Zimbabwean banknote

The power-sharing government of Prime Minister Morgan Tsvangirai abandoned the Zimbabwean dollar in April 2009, and banknotes of the third and fourth dollars were demonetised in September 2015 after over 6 years of disuse. Zimbabwean banknotes were reintroduced in November 2016, initially in response to a shortage of hard currency. The main feature on the front of Zimbabwean banknotes is an illustration of the Domboremari near Epworthone of the many balancing rocks of Zimbabwe: the Domboremari also appeared on bearer and agro-cheques, as part of the Reserve Bank's logo. The back often shows the culture or landmarks of the country. Banknotes issued between September 2008 and April 2009 (for the third and fourth dollar) lacked modern security features, due to sanctions against the Zimbabwean government and the Reserve Bank at the time.

• Title — Banknotes of Zimbabwe • Headerstyle — background:#ccf; • Header1 — First Zimbabwean dollar (1980–2006) • Label2 — ISO 4217 code • Data2 — ZWD • Label3 — Denominations • Data3 — * $2 to (banknotes) • to (bearer cheques) • Header4 — Second Zimbabwean dollar (2006–2008) • Label5 — ISO 4217 code • Data5 — ZWN • Label6 — Equal to • Label7 — Denominations • Data7 — * 1¢ to $500 million (bearer cheques) • $5 billion to $100 billion (agro-cheques) • Header8 — Third Zimbabwean dollar (2008–2009) • Label9 — ISO 4217 code • Data9 — ZWR • Label10 — Equal to • Data10 —, • Label11 — Denominations • Data11 — $1 to $100 trillion • Header12 — Fourth Zimbabwean dollar (2009) • Label13 — ISO 4217 code • Data13 — ZWL • Label14 — Equal to • Data14 —, • Label15 — Denominations • Data15 — $1 to $500 • Header16 — Zimbabwean bond notes (2016–2019) • Label17 — Denominations • Data17 — $2 and $5 • Header18 — Fifth Zimbabwean dollar (2019–2024) • Label19 — ISO 4217 code • Data19 — ZWL • Label20 — Equal to • Data20 — One bond dollar • Label21 — Denominations • Data21 — $2 to $100 • Header22 — Zimbabwean ZiG (2024–present) • Label23 — ISO 4217 code • Data23 — ZWG • Label24 — Equal to • Label25 — Denominations • Data25 — 10 ZiG, 20 ZiG, 50 ZiG • Header26 — Issuance • Label27 — Country • Data27 — Zimbabwe • Label28 — Issuers • Data28 — * Reserve Bank of Zimbabwe (1980–2009, 2016–present) • Standard Chartered (2003–2004)

The first banknotes of Zimbabwe were issued by the Reserve Bank of Zimbabwe (formerly Reserve Bank of Rhodesia) for the first dollar (ZWD) in 1980 to coincide with the independence of Zimbabwe. These notes replaced the circulating banknotes of the Rhodesian Dollar at par. The first series of banknotes ranged from to, and carried the signature of Dr. Desmond Krogh, then the last Governor of the Reserve Bank of Rhodesia from 1973. From 1994 to 1997 the Reserve Bank issued a new series of notes ranging from to, although the banknote was withdrawn and replaced by a coin in 1997. As rising inflation started to affect the purchasing power of the Zimbabwean Dollar, the and banknotes were issued from 2001 to 2005 with enhanced anti-counterfeiting measures. In May 2003, the Reserve Bank allowed the Cargill Cotton Group to issue emergency bearer cheques to cotton farmers, via a Standard Chartered Zimbabwe branch in Harare: Cargill issued these cheques due to a shortage of money caused by high annual inflation, which according to The Herald, was around 269.2% in June 2003. The Reserve Bank later issued special traveller's cheques on 8 August 2003, with six denominations ranging from to: the traveller's cheques were short-lived and unpopular, because they could only be used once, the user needed to present proof of identification when using the cheques, and the banks levied a commission fee on the use of the cheques. The Reserve Bank eventually issued their own Bearer cheques on 26 September 2003, with denominations ranging from to. These, and subsequent issues of the first and second dollars were time limited and lacked sophisticated anti-counterfeiting measures which were heavily used in many modern banknotes such as those of the Swiss