 100 rupee note almost continuously since 1945. The Nepal Rastra Bank catalogue also records Himalayan musk deer on the…
• Did Nepal issue a polymer banknote? Yes. Nepal's first polymer note was a commemorative 10 rupee issued from 30 September 2002 and printed by Note Printing Australia, in a run of about 50 million. It…
• When did Mount Everest replace the king on Nepal's banknotes? A 1,000 rupee note with Mount Everest and a rhododendron on the front was issued on 7 April 2008, and Nepal Rastra Bank withdrew all notes bearing the portrait of…
• Are Nepalese banknotes worth collecting? They are, and the country is unusually well documented because the central bank published its own illustrated catalogue with colours, sizes, prefixes and print runs…

Bangladesh Banknotes: The Taka from 1972 to Today

• What was the first banknote of Bangladesh? Bangladesh Bank dates its first notes to 4 March 1972, when a 1 taka and a 100 taka were issued. The 1 taka showed the map of Bangladesh in a circular panel with a…
• Who issues banknotes in Bangladesh? Bangladesh Bank. Its currency pages state that the bank has the sole authority to issue banknotes in Bangladesh, and that it has issued Tk 5, 10, 20, 50, 100, 500 and…
• Did Bangladesh have a polymer banknote? Yes, a 10 taka. The Reserve Bank of Australia's 2001 annual report lists a circulating Bangladesh 10 taka among Note Printing Australia's polymer note export orders…
• What is the highest denomination Bangladesh banknote? The 1,000 taka. Bangladesh Bank dates its first 1,000 taka note to 27 October 2008, showing the National Shaheed Minar on the front and Curzon Hall of Dhaka…
• What is on the new Bangladesh banknotes? Landmarks, art and natural heritage. Bangladesh Bank began the family on 1 June 2025 with the 20, 50 and 1,000 taka, added the 100 taka on 12 August 2025, the 500…
• Does Bangladesh Bank have a currency museum? Yes. Bangladesh Bank describes its Taka Museum as the only specialised museum on numismatics in Bangladesh, covering the monetary history of the country from ancient…
• Are Bangladesh banknotes worth collecting? They are, and the country is easier to research than most because the issuing bank publishes the issue date, front, back and often the dimensions of every note. The…

Moroccan Dirham Banknotes: From the Franc to Bank Al-Maghrib's Modern Series

• When did Morocco adopt the dirham? Bank Al-Maghrib dates the adoption of the dirham as the national currency of Morocco to 17 October 1959. It followed the creation of the Banque du Maroc on 30 June…
• Who issues Moroccan banknotes? Bank Al-Maghrib, the central bank of Morocco. It was created as the Banque du Maroc in 1959 and adopted the designation Bank Al-Maghrib on 5 March 1987, the same day…
• Where are Moroccan banknotes printed? At Dar As-Sikkah in Rabat, Bank Al-Maghrib's own banknote printing and minting works, established in 1987 and inaugurated on 5 March 1987 by the late King Hassan II.…
• What are the current Moroccan banknote denominations? The 2023 series has four notes: 20, 50, 100 and 200 dirhams. All carry a portrait of King Mohammed VI, the coat of arms of the Kingdom and an architectural detail…
• When was the latest Moroccan banknote series issued? Between November 2023 and August 2024. Bank Al-Maghrib put the 100 dirham note into circulation on 24 November 2023, the 200 dirham on 12 January 2024 to coincide…
• What currency did Morocco use before the dirham? Rials and then Moroccan francs. The Banque d'Etat du Maroc put its first banknotes, of 20 rials, into circulation on 2 December 1911. After a monetary crisis that…
• Are Moroccan banknotes worth collecting? They are, and the field is unusually well documented because Bank Al-Maghrib publishes the theme, motifs, size, watermark and security thread of every denomination…

Bahamas Banknotes: The Bahamian Dollar, the $3 Note and the CRISP Series

• Is there really a Bahamas three dollar bill? Yes. The Central Bank of The Bahamas issues a three dollar banknote and says that while many view it as a collector's item, the denomination remains legal tender and…
• Who issues Bahamian banknotes? The Central Bank of The Bahamas, which was established on 1 June 1974 and has the sole right and authority to issue banknotes and coins under the Central Bank of The…
• What does CRISP stand for on Bahamian banknotes? Counterfeit Resistant Integrated Security Product. The Central Bank used the name for the family of notes it rolled out from 2005, the first in Bahamian history to…
• What is the difference between CRISP and CRISP Evolution? CRISP Evolution is the second modernisation. It keeps most of the CRISP portraits and subjects but changes the colour schemes, adds a denomination specific flower and…
• Who is on the Bahamas one hundred dollar note? Arthur Dion Hanna, a former Governor General, Deputy Prime Minister and Minister of Finance, who died on 3 August 2021. He replaced Queen Elizabeth II, who appeared…
• Where are Bahamian banknotes printed? The Central Bank of The Bahamas says its dollar banknotes are printed by De La Rue in Basingstoke, Hampshire, England, and by Francois-Charles Oberthur in Paris,…
• Are Bahamian banknotes worth collecting? They are, and the half dollar and three dollar denominations are the hook. The Central Bank publishes a full technical description of every current denomination, the…

