The banknotes of Zimbabwe were first issued in 1980 after the colony of Rhodesia became independent within the Commonwealth of Nations as the Republic of Zimbabwe. The Reserve Bank of Zimbabwe took over the functions of the Reserve Bank of Rhodesia, and the Rhodesian dollar was withdrawn and replaced by the Zimbabwean dollar. There are 100 cents in one Zimbabwean dollar, however, cents are no longer used due to its low value caused by hyperinflation.
Current situation
The Reserve Bank of Zimbabwe claimed that inflation was 7 982.1% (as of September 2007). In reality, some economists are saying that it could reach 100,000% this year. The official exchange rate (ZWD 30,000 per USD) is doing little to help the rapid currency devaluation. The parallel rate is about revalued ZWD 1,000,000 per USD (October 18 2007). On 1 February 2006 bearer cheques with a denomination of ZWD 50,000 were issued (then worth about 50c US - official rate, 30c US - parallel rate) with an expiry date was 31 December 2006. It is printed in purple and features an image of Victoria Falls on the reverse side. On 1 June 2006 the RBZ issued a ZWD 100,000 bearer cheque (then worth about $1 US - official rate, 33c US - parallel rate) with an expiry date of 31 December 2006. It is printed in green and features an image of Victoria Falls on the reverse side. In mid June 2006 the RBZ announced that a ZWD 1 million bearer cheque was planned for issue in Sept 2006. It was never issued. In mid July 2006 the RBZ announced that validity of all RBZ bearer cheques had been extended to 31 December 2006. This later changed and they were all demonetized as of 21 August 2006. On 1 August 2006, the Zimbabwean dollar was revalued. 1,000 old Zimbabwean dollars = 1 revalued Zimbabwean dollar. Thirteen new RBZ bearer cheques were issued (Expiry: 31 December 2007). People only had three weeks to change their old money before it was demonetized on 21 August 2006.
Old dollar
Banknotes
(1980-94) Design 1 These issues come in the following denominations: ZWD 2, ZWD 5, ZWD 10, and ZWD 20. The 1980 issue gives the capital's name as Salisbury, whereas, the issues from 1982 onwards gives the name of the capital as Harare. However, some notes were printed in 1982 with the name 'Salisbury'. These are very difficult to find, and Commonwealth of Nations banknote collectors are always interested in these notes. (1994-2003) Design 2 After 1990, the Zimbabwean economy began its decline, so a new issue was put into circulation. The denominations in these issues are: ZWD 5, ZWD 10, ZWD 20, ZWD 50, ZWD 100, ZWD 500, and ZWD 1000. Zimbabwe Banknotes have been issued in denominations of:
| Denomination | Years Issued | Design 1 | Design 2 |
|---|---|---|---|
| ZWD 2* | 1980 to 1994 | click for image | - |
| ZWD 5* | 1980 to 1997 | click for image | click for image |
| ZWD 10* | 1980 to 1997 | click for image | click for image |
| ZWD 20* | 1980 to 1997 | click for image | click for image |
| ZWD 50* | 1991 | - | click for image |
| ZWD 100* | 1992 | - | click for image |
| ZWD 500** | 2001 | - | click for image |
| ZWD 1,000** | 2003 | - | click for image |
*Banknotes no longer in circulation **Banknotes removed by Operation Sunrise The $500 note was introduced in 2001, however, it comes in two colours, even though they were issued in 2001. One of the notes has a fluorescent security strip up the left hand side of the note. The $1,000 note was introduced during 2003. At the time the dollar was revalued, the $500 note remained the smallest banknote in circulation, as the lower values were driven out of circulation by the rampant inflation. The government, however, issued bearer cheques in larger denominations to offset the money shortage.
New banknotes printed but not released (2006)
In the autumn of 2006, the RBZ received supplies of newly printed banknotes from Germany. Denominations ranged from ZWD 1 to ZWD 1,000. (ZWD 1, 5, 10, 20, 100, 500, 1000) The $1 bill has an image of the Victoria Falls and a buffalo, the $5 the Kariba dam wall and an elephant, the $10 agricultural activity and a grain silo, the $20 portrait of a mine site and a mine with a jack hammer, $100 the botanic gardens and the Great Zimbabwe conical tower, the $500 a portrait of a dairy farm. There are no indications of what will be on the $1,000. [1] However they were not released due to continuing high inflation. [2]
Bearer cheques and traveler's cheques
Cargill Cotton bearer cheques 2003
In May 2003, a private company, the Cargill Cotton Group, issued bearer cheques from its 85 Robert Mugabe Road branch for ZWD 5,000 and ZWD 10,000. These were valid for a period of six months. By the end of 2003, 85% of them had been redeemed. (These are regarded as authorised issues by the RBZ.) These are very difficult to find.