Franc. In the first half of 2006 new denominations of and were issued, with the million denomination being planned for September 2006; it was subsequently never issued. The time limits were either ignored or extended by multiple decrees, meaning that all notes of these issues remained legal tender in practice until 21 August 2006. On 1 August 2006 the banknotes of the second dollar (ZWN), with less elaborate designs, replaced those of the first dollar at the ratio of 1 000 to 1. The redenomination (codenamed Operation Sunrise) was heavily publicised under the banner Zero to Hero, but was also rapid and disorganised which resulted in many people being unable to convert their old Bearer cheques to new issues before the lapse date, The Reserve Bank Governor Dr. Gideon Gono said that "10 trillion (first dollars) were still out there and it had become manure". Further denominations ranging from to million were issued in the period between August 2006 and May 2008 as cent cheques quickly became outmoded. In the second quarter of 2008, special agro-cheques (agricultural cheques) were issued in denominations ranging from billion to billion as the currency exchange rate was floated. Since the functions were similar to Bearer cheques, it was in regular use as prices continue to rise. These cheques also carried time limits and limited security features. In the final months of the second dollar, the cheque was the lowest legal tender denomination by decree, despite having its expiry date extended twice. The Bearer Cheque would have been the lowest legal tender denomination in circulation had the expiry dates of currency cheques been enforced without extension, with the billion agro-cheque being the highest whether or not the note was legal tender. Munich-based security printers Giesecke & Devrient ceased providing banknote paper to the Reserve Bank on 1 July 2008 in response to an official request from the German government and widespread calls for sanctions; The Jura JSP software end-user licence, issued to the state-owned Fidelity Printers & Refiners was also terminated on 24 July 2008 for similar reasons although the official press statement quoted that it was de facto impossible to prevent the printers from using the software. On 1 August 2008 the banknotes of the third dollar (ZWR), which were printed for the abandoned second phase of the 2006 redenomination, replaced the cheques of the second dollar at the ratio of 10 billion (10 10) to 1. The bearer and agro-cheques of the second dollar were phased out along with the smaller denominations of the third dollar on 1 January 2009. Despite the reform, the Reserve Bank issued several high-value denominations up to trillion ($10 14) in the period between September 2008 to January 2009, which merely kept in similar pace with the cash rate instead of the black market rates. On 2 February 2009, banknotes of the fourth dollar (ZWL) were introduced to replace those of the third dollar at the ratio of one trillion (10 12) to 1. It was originally envisaged that banknotes of the third dollar would stay legal tender until 30 June 2009, but all banknotes were withdrawn from circulation following the suspension of the Zimbabwe dollar on 12 April 2009. In 2019, regular Zimbabwean dollar notes were issued again and the use of foreign currency was banned, although the ban was lifted in March 2020 due to the COVID-19 pandemic.

The obverse of the first two series of banknotes featured a dominant motif of the Domboremari, surrounded by trees: the notes also featured major landmarks and landscapes on either side, such as the Kariba Dam and fauna. When high inflation escalated at the end of the 20th century, the quality of the notes deteriorated as printing plates from previous issues were reconstituted for printing emergency notes. Although sustained high inflation forced regular banknotes ($2 to) out of practical use, all banknotes and bearer cheques of the first dollar remained legal tender until the Reserve Bank demonetised them on 21 August 2006.