Belarus Banknotes: The Animal Rubles of 1992 and Two Redenominations

• What animals are on the 1992 Belarus banknotes? The National Bank of the Republic of Belarus describes a squirrel on the 50 copecks, a running rabbit on the 1 ruble, a beaver on the 3 rubles, wolves on the 5,…
• When did Belarus issue its first banknotes? On 25 May 1992. Soviet and then Russian notes had circulated after the Declaration on State Sovereignty of July 1990, and the National Bank's own money in 50 kopecks…
• What was the 2016 Belarus redenomination? On 1 July 2016 the National Bank replaced its 2000 series with the 2009 series, at 10,000 Belarusian rubles of the 2000 series per 1 Belarusian ruble of the 2009…
• Why are Belarus banknotes dated 2009 if they were issued in 2016? Because they were printed early. The National Bank says the currency units put into circulation in 2016 had been printed to its order as early as 2008, that the…
• What is on the current Belarus banknotes? Each denomination is dedicated to a region under the motto "Belarus is my country", matched alphabetically: 5 rubles to Brest, 10 to Vitebsk, 20 to Gomel, 50 to…
• Can you still exchange old Belarusian rubles? No. The 1992 family was withdrawn from circulation on 1 January 2001. For the 2000 series the National Bank ran an exchange programme from 1 January 2017 to 31…
• Are Belarus banknotes worth collecting? They are, and the animal notes of 1992 are one of the most appealing short sets in post-Soviet paper money: eight denominations, eight species, one issue date. The…

Bulgarian Lev Banknotes: From 1885 to the Euro in 2026

• When did Bulgaria adopt the euro? On 1 January 2026. Bulgaria joined the euro area as its twenty-first member and euro banknotes and coins entered circulation that day. Lev and euro cash both worked…
• When were the first Bulgarian banknotes issued? In 1885. The Bulgarian National Bank was founded in 1879 without the right to print money. The law and charter of 1885 restructured the bank, widened its independence…
• Can you still exchange Bulgarian lev banknotes? Yes. The Bulgarian National Bank exchanges lev banknotes and coins indefinitely, without limits and free of charge, at its head office in Sofia and at the offices of…
• Why did Bulgaria redenominate the lev in 1999? To remove the zeros left by the 1996 to 1997 crisis. Under the Law on Redenomination of the Bulgarian Lev, the lev was redenominated as of midnight on 5 July 1999,…
• What happened to Bulgaria's currency in 1996 and 1997? A banking crisis that had been smouldering since at least 1995 deteriorated sharply, and banks accounting for about one third of Bulgaria's banking system were shut…
• Who is on the last Bulgarian lev banknotes? Seven figures from Bulgarian history, each printed with their dates. Sveti Ivan Rilski is on the 1 lev, Paisios of Chiliandar on the 2, the painter Ivan Milev on the…
• What is the Bulgarian 20 leva commemorative banknote? A banknote the Bulgarian National Bank issued in 2005 whose reverse is a replica of Bulgaria's first 20 lev banknote, issued in 1885, together with the old BNB…

Armenian Dram Banknotes: From the First Series of 1993 to the Hybrid Notes

• When did Armenia introduce the dram? On 22 November 1993. The Central Bank of Armenia put the 10, 25, 50, 100, 200 and 500 dram notes into circulation that day, and marks the date every year as Armenian…
• How many series of Armenian banknotes are there? Three. The first series ran from 1993 to 1995 in denominations of 10 to 5,000 dram and was withdrawn during 2004 and 2005. The second began in 1998 and introduced…
• What is on the first series Armenian dram banknotes? Buildings, monuments and artefacts, with no portraits at all. The 10 dram shows the Yerevan railway station and the monument to David of Sasoun, the 25 dram a lion…
• What is the Hybrid substrate used on Armenia's third series? A composite. The Central Bank of Armenia says the notes are printed on Hybrid, a high quality composite substrate on a cotton paper covered with polyester layers on…
• Can you still exchange withdrawn Armenian banknotes? Yes. The Central Bank of Armenia states that withdrawn banknotes are no longer legal tender but may be exchanged at the central bank and at commercial banks operating…
• What is the highest denomination Armenian banknote? The 100,000 dram, introduced on 24 August 2009. It shows King Abgar V with a fragment of a first-century regional map, and on the reverse the disciple Thaddeus…
• What is the Armenian Noah's Ark banknote? Armenia's first collector banknote, a 500 dram note put into circulation on 22 November 2017 for the twenty-fourth anniversary of the dram. It shows a reliquary…