| Type | Inscribed | ZWD 5,000 cheques - date issued | ZWD 10,000 cheques - date issued |
|---|---|---|---|
| 1 | Pay to order of Bearer | - | 01/05/03 (May 1, 2003) |
| 2 | Pay to Bearer | 01/06/03 (June 1, 2003) | 01/05/03 (May 1, 2003) |
| 3 | Pay to Bearer | 01/09/03 (Sept 1, 2003) | 01/09/03 (Sept 1, 2003) |
RBZ traveller's cheques 2003
Zimbabwe's central bank, the Reserve Bank of Zimbabwe (RBZ), followed a few months later with a series of traveler's cheques in the following denominations: ZWD 1,000; ZWD 5,000; ZWD 10,000; ZWD 20,000; ZWD 50,000 and ZWD 100,000. These proved unpopular with the general public due to the need to produce ID both during issue and encashment of these, and also because of the obvious limited usage, since they can only be used once by the bearer. The commercial banks levied a commission on all traveller's cheques, including the ones issued by the Reserve Bank of Zimbabwe. These are quite difficult to find. Example of RBZ Traveller's Cheque Design:
| Denomination | Obverse Design | Reverse Design |
|---|---|---|
| ZWD 20,000 | click for image | click for image |
RBZ bearer cheques 2003-5 (ZWD 5,000; ZWD 10,000 and ZWD 20,000)
Beginning in September 2003, the RBZ issued bearer cheques in the values of ZWD 5,000; ZWD 10,000 and ZWD 20,000 on old ZWD 50 banknote stock. These bearer cheques were supposed to have a limited period of validity and have an expiry date. This rule was not applied, however, and all bearer cheques remained valid until August 21, 2006 when the "old" Zimbabwean dollar was demonetized, following redenomination on August 1, 2006. These were very difficult to find, as very few people are visiting Zimbabwe. However, recently, examples have been showing up on eBay.
Cargill Cotton bearer cheques 2004
In April 2004, the Cargill Cotton Group issued bearer cheques again. The address of the issuing office is now given as 85 R. Mugabe Rd., Harare. These were denominated ZWD 10,000, ZWD 20,000, ZWD 50,000 and ZWD 100,000.
RBZ bearer cheques 2006 (ZWD 50,000; ZWD 100,000 and ZWD 1 million)
On 3 January 2006 the expiry date of all RBZ bearer cheques was once again extended. The new expiry date was 30 June 2006. On 1 February 2006 a ZWD 50,000 RBZ bearer cheque was issued. Expiry date was 31 December 2006. On 1 June 2006 a ZWD 100,000 RBZ bearer check was issued. At the time of its issue, this new bearer cheque was insufficient to purchase a loaf of bread. [3] In mid June, it was announced that the Zimbabwe Reserve Bank planned to introduce a $1 million bearer cheque in September. (It was never issued) In mid July 2006, the RBZ announced that validity of all RBC bearer cheques had been extended to 31 December 2006. However, they were demonetized on 21 August 2006. ZWD50,000 and ZWD100,000 bearer cheques dated 1 October 2005 have subsequently been located. It is assumed that they were issued at the same time as the later issues dated 1 February 2006 and 1 June 2006 respectively.
Summary of RBZ bearer cheques
| Type | Issue Date | Expiry Date | Signed By | Watermark | Denominations |
|---|---|---|---|---|---|
| 1 | 15 September 2003 | 31 January 2004 | Acting Governor | No RBZ wmk | ZWD 5,000, 10,000 and 20,000 |
| 2 | 15 September 2003 | 30 June 2004 | Acting Governor | No RBZ wmk | ZWD 5,000, 10,000 and 20,000 |
| 3 | 1 December 2003 | 31 December 2004 | Governor | No RBZ wmk | only ZWD 20,000 seen |
| 4 | 1 December 2003 | 31 December 2004 | Governor | RBZ wmk | ZWD 5,000, 10,000 and 20,000 |
| 5 | 1 December 2003 | 31 December 2004 | Dr. G. Gono, Governor | RBZ wmk | ZWD 5,000, 10,000 and 20,000 |
| 6 | 1 December 2003 | 31 December 2005 | Dr. G. Gono, Governor | RBZ wmk | ZWD 5,000, 10,000 and 20,000 |
| 7 | 1 February 2006 | 31 December 2006 | Dr. G. Gono, Governor | RBZ wmk | ZWD 50,000 |
| 8 | 1 June 2006 | 31 December 2006 | Dr. G. Gono, Governor | RBZ wmk | ZWD 100,000 |
Examples of RBZ bearer cheque designs:
| Denomination | Bearer Cheque Design |
|---|---|
| ZWD 5,000 | click for image |
| ZWD 10,000 | front back |
| ZWD 20,000 | front back |
| ZWD 50,000 | front back |
| ZWD 100,000 | front back |
Other bearer cheques
Other companies issued bearer cheques in rural districts of Zimbabwe. (These are not regarded as authorised issues by the RBZ.)