The Reserve Bank of Zimbabwe prepared the first series of banknotes for the newly-independent country in 1980, and released them into circulation in stages, from 15 April 1981 to 14 April 1982. The 1980 series consisted of four denominations: $2, $5, $10 and $20and made extensive use of the Guilloché technique, a security feature common on many banknotes from the 1980s. The watermark consisted of a profile view of the Zimbabwe Bird, but the final batches of $2 and $5 notes, both dated 1994, had a ¾ view of the bird with a longer neck. The colour scheme also changed from the Rhodesian notes: the $2 note changed from red to blue, $5 from brown to green, $10 from grey to red, and the $20 note that debuted with this series was navy blue. Banknotes dated 1980 bore Salisbury as the name of Zimbabwe's capital, which renamed itself to Harare on 18 April 1982: $5, $10 and $20 notes dated 1982 and later bore the updated name, but early batches of $10 notes dated 1982 erroneously bore the capital's old name. There were no $2 notes dated 1982: those dated 1983 and later had the updated name of the capital. Notes dated 1980 and 1982 carried the signature of Desmond Krogh, the last governor of the Reserve Bank of Rhodesia, and governor of the Reserve Bank of Zimbabwe until 1983: notes dated 1983 had the signature of Kombo James Moyana (governor from 1983 to August 1993), and notes dated 1994 had the signature of Leonard Tsumba (August 1993 to 31 July 2003). 1980 series (Signatures: Dr. D.C. Krogh (1980 and 1982), K. Moyana (1983), L.L. Tsumba (1994); Capital: Salisbury, later Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — withdrawal • 1a — — — $2 — 134 × 69 mm — Blue — Domboremari with trees, Cape buffalo, Salisbury as capital, Krogh as signature — Tigerfish, Kariba Dam — Zimbabwe Bird (profile angle, short neck) — 1980 — 15 July 1981 — 21 August 2006 • 1b — Domboremari with trees, Cape buffalo, Harare as capital, Moyana as signature — 1983 • 1c — Domboremari with trees, Cape buffalo, Harare as capital, Tsumba as signature — 1994 • 1d — Zimbabwe Bird (¾ profile, medium neck) • 2a — — — $5 — 140 × 73 mm — Green — Domboremari with trees, zebra, Salisbury as capital, Krogh as signature — Farm workers in a village — Zimbabwe Bird (profile angle, short neck) — 1980 — 14 October 1981 — 21 August 2006 • 2b — Domboremari with trees, zebra, Harare as capital, Krogh as signature — 1982 • 2c — Domboremari with trees, zebra, Harare as capital, Moyana as signature — 1983 • 2d — Domboremari with trees, zebra, Harare as capital, Tsumba as signature — 1994 • 2e — Zimbabwe Bird (¾ profile, medium neck) • 3a — — — $10 — 146 × 77 mm — Red — Domboremari with trees, sable antelope, Salisbury as capital, Krogh as signature — Harare, Eternal Flame at the National Heroes' Acre — Zimbabwe Bird (profile angle, short neck) — 1980 — 15 April 1981 — 21 August 2006 • 3b — Domboremari with trees, sable antelope, Salisbury as capital (error), Krogh as signature — 1982 • 3c — Domboremari with trees, sable antelope, Harare as capital, Krogh as signature • 3d — Domboremari with trees, sable antelope, Harare as capital, Moyana as signature — 1983 • 3e — Domboremari with trees, sable antelope, Harare as capital, Tsumba as signature — 1994 • 4a — — — $20 — 152 × 81 mm — Navy blue — Domboremari with trees, giraffe, Salisbury as capital, Krogh as signature — African elephant, Victoria Falls — Zimbabwe Bird (profile angle, short neck) — 1980 — 14 April 1982 — 21 August 2006 • 4b — Domboremari with trees, giraffe, Harare as capital, Krogh as signature — 1982 • 4c — Domboremari with trees, giraffe, Harare as capital, Moyana as signature — 1983 • 4d — Domboremari with trees, giraffe, Harare as capital, Tsumba as signature — 1994