Bosnia and Herzegovina Banknotes: The Convertible Mark and Its Two Designs

• What currency does Bosnia and Herzegovina use? The convertible mark, written KM and divided into one hundred fenings. It is issued by the Central Bank of Bosnia and Herzegovina, which put the first banknotes into…
• Why do Bosnian banknotes have two different designs? The central bank issues them that way. The 10, 20, 50 and 100 KM notes are issued in two versions of design per denomination, one for the Federation of Bosnia and…
• Who is on Bosnia and Herzegovina banknotes? Writers, poets and a folk song narrator. The 10 KM carries Mehmedalija Mak Dizdar or Aleksa Šantić, the 20 KM Antun Branko Šimić or Filip Višnjić, the 50 KM Musa…
• When were the first convertible mark banknotes issued? On 22 June 1998, in denominations of 50 fening, 1 KM, 5 KM and 10 KM. The 20, 50 and 100 KM notes followed on 27 July 1998, and the 200 KM note was issued on 15 May…
• Which Bosnian banknotes are no longer legal tender? The 50 fening note stopped being legal tender on 1 January 2003, the 1 KM note on 1 January 2009 and the 5 KM note on 1 January 2010. Every 10, 20, 50 and 100 KM note…
• How do you tell which year a convertible mark banknote was printed? Look in the lower left corner of the face. The central bank states that banknotes from the first series of 1998 do not have a specified year of issue, and that on all…
• What money was used in Bosnia and Herzegovina before the convertible mark? Dinar issues from more than one source. The National Bank of Republika Srpska issued its own dinar from 1 July 1992, replaced it with a second series on 1 October…

Nicaragua Banknotes: The Córdoba from 1912 to the Polymer Series

• When was the Nicaraguan córdoba introduced? The córdoba was adopted by the Ley de conversión monetaria de 1912, through a decree approved by the Asamblea Nacional Constituyente on 20 March 1912. The Banco…
• Why is the Nicaraguan currency called the córdoba? It is named after Francisco Hernández de Córdoba, founder of the cities of León and Granada, as the Banco Central de Nicaragua states in its historical review of the…
• Are Nicaraguan banknotes plastic? Most of them are. Polymer arrived with the 2009 family, and the current family has five polymer denominations, the 200, 100, 50, 20 and 10 córdobas, with the 500 and…
• What happened to Nicaragua's currency in 1988 and 1990? It was replaced twice. The Banco Central de Nicaragua records an exchange and conversion operation on 14 February 1988 in which the córdoba was replaced by the…
• Did Nicaraguan banknotes win any awards? Yes. On 21 June 2016, at a conference in Mexico City, Reconnaissance International awarded the Banco Central de Nicaragua the Regional Banknote of the Year Award for…
• Are old Nicaraguan córdoba notes still valid? Several are. The Banco Central de Nicaragua publishes a list of banknotes that are scarce in circulation but still hold their purchasing power, covering 500, 100, 50,…
• What is the most collectable Nicaraguan banknote? It depends which story you want. For hyperinflation collectors it is the 1990 provisional overprints, catalogued as Pick 162, 163 and 164, where a new denomination…

Bahrain Dinar Banknotes: From the Gulf Rupee to the Central Bank of Bahrain

• When did Bahrain start issuing its own banknotes? On 7 October 1965. The Bahrain Currency Board, established in 1964, issued a new family of Bahraini dinar banknotes and coins on that date, replacing the Gulf rupee.…
• What money did Bahrain use before the dinar? Indian rupees, and from the late 1950s a special Gulf version of them. The Reserve Bank of India issued notes for circulation in Kuwait, Bahrain, Qatar and the…
• Who issues Bahraini banknotes today? The Central Bank of Bahrain, a public corporate entity created on 6 September 2006 by the Central Bank of Bahrain and Financial Institutions Law. It succeeded the…
• How many Bahraini banknote issues are there? Four. The first issue came from the Bahrain Currency Board on 7 October 1965. The second was issued by the Bahrain Monetary Agency in 1978 and 1979. The third arrived…
• What is on the Bahrain 20 dinar note? The current BD20 carries King Hamad bin Isa Al Khalifa on the front and the Al Fateh Islamic Center in Juffair on the back, in brown and light blue, measuring 154 by…
• How can you tell the value of a Bahraini note by touch? By counting raised lines. The Central Bank added a series of short, raised lines at the middle of the front of every upgraded banknote, on the right edge, to indicate…
• Are Bahraini banknotes worth collecting? They are, and the field is unusually contained. There have been only four issues since 1965, each with five denominations, so a complete issue is a finishable…