Revalued dollar
Under Gideon Gono's Operation Sunrise, the Zimbabwe dollar was revalued at 1 (revalued) Zim dollar = 1000 old Zim dollars on 1 August 2006. Only bearer cheques were issued.
RBZ bearer cheques - August 2006
The reserve bank of Zimbabwe issued 13 new bearer cheques which were released on 1 August 2006 and became the sole currency of the country on 21 August 2006. People only had 3 weeks to change their old money. The change over process was both rapid and disorganized. There were many claims of illegal government actions, and an equal number of claims of cash hoarding and parallel market activity. The smallest note is the 1 cent (or $0.00005 US at the official rate). The other notes are the $.05, $.10, $.50, $1, $10, $20, $50, $100 (old largest bill), $500 (about $2 US at the official rate), $1,000, $10,000, and $100,000. All of the notes are of very similar design.
New denominations of RBZ bearer cheques - 2007
On March 2, 2007, new $5,000 and $50,000 bearer cheques were reported (USD $20/$200 at the official rate, USD $0.63/$6.25 at the parallel rate). [4] The issue date on the $5,000 bearer cheques was 1 February 2007, but they were only issued on 1 March 2007. The $50,000 bearer cheques were dated and issued 1 March 2007. On July 28, it was announced that this series of bearer cheques has had its expiry date extended by one year. [5] On 30 July 2007 it was reported that Zimbabwe was considering issuing bearer cheques of $200,000 and $500,000 denominations. [6] On 31 July 2007 new $200,000 bearer cheques were announced for release on 1 August 2007. This $200,000 bearer cheque is to be demonitized as of 1 January 2008 On 15 November 2007 it was reported that Zimbabwe was considering issuing bearer cheques of $500,000 and $1,0000,000 denominations. Release was expected in December 2007. [7] On 20 December 2007 Zimbabwe issued bearer cheques of $250,000 ; $500,000 and $750,000 denominations. [8]
| Type | Issue Date | Expiry Date | Signed By | Watermark | Denominations |
|---|---|---|---|---|---|
| 1 | 1 August 2006 | 31 July 2007 | Dr. G. Gono, Governor | RBZ wmk | revalued Zim dollars 1 ct, 5 cts, 10 cts and 50 cts, $1, $5, $10, $20, $50, $100, $500, $1,000 , $10,000 and $100,000 ($100 million old dollars). Expiry postponed to 31 July 2008. |
| 2 | 1 February 2007 | 31 July 2007 | Dr. G. Gono, Governor | RBZ wmk | revalued Zim Dollars $5,000 [9] (dated 01 Feb , but released 01 March) Expiry postponed to 31 July 2008. |
| 3 | 1 March 2007 | 31 July 2007 | Dr. G. Gono, Governor | RBZ wmk | revalued Zim Dollars $50,000 [10] Expiry postponed to 31 July 2008. |
| 4 | 1 August 2007 | 31 July ? | Dr. G. Gono, Governor | RBZ wmk | revalued Zim Dollars $200,000 [11] This value is to be demonitized on 1 January 2008. |
| 5 | 20 December 2007 | ? | Dr. G. Gono, Governor | RBZ wmk | revalued Zim dollars $250,000 ; $500,000 and $750,000 ($750 million old dollars). [12] |
Examples of RBZ bearer cheque designs:
| Denomination | Bearer Cheque Design |
|---|---|
| Aug 2006 notes | |
| Dec 2007 notes |
Possible New RBZ bearer cheques
In June of 2007, the reserve bank of Zimbabwe announced that new bearer cheques were to be released "soon". [14] People would, supposedly, only have 24 hours to exchange their old money. The smallest denomination note will be $1 ZWD up to the largest denomination of $1,000 ZWD. Presumably, there will be a concommitant revaluation of 1,000:1, in which case the new Z$1,000 bearer cheque would be equivalent to present Z$1,000,000, or about US$2.50 at parallel market rates. On October 2, 2007, it was reported that a new revaluation would occur within 2 weeks of that date[15], but no further information was given. This plan was postponed until sometime in 2008.
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