From 1994 to 1997, the Reserve Bank introduced the second series of Zimbabwe banknotes into circulation. Due to high inflation, which at the time peaked at 42.1% in 1992, the rollout began with two new denominations, $50 and $100. Other denominations followed in 1997, while the $2 note was replaced by a coin. Worsening high inflation, which reached 140.1% in 2002, caused the Reserve Bank to introduce the $500 note on 31 August 2001, and the note on 1 October 2003. The overall layout of the 1994 series was similar to the 1980 series, but the Domboremari moved to the left, and the animals moved to the other side, acting as a see-through register. The obverse also had a flower at centre, a solid element with a latent image of the letters "RBZ", and tactile marks for the visually impaired. The watermark of the Zimbabwe Bird had a long neck, while the security thread was demetalised with the letters "RBZ" and the denomination. The $500 and note also had a holographic stripe, but the $500 note dropped the feature when the main colour changed from red to brown. Almost all banknotes in the 1994 series had the signature of Leonard Tsumba: the signature of his successor, Gideon Gono, appeared on $500 notes dated 2004. Giesecke+Devrient also printed some of the notes: the serial number prefixes were "WA" to "WM" for the G+D notes, and "WN" to "WU" for the Fidelity notes. 1994 series (Signatures: L.L. Tsumba, Dr. G. Gono ($500 notes from 2004 only); Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — withdrawal • 5a — — — $5 — 139 × 68 mm — Pink — Domboremari with trees, royal dissotis (Dissotis princeps), greater kudus — Mount Nyangani (lithography), greater kudus (mirrored) — Zimbabwe Bird (¾ profile, long neck) — 1997 — 1997 — 21 August 2006 • 5b — — Mount Nyangani (intaglio), greater kudus (mirrored) • 6 — — — $10 — 142 × 70 mm — Teal — Domboremari with trees, Sabi star (Adenium obesum), sable antelopes — Chilojo Cliffs with birds, sable antelopes (mirrored) — Zimbabwe Bird (¾ profile, long neck) — 1997 — 1997 — 21 August 2006 • 7 — — — $20 — 145 × 71 mm — Blue — Domboremari with trees, roadside pimpernel (Tricliceras longepedunculatum), Cape buffaloes — Victoria Falls, Cape buffaloes (mirrored) — Zimbabwe Bird (¾ profile, long neck) — 1997 — 1997 — 21 August 2006 • 8 — — — $50 — 148 × 75 mm — Olive green — Domboremari with trees, flame lily (Gloriosa superba), rhinoceros — Great Zimbabwe ruins, Zimbabwe Bird, rhinoceros (mirrored) — Zimbabwe Bird (¾ profile, long neck) — 1994 — March 1994 — 21 August 2006 • 9 — — — $100 — 151 × 76 mm — Purple — Domboremari with trees, Protea, African elephants — Kariba Dam, African elephants (mirrored) — Zimbabwe Bird (¾ profile, long neck) — 1995 — January 1995 — 21 August 2006 • 10 — — — $500 — 154 × 78 mm — Red — Domboremari with trees, holographic stripe, bitter apple (Solanum campylacanthum), zebras — Hwange Power Station, zebras (mirrored) — Zimbabwe Bird (¾ profile, long neck) and "500" — 2001 — 31 August 2001 — 21 August 2006 • 11 — — — $500 — 154 × 78 mm — Brown — Domboremari with trees, bitter apple (Solanum campylacanthum), zebras — Hwange Power Station, zebras (mirrored) — Zimbabwe Bird (¾ profile, long neck) and "500" — * 2003 * 2004 — 26 September 2003 — 21 August 2006 • 12 — — — 154 × 78 mm — Navy blue — Domboremari with trees, holographic stripe, Bauhinia, giraffes — Three African elephants, giraffes (mirrored) — Zimbabwe Bird (¾ profile, long neck) and "1000" — 2003 — 1 October 2003 — 21 August 2006

In May 2003, the Reserve Bank allowed the Cargill Cotton Group to issue emergency bearer cheques to cotton farmers, via a Standard Chartered Zimbabwe branch in Harare: Cargill issued these cheques due to a shortage of money caused by high annual inflation, which according to The Herald, was around 269.2% in June 2003. The Cargill bearer cheques had the same legal status as regular banknotes, and were valid for six months from the date of issue, making them the first Zimbabwean currency notes with an expiry date. Typocrafters (a Zimpapers subsidiary) printed these bearer cheques, which carried the signature of Cargill's finance director Priscilla Mutenbwa, and operations director Stephen Newton-Howes. Cargill bearer cheques (Signatures: P.P. Mutenbwa and S.J. Newton-Howes; 85 Robert Mugabe Road Branch, Harare) • Pick No. — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Watermark — issue — expiry • 13a — 220 × 92 mm — Green — Patterned background — rowspan=2 