Barbados Banknotes: The Barbados Dollar from 1973 to the Polymer Series

• Who issues Barbados banknotes? The Central Bank of Barbados. It was established in May 1972 by the Government of Barbados and has been the sole issuer of the country's currency since 1973. The bank…
• Who is on Barbados banknotes? Six Barbadians, unchanged across the modern series. John Redman Bovell appears on the $2, Sir Frank Worrell on the $5, Charles Duncan O'Neal on the $10, Samuel…
• When did Barbados switch to polymer banknotes? The polymer series went into circulation on 5 December 2022, after the Central Bank unveiled it on 4 May that year. It was the bank's second redesign and the first…
• Are old Barbados banknotes still legal tender? Yes. When the 2013 series launched, the Central Bank told the public that all notes it had issued from 1973 to the present remain legal tender and should continue to…
• What is different about the 2022 Barbados notes? They changed from a horizontal format to a vertical one, they are printed by De La Rue on polymer, and each has a transparent window carrying an embedded image that…
• How do the tactile marks on Barbados banknotes work? Differently in each modern series. On the 2013 paper notes the number of raised dots rises with the value, from one dot on the $2 to six on the $100. On the 2022…
• Are Barbados banknotes worth collecting? They are, and the structure of the country's currency makes a satisfying set. Six denominations, six portraits carried unchanged across four documented design…

Brunei Banknotes: The Brunei Dollar, the Sultan Portraits and the Polymer Notes

• When did Brunei start issuing its own banknotes? On 12 June 1967. That is the day the Board of Commissioners of Currency Malaya and British Borneo handed over its powers to issue currency, and Brunei Darussalam,…
• Who is on Brunei banknotes? Two sultans. The 1967 notes carried Al-Marhum Sultan Haji Omar Ali Saifuddien Sa'adul Khairi Waddien, the 28th Sultan of Brunei Darussalam. From the 1972 series the…
• Can you spend Brunei dollars in Singapore? Under the Currency Interchangeability Agreement signed on 12 June 1967, the Brunei dollar and the Singapore dollar are accepted as customary tender in the country…
• When did Brunei introduce polymer banknotes? In 1996, starting with the BND1, BND5 and BND10. The rest of the family followed over two decades: the BND50 and BND100 in 2004, the BND500 and BND1,000 in 2006, the…
• What is Brunei's New Family Banknotes Series? It is the current issue, announced in 2025 in five denominations, BND1, BND5, BND10, BND100 and BND500, and in circulation from 9 March 2026. It carries upgraded…
• What is the Brunei 10,000 dollar note? It is the highest denomination of Brunei currency, introduced with the third paper series of 1989 and later produced in polymer. The polymer version has a clear…
• Are Brunei banknotes worth collecting? They are, and the appeal is the pairing. Brunei and Singapore began issuing on the same day in 1967 and have been linked ever since, which culminated in a matched set…

Cayman Islands Banknotes: The Cayman Dollar Since 1972

• When did the Cayman Islands start issuing their own banknotes? The Cayman Islands Currency Board commenced operations with the new issue on 1 May 1972, which the Monetary Authority describes as the first time in the islands'…
• What currency did the Cayman Islands use before 1972? Jamaican currency. It stayed legal tender in the Cayman Islands until 31 August 1972. During the changeover all Jamaican notes and coins returned to the banks were…
• What do the letters on Cayman Islands banknotes mean? The letter before the serial number refers to the series of the print run. The A series began in 1972, the B series brought the first redesign in 1991 and 1996, the C…
• Who prints Cayman Islands banknotes? De La Rue. The Monetary Authority states that all Cayman Islands banknotes have been printed by De La Rue currency note printers in England, while the coins are…
• Is there really a Cayman Islands 40 dollar note? Yes. The Currency Board introduced $100 and $40 notes in 1981, and the $50 followed in 1985. The $40 is catalogued as Pick 9a with Queen Elizabeth II on the front and…
• Are old Cayman Islands banknotes still redeemable? Yes. The Monetary Authority says the older A and B series banknotes have been withdrawn but remain legal tender and can still be redeemed, Damaged notes and coins are…
• Will Cayman Islands banknotes change now that Queen Elizabeth II has died? The Monetary Authority announced on 30 January 2023 that the currency in circulation would be phased out and replaced with a new design featuring an effigy of King…

Algerian Dinar Banknotes: From the Banque de l'Algérie Franc to the Bank of Algeria