None — Cotton plant (Gossypium) — 1 June 2003 — 30 November 2003 • 13b — 1 September 2003 — 31 March 2004 • 14a — 220 × 92 mm — Blue — Patterned background — rowspan=2 None — Cotton plant (Gossypium) — 1 May 2003 — 31 October 2003 • 14b — 1 September 2003 — 31 March 2004 • 24 — 205 × 92 mm — Blue — Patterned background, Cargill Cotton logo — None — "Citation" — 1 April 2004 — 30 September 2004 • 25 — 205 × 92 mm — Green — Patterned background, Cargill Cotton logo — None — "Citation" — 1 April 2004 — 30 September 2004 • 26 — 205 × 92 mm — Orange — Patterned background, Cargill Cotton logo — None — "Citation" — 1 April 2004 — 30 September 2004 • 27 — 205 × 92 mm — Red — Patterned background, Cargill Cotton logo — None — "Citation" — 1 April 2004 — 30 September 2004

The Reserve Bank eventually issued their own bearer cheques: the, and cheques entered circulation on 26 September 2003, and the and cheques on 1 October 2005. The cheques also had an expiry date, and circulated until the demonetisation of the first dollar, on 21 August 2006. The bearer cheques used watermarked security paper meant for the $50 banknote from 1994: the, and cheques also reused most of the underprint from that denomination. The and cheques used a modified underprint on the obverse, and a single-colour view of Victoria Falls on the reverse. Cheques dated 15 September 2003 bear the signature of the acting governor Charles Chikaura, and the remainder bear the signature of Dr. Gideon Gono, who became governor on 1 December 2003. 2003 bearer cheque series (Signatures: C. Chikaura (acting, to December 2003), Dr. G. Gono (from December 2003); Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — expiry — withdrawal • 21a — — — 148 × 75 mm — Blue — Reserve Bank seal, flame lily (Gloriosa superba), guilloché border — Underprint from the $50 note, guilloché border — Zimbabwe Bird (¾ profile, long neck) — 15 September 2003 — 26 September 2003 — 31 January 2004 — 21 August 2006 • 21b — 30 June 2004 • 21c 21d — Zimbabwe Bird (¾ profile, long neck) and "RBZ" — 1 December 2003 — 31 December 2004 • 21e — 31 December 2005 • 22a — — — 148 × 75 mm — Red — Reserve Bank seal, flame lily (Gloriosa superba), guilloché border — Underprint from the $50 note, guilloché border — Zimbabwe Bird (¾ profile, long neck) — 15 September 2003 — 26 September 2003 — 31 January 2004 — 21 August 2006 • 22b — 30 June 2004 • 22c 22d — Zimbabwe Bird (¾ profile, long neck) and "RBZ" — 1 December 2003 — 31 December 2004 • 22e — 31 December 2005 • 23a — — — 148 × 75 mm — Brown — Reserve Bank seal, flame lily (Gloriosa superba), guilloché border — Underprint from the $50 note, guilloché border — Zimbabwe Bird (¾ profile, long neck) — 15 September 2003 — 26 September 2003 — 31 January 2004 — 21 August 2006 • 23b — 30 June 2004 • 23c — 1 December 2003 — 31 December 2004 • 23d — Zimbabwe Bird (¾ profile, long neck) and "RBZ" • 23e — 31 December 2005 • 28 — — — 148 × 74 mm — Purple — Reserve Bank seal, flame lily (Gloriosa superba), guilloché border — Victoria Falls, guilloché border — Zimbabwe Bird (¾ profile, long neck) and "RBZ" — 1 October 2005 — 1 October 2005 — 31 December 2006 — 21 August 2006 • 29 30 — 1 February 2006 • 31 — — — 148 × 74 mm — Green — Reserve Bank seal, flame lily (Gloriosa superba), guilloché border — Victoria Falls, guilloché border — Zimbabwe Bird (¾ profile, long neck) and "RBZ" — 1 October 2005 — 1 October 2005 — 31 December 2006 — 21 August 2006 • 32 — 1 June 2006

The Zimbabwean dollar was first redenominated on 1 August 2006 under a currency reform campaign codenamed Operation Sunrise and involving the motto Zero to Hero. New-style bearer cheques of the second dollar (ISO 4217:ZWN) was introduced and replaced those of the first dollar (ZWD) at the ratio of 1 000 to 1. The change over process was given at short notice and was also rapid because all issues prior to the August 2006 series were to be demonetised and rendered worthless on 21 August 2006. Poor communications meant that many civilians of Zimbabwe were unable to convert old bearer cheques to new ones before the deadline.

The 2006 bearer cheque series was put into circulation on 1 August 2006 and initially consisted of 14 denominations, ranging from 1¢ to. The cheques were signed by Dr. Gideon Gono and were set to expire on 31 July 2007, except for the and cheques, which were initially due to expire on 31 December 2007, but later extended to 31 July 2008. The denomination was also issued, despite not being widely publicised in the changeover campaign. Two variations that were issued for the and denominations are recognised in the Standard Catalog of World Paper Money: the difference between them was the use of digit grouping. Cheques with the denomination expressed as '10000' or '100000' bear serial numbers with the (scarce) prefix AA, while notes with prefixes AB onwards is expressed as or. 2006 bearer cheque series (Signature: Dr. G. Gono; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — issue — withdrawal • 33 — — — 1¢ — 154 × 78 mm — Red — Reserve Bank seal, value — Value within ring — Zimbabwe Bird (long neck, ¾ profile) and "500" — 1 August 2006 — 31 July 2007 • 34 — — — 5¢ — 154 × 78 mm — Green — Reserve Bank seal, value — Value within ring — Zimbabwe Bird (long neck, ¾ profile) and "500" — 1 August 2006 — 31 July 2007 • 35 — — — 10¢ — 154 × 78 mm — Brown — Reserve Bank seal, value — Value within ring — Zimbabwe Bird (long neck, ¾ profile) and "500" — 1 August 2006 — 31 July 2007 • 36 — — — 50¢ — 154 × 78 mm — Grey — Reserve Bank seal, value — Value within ring — Zimbabwe Bird (long neck, ¾ profile) and "500" — 1 August 2006 — 31 July 2007 • 37 — — — $1 — 148 × 74 mm — Blue — Reserve Bank seal, value — Farm workers in a village — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 38 — — — $5 — 148 × 74 mm — Green on tan — Reserve Bank seal, value — Harare, Eternal Flame at the National Heroes' Acre — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 39 — — — $10 — 148 × 74 mm — Red — Reserve Bank seal, value — Farm workers in a village — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 40 — — — $20 — 148 × 74 mm — Orange — Reserve Bank seal, value — Victoria Falls — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 41 — — — $50 — 148 × 74 mm — Purple — Reserve Bank seal, value — Victoria Falls — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 42 — — — $100 — 148 × 74 mm — Green — Reserve Bank seal, value — Mount Nyangani — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2008 (originally 31 December 2007) • 43 — — — $500 — 148 × 74 mm — Olive green — Reserve Bank seal, value — Tigerfish, Kariba Dam — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2008 (originally 31 December 2007) • 44 — — — 148 × 74 mm — Brown — Reserve Bank seal, value — Mount Nyangani — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 46a — — — 148 × 74 mm — Indigo — Reserve Bank emblem, value without digit separation — Great Zimbabwe ruins, value expressed as obverse — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 46b — — — Reserve Bank emblem, value with digit separation • 48a — — — 148 × 74 mm — Teal — Reserve Bank emblem, value without digit separation — Great Zimbabwe ruins, value expressed as obverse — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2006 — 31 July 2007 • 48b — — — Reserve Bank emblem, value with digit separation The 2007 bearer cheque series was first issued on 2 March 2007 with the introduction of and cheques to act as intermediary denominations between the, and cheques respectively. As inflation turned into hyperinflation in March 2007 (under Cagan's definition), the bearer cheque was also introduced on 1 August 2007, followed by the joint introduction of the, and denominations on 20 December 2007. The bearer cheque had its date of lapse extended twice up to 31 December 2008. The denomination was the first denomination to use the Optically Variable Ink technique, on the value positioned at the top right of the obverse. The denomination of the December 2007 series was the only note out of all cheques of the second dollar to bear a holographic strip, as the cheque was printed on paper that was prepared for the notes of the first dollar (Pick No. 12). 