• When was the Algerian dinar created? In 1964. The Bank of Algeria says the Algerian dinar was created that year by presidential decree and that the Banque centrale d'Algérie put the first series of…
• Who issues Algerian banknotes? The Bank of Algeria. It was created by law 62-144, voted by the Constituent Assembly on 13 December 1962, under the name Banque Centrale d'Algérie, and the bank's…
• Who issued Algeria's banknotes before the dinar? Algeria's pre-independence notes were franc notes issued by the Banque de l'Algérie, which the standard catalog lists as a separate issuer from the Banque Centrale…
• Where are Algerian banknotes made? At the Bank of Algeria's own works. The bank's Direction Générale de l'Hôtel des Monnaies is responsible for producing the banknote denominations and the coin…
• Which Algerian banknotes have been withdrawn from circulation? Two operations cover them. From 31 December 1998, under regulation 98-01 of 10 June 1998, the bank recalled the 100, 50, 10 and 5 dinar notes of 1964, the 100, 10 and…
• What is on the Algerian 2000 dinar note? There are three of them. The 2000 dinars of 2011 entered circulation on 28 April 2011 with a theme of science, technology and endogenous development. The 2000 dinars…
• Are Algerian banknotes worth collecting? They are, and the field is unusually easy to organise because the central bank names and dates every series itself. The 1964 family of four makes a realistic…

Angola Banknotes: From the Escudo to the Kwanza and Its Reforms

• What currency does Angola use? The kwanza, issued by the Banco Nacional de Angola. Its ISO 4217 alphabetic code is AOA and its numeric code is 9731, and the bank records that under Lei 11/99 de 12…
• What money did Angola use before the kwanza? The escudo, in notes issued by the Banco de Angola. The catalogue records issues including a 20 escudos of 1956 printed by Thomas De La Rue, with a portrait of Porto…
• Who is on Angolan banknotes? António Agostinho Neto, Angola's first president, is on the front of the 1976 kwanza issue and on every note of the current 2020 family. Between them, the issues of…
• Are Angolan banknotes plastic? Most of them are. The 200, 500, 1,000 and 2,000 kwanza notes of the current family are printed on polymer to increase durability, while the 5,000 kwanzas is paper.…
• When did Angola introduce its polymer banknotes? The current family began with the 200 kwanza note on 30 July 2020. The 500 kwanzas followed on 17 September 2020, the 1,000 in October and the 2,000 in November, with…
• What is a kwanza reajustado? It is the unit in which Angolan banknotes of the 1995 issue are denominated. The catalogue lists notes of that issue up to 5,000,000 kwanzas reajustados, including…
• How bad was inflation in Angola in the 1990s? Annual consumer price inflation reached 1,378.5 percent in 1993, 949.8 percent in 1994, 2,666.5 percent in 1995 and 4,145.1 percent in 1996, according to the World…

Azerbaijan Manat Banknotes: From the 1992 First Issues to the 2006 Redenomination

• When was the Azerbaijani manat introduced? The Central Bank of the Republic of Azerbaijan says the manat was put into circulation on 15 August 1992 and became the sole legal tender from 1 January 1994. The 10…
• What happened in Azerbaijan's 2006 redenomination? Under a presidential decree of 7 February 2005 on changing the nominal value of monetary units, the new manat was introduced into circulation on 1 January 2006. The…
• When were the old Azerbaijani manat notes withdrawn? In January 2007. The central bank's catalogue of currency withdrawn from circulation gives the same withdrawal date for every old-manat denomination, from the 5, 10…
• Who designed the Azerbaijani manat banknotes? Coin World reports that the Azerbaijani notes and the euro notes were both designed by Robert Kalina, the Austrian designer whose T 382 proposal was selected by the…
• What are the current Azerbaijani banknote denominations? Seven: 1, 5, 10, 20, 50, 100 and 200 manat. Each is 70 mm deep and each carries one theme within the concept the central bank calls Independent Azerbaijan, running…
• What money did Azerbaijan use before the manat? Soviet roubles, and before them municipal and state issues. The central bank dates the independent money economy to the notes issued by the Baku Municipality between…
• Why do Azerbaijani banknotes look like euro notes? Because the trade press credits both families to the same designer. Coin World says the stylistic similarity is explained by Robert Kalina having designed both. The…

Terms & Reference

Hyperinflation vs Inflation: The 50% Per Month Threshold

• What is the difference between inflation and hyperinflation? Inflation is any sustained rise in the general price level, usually reported as an annual rate. Hyperinflation is a specific threshold within that: a price-level…
• Who defined hyperinflation as 50 percent per month? Economist Philip Cagan, in his 1956 study The Monetary Dynamics of Hyperinflation. Steve Hanke and Nicholas Krus adopted his rule without modification for the…
• Is 100 percent annual inflation hyperinflation? No. One hundred percent a year averages under 6 percent a month, far below Cagan's 50 percent monthly threshold. It is severe high inflation, and it does trigger the…
• How does a hyperinflation officially end? Under Cagan's rule, an episode ends only after monthly inflation drops below 50 percent and stays below it for at least one year (Hanke and Krus, Cato Working Paper,…
• Why do only hyperinflations produce trillion-denomination banknotes? Because zeros get added faster than presses can keep up. At Germany's October 1923 peak, prices doubled every 3.70 days, and at Zimbabwe's November 2008 peak, every…

What Is Demonetization? How Governments Withdraw a Currency

• What is demonetization in simple terms? Demonetization is when the government or central bank that issued a currency formally announces that a banknote, a denomination, or the whole currency will no longer…
• What is the difference between demonetization and redenomination? Redenomination is one method of demonetization. In a redenomination the currency keeps its name and identity but zeros are struck off at a fixed ratio, as Zimbabwe…
• Why are demonetized banknotes often found in uncirculated condition? Banknotes wear out through handling, and demonetization stops the handling. When a currency is switched off abruptly, notes that were never spent stay exactly as they…
• Which demonetization affected the most cash at once? India's action on 8 November 2016 is the modern benchmark. The 500 and 1,000 rupee notes withdrawn that evening represented 86.4 percent of currency in circulation by…
• Does demonetization automatically make a banknote rare? No. Demonetization fixes the supply permanently, but the surviving population can still be very large. What matters is how much of the stock was returned and…

How Banknotes Are Printed: Intaglio, Offset and Letterpress

• Why can you feel the ink on a real banknote? The raised feel comes from intaglio printing. The design is engraved into a steel plate, ink fills the recessed lines, the plate surface is wiped clean, and the sheet…
• What is the difference between intaglio and offset printing on a banknote? Intaglio cuts the image into the plate and presses the sheet into it, producing raised ink you can feel. Offset lithography works from a flat plate, transfers ink to…
• Are serial numbers printed at the same time as the rest of the note? No. Serial numbers are added last, by letterpress, after the background and engraving are complete and the sheets have been inspected. Letterpress numbering boxes…
• What is banknote paper made of? Banknote paper is rag paper made from cotton, often blended with linen or other textile fibres, and it contains no wood pulp. United States currency paper is 75…
• Are polymer banknotes printed the same way as paper ones? Largely yes. Polymer notes still take offset and intaglio printing on coated areas, so they can carry raised engraved elements. The difference is the substrate.…

Polymer vs Paper Banknotes: Which Lasts Longer, and Why?

• What is the difference between a polymer and a paper banknote? A paper banknote is printed on cotton rag paper, which can carry a true watermark formed in the sheet and a security thread embedded during manufacture. A polymer…
• When was the first polymer banknote issued? The world's first polymer banknote was Australia's $10 commemorative, issued in January 1988 to mark the bicentenary, according to the Reserve Bank of Australia. It…
• Do polymer banknotes really last longer than paper banknotes? Yes, by a wide margin. Australian polymer notes were found to last between six and nine times longer than the paper notes they replaced, depending on denomination,…
• How should you store polymer banknotes? Store them flat in inert archival holders made from polyester, polypropylene, or polyethylene, avoid soft PVC, and keep them cool, dry, dark, and stable. The rule…
• Are polymer banknotes harder to counterfeit than paper ones? The Reserve Bank of Australia moved to polymer specifically to improve counterfeit resistance, and it reports that most counterfeits found in Australia are printed on…

Banknote Terminology: A Collector's Glossary

• What is the difference between a raw and a certified banknote? A raw banknote is one that has not been graded by a third party; it is sold loose, as-is, and its condition rests on the seller's description. A certified note has…
• What do EPQ and PPQ mean on a graded note? Both certify original, unaltered paper. EPQ (Exceptional Paper Quality) is PMG's designation and PPQ (Premium Paper Quality) is the equivalent from PCGS Banknote,…
• What is the difference between a star note and a replacement note? They describe the same thing from different angles. A replacement note is any note printed to replace one spoiled during production, issued under a distinct serial…
• What is a Pick number and where does it come from? A Pick number is the standard catalog ID that uniquely identifies a banknote type, drawn from the Standard Catalog of World Paper Money, the reference originally…
• Is a Certificate of Authenticity the same as third-party grading? No. A Certificate of Authenticity is the seller's own written assurance that a note is genuine and as described, which is only as strong as the business behind it.…

Banknote Security Features Explained: 9 Things to Check

• What are the main security features on a banknote? The features collectors and graders check most are the security thread, the watermark, optically variable color-shifting ink, intaglio raised printing, microprinting,…
• Does every banknote have a watermark? No. A watermark is formed in the paper as it is made, and not every note has one. Notes printed under emergency conditions sometimes omit it, and polymer notes…
• What is optically variable ink on a banknote? It is ink that changes color as the viewing angle changes, for example from green to gold, and it is also called color-shifting ink. The effect comes from microscopic…
• What is the difference between a cotton and a polymer banknote? Cotton, usually a cotton-linen rag blend, is the traditional paper substrate that feels firm and crisp and can carry a true watermark and an embedded thread. Polymer…
• Can a counterfeit-detection pen prove a banknote is genuine? No. A detection pen only reacts to paper chemistry and can give false readings, and it cannot check a thread set inside the paper, raised intaglio, or a color shift.…

Pick Numbers & Banknote Catalogs Explained

• What is a Pick number on a banknote? A Pick number is the standard catalog identifier for a world banknote, drawn from the Standard Catalog of World Paper Money, the reference originally compiled by…
• What does the P in P-91 stand for? The P stands for Pick, after Albert Pick, the collector and author whose numbering system became the standard for cataloging world paper money. The number that…
• Do all dealers and grading services use the same Pick number? Largely yes, and that is the point of the system. Because the Pick number is a shared reference, a note listed as P-91 by one dealer is the same issue a grading…
• What does a suffix letter like a or b mean after a Pick number? Suffix letters distinguish minor varieties of the same basic note. When a single design was issued with different signatures, dates, or printings, the catalog…
• Is the Pick catalog the only way to reference banknotes? No. The Pick system from the Standard Catalog of World Paper Money is the most widely used reference for world notes, but it is not the only one. Some countries have…

Star Notes & Replacement Notes: What the Star Means

• What is a replacement note? A replacement note is a banknote printed to take the place of a note that was damaged, misprinted, or spoiled during production. Because every note in a print run…
• What is a star note? A star note is the United States term for a replacement note. The Bureau of Engraving and Printing prints it with a star symbol in the serial number in place of a…
• Why are replacement notes worth more than regular notes? Replacement notes command a premium because far fewer of them are printed. They exist only to cover notes pulled during inspection, so any given series produces a…
• How can I verify that a note is really a replacement? Check the serial number itself. For a United States star note, confirm the star is printed as part of both serial numbers in the same ink and style, not drawn or…
• Do all countries use a star to mark replacement notes? No. The star is mainly a United States convention, and it is also used by a few other issuers such as India, which places a star in the serial number panel. Many…

Specimen Notes: What SPECIMEN Means on a Banknote

• What is a specimen banknote? A specimen banknote is a non-circulating example of a note, produced by the issuing authority or its security printer for reference and archival use rather than for…
• Are specimen notes legal tender? No. A specimen note was never issued for circulation and has no face value as money. Its markings, such as a SPECIMEN overprint, perforation, or zero serial numbers,…
• How can you tell a note is a specimen? Look for a SPECIMEN overprint or a perforated SPECIMEN spelled out in punched holes, serial numbers that read all zeros or a repeated sample figure, and sometimes…
• Why are specimen notes valuable to collectors? Specimen notes are prized because they are scarce and almost always pristine. Issuing banks distributed them in tiny quantities to other central banks, archives, and…
• What is the difference between a specimen and a proof? A specimen is a finished, printed note marked and voided for reference, while a proof is an earlier trial impression used to check a design or printing quality before…

Notgeld: The Emergency Money of Crisis-Era Germany

• What is Notgeld? Notgeld, German for emergency money, was currency issued by towns, states, banks, and companies when official Reichsbank notes and coins ran short. It appeared most…
• Why did German towns and companies issue their own money? They filled a gap the central bank could not. During the First World War, metal coins were hoarded and diverted to the war effort, leaving a shortage of small change,…
• What is the difference between circulating Notgeld and collector series notes? Circulating Notgeld was genuine emergency money meant to be spent locally, from plain small-change slips to the high-denomination notes of 1923. Collector series…
• Why is Notgeld so collectible today? Notgeld combines real historical weight with beautiful, endlessly varied design at a low entry price. A single collection can range across thousands of towns, themes,…
• Was Notgeld printed on anything besides paper? Yes. While most Notgeld was paper, issuers experimented widely, and surviving pieces are documented on linen, silk, leather, and wood, with some emergency tokens even…

Guides & Info

Most Valuable Banknotes in the World (2026 Rankings)

• What is the most valuable banknote in the world? The most valuable banknote ever sold at public auction is the 1890 United States $1,000 Treasury Note, known as the Grand Watermelon note. It realized $3,290,000 at…
• What are the most valuable banknotes a collector can actually buy in 2026? Seven-figure record-holders rarely change hands, so most collectors focus on accessible notes with strong provenance. At Planet Banknote in October 2026, the catalog…
• What makes a banknote valuable? Four factors drive banknote value: rarity, meaning how few examples survive; condition, expressed as a certified grade on the 1 to 70 scale, with EPQ or PPQ…
• Why is the Zimbabwe 100 trillion dollar note so collectible? The Zimbabwe 100 trillion dollar note (Pick P-91) is the highest-denomination banknote of the modern era, with fourteen zeros. It was dated 2008, released in January…
• How do I know a valuable banknote is authentic? Authentication comes down to third-party grading and trusted sourcing. PMG and PCGS certify notes on a 1 to 70 scale and seal them in tamper-evident holders. Planet…

About the Planet Banknote Reference Library

• Is the Reference Library free to use? Yes. Every guide is free to read and free to cite with attribution. The Planet Banknote store funds the library.
• Who is behind the Planet Banknote Reference Library? Planet Banknote, a family-owned numismatic dealership in Sarasota, Florida, founded in 2021, whose leadership brings 15+ years of numismatic industry experience,…
• How often is the library updated? Price pages, including the Zimbabwe 100 Trillion Price Index, are updated monthly from Planet Banknote's own retail data. Reference pages are reviewed quarterly, and…
• How do I report an error? Email admin@planetbanknote.com with the page and the claim. We check reported errors against the named sources and correct the page, because a reference library is…

Banknote Collecting FAQ | Planet Banknote

• How do I know the banknotes are real and not counterfeit? Authenticity is the foundation of our business. Every item we sell goes through our Planet Banknote Verified inspection process. We source inventory directly from…
• What is a Certificate of Authenticity (COA)? A Certificate of Authenticity is a document that accompanies your purchase and certifies that the banknote is genuine. Every order from Planet Banknote includes a COA…
• Who is behind Planet Banknote? Planet Banknote is a family-owned and operated numismatic dealership based in Sarasota, Florida, founded in 2021. Our leadership team brings 15+ years of industry…
• Where are you located? We are based in Sarasota, Florida, USA. All orders ship from our facility in Sarasota. You can reach us by phone at (888) 996-COIN (2646) or by email at…
• Do you include a free gift with every order? Yes. Every single order from Planet Banknote, regardless of size, includes a complimentary bonus gift. We have included a free gift with every order since our…
• How do your BOGO (Buy One Get One) deals work? Our BOGO deals offer genuine buy-one-get-one-free value on select banknotes. When a product is listed as a BOGO deal, the listing will clearly state what you receive,…
• What is PBGrade? PBGrade is our sister brand specializing in currency protection. We designed and built the world's first semi-rigid currency sleeves specifically sized for the 2008…
• Do you sell gold and silver in addition to banknotes? Yes. We carry a curated selection of investment-grade gold and silver products including American Silver Eagles, Morgan Dollars, Peace Dollars, commemorative coins,…
• Do you buy banknotes from private sellers? On rare occasions, we may consider purchasing exceptionally rare or significant banknotes. However, due to the prevalence of counterfeits and altered notes in the…
• What does UNC mean on a banknote? UNC stands for Uncirculated. It is the highest condition grade a banknote can receive, meaning the note has never been used in everyday transactions. An uncirculated…
• What do the banknote grades mean (UNC, AU, XF, VF, F, VG, G)? Banknote grading follows an internationally recognized scale that describes the condition and preservation of a note. From highest to lowest: UNC (Uncirculated):…
• What is PMG grading and why does it matter? PMG stands for Paper Money Guaranty, the world's largest third-party paper money grading service. When a banknote is PMG graded, an independent team of experts has…
• What is the difference between PMG and PCGS grading? Both PMG and PCGS (Professional Coin Grading Service) are trusted third-party grading services, but they specialize in different areas. PMG focuses exclusively on…
• What is a Planet Banknote PMG Pedigree Label? Our PMG Pedigree Label is an exclusive custom label applied to select banknotes that have been hand-picked from our own collection, professionally graded by PMG, and…
• Do you offer free shipping? Yes. Every order shipped to a US address receives free USPS Priority Shipping at no extra cost, regardless of order size. International shipping is also available to…
• What is your return policy? We offer a 7-day return policy on eligible items. To be eligible, the item must be in the same condition as received: unaltered, undamaged, and in its original…
• Why is the Zimbabwe 100 Trillion Dollar note so sought after by collectors? The Zimbabwe 100 Trillion Dollar note (Pick P-91) is the highest-denomination banknote of the modern era, with fourteen zeros on its face, making it a unique artifact…
• Are Zimbabwe Trillion Dollar notes still legal tender? No. The original Zimbabwe dollar was officially suspended in April 2009, and the Trillion-series notes are no longer recognized as legal tender in Zimbabwe. Zimbabwe…
• What happened in Zimbabwe that caused hyperinflation? Zimbabwe experienced one of the most severe cases of hyperinflation in recorded history during the late 2000s. A combination of factors drove the crisis: the…
• Why are Venezuelan Bolivar hyperinflation notes popular with collectors? Venezuela has experienced one of the most dramatic hyperinflation events in modern history, and the Bolivar has been redenominated multiple times. High-denomination…
• What are Zimbabwe Agro Cheques? Special Agro Cheques (short for "agricultural cheques") were a parallel form of currency issued by the Reserve Bank of Zimbabwe from May to July 2008. They were…

Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.