2007 bearer cheque series (Signature: Dr. G. Gono; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — issue — withdrawal • 45 — — — 148 × 74 mm — Blue — Reserve Bank seal, value — Kariba Dam — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 February 2007 — 31 July 2008 (originally 31 July 2007) • 47 — — — 148 × 74 mm — Red — Reserve Bank seal, value in OVI ink — African elephant, Victoria Falls — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 March 2007 — 31 July 2008 (originally 31 July 2007) • 49 — — — 148 × 74 mm — Pink — Reserve Bank seal, value — Hwange Power Station — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 1 August 2007 — 31 December 2008 (originally 30 June 2008) • 50 — — — 148 × 74 mm — Olive green — Reserve Bank seal, value — Great Zimbabwe ruins — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 20 December 2007 — 30 June 2008 • 51 — — — 148 × 74 mm — Green — Reserve Bank seal, value — Three African elephants — Zimbabwe Bird (long neck, ¾ profile) and "RBZ" — 20 December 2007 — 30 June 2008 • 52 — — — 154 × 78 mm — Indigo — Reserve Bank seal, value and hologram — African elephant, Victoria Falls — Zimbabwe Bird (long neck, ¾ profile) and "1000" — 31 December 2007 — 30 June 2008 The circulation of the 2008 bearer cheque series commenced on 18 January 2008 with three denominations ranging from to, and concluded with the issue of the bearer cheque on 15 May 2008. Three denominations of the 2008 series remained legal tender at the ratio of 10 10 to 1 until being demonetised on 31 December 2008. There are two variants of the denomination, the primary difference being the typeface and size of the serial number. Those with slightly larger serial numbers bear the prefix DA. The banknote is larger in dimension out of the rest of the 2008 series. 2008 bearer cheque series (Signature: Dr. G. Gono; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — issue — withdrawal • 53 — — — $1 million — 148 × 74 mm — Brown — Reserve Bank seal, value — Farm workers in a village — Zimbabwe Bird (¾ profile) and "RBZ" — 18 January 2008 — 30 June 2008 • 54 — — — $5 million — 148 × 74 mm — Blue — Reserve Bank seal, value — Mount Nyangani — Zimbabwe Bird (¾ profile) and "RBZ" — 18 January 2008 — 30 June 2008 • 55a/55b — — — $10 million — 148 × 74 mm — Red — Reserve Bank seal, value — Tigerfish, Kariba Dam — Zimbabwe Bird (¾ profile) and "RBZ" — 18 January 2008 — 30 June 2008 • 56 — — — $25 million — 154 × 78 mm — Teal — Reserve Bank seal, value — Harare, Eternal Flame at the National Heroes' Acre — Zimbabwe Bird (¾ profile) and "500" — 4 April 2008 — 30 June 2008 • 57 — — — $50 million — 148 × 74 mm — Purple — Reserve Bank seal, value — Three African elephants — Zimbabwe Bird (¾ profile) and "RBZ" — 4 April 2008 — 30 June 2008 • 58 — — — $100 million — 148 × 74 mm — Green — Reserve Bank seal, value — Farm workers in a village — Zimbabwe Bird (¾ profile) and "RBZ" — 6 May 2008 — 31 December 2008 • 59 — — — $250 million — 148 × 74 mm — Blue — Reserve Bank seal, value — African elephant, Victoria Falls — Zimbabwe Bird (¾ profile) and "RBZ" — 6 May 2008 — 31 December 2008 • 60 — — — $500 million — 148 × 74 mm — Red — Reserve Bank seal, value — Tigerfish, Kariba Dam — Zimbabwe Bird (¾ profile) and "RBZ" — 15 May 2008 — 31 December 2008

The Reserve Bank circulated special agro-cheques ("agro" being an abbreviation of "agricultural"), from 15 May to 31 July 2008. They had a different design, and they were intended for use only by farmers: however, Zimbabweans treated them as regular money, because of the continued hyperinflation, and their similar function to bearer cheques. The Reserve Bank demonetised both agro- and bearer cheques on 31 December 2009, following the introduction of the third dollar. The four denominations in this series are not the same by dimensions as the note used different paper from the 500 ZWD banknote of 2001. Until the release of the in January 2009, the agro-cheque was the second highest denominated banknote to enter circulation after the Cold War, after the 500 billion dinar note of the Yugoslav dinar. Special agro-cheques, 2008 (Signature: Dr. G. Gono; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — issue — withdrawal • 61 — — — $5 billion — 148 × 74 mm — Purple — Reserve Bank seal, value (in billions), giraffe — Grain silos, giraffe (mirrored) — |Zimbabwe Bird (¾ profile) and "RBZ" — 15 May 2008 — 31 December 2008 • 62 — — — $25 billion — 154 × 78 mm — Green — Reserve Bank seal, value (in billions), giraffe — Grain silos, giraffe (mirrored) — Zimbabwe Bird (¾ profile) and "500" — 15 May 2008 — 31 December 2008 • 63 — — — $50 billion — 148 × 74 mm — Brown — Reserve Bank seal, value (in billions), giraffe — Grain silos, giraffe (mirrored) — Zimbabwe Bird (¾ profile) and "RBZ" — 15 May 2008 — 31 December 2008 • 64 — — — $100 billion — 148 × 74 mm — Blue — Reserve Bank seal, value (in billions), giraffe — Grain silos, giraffe (mirrored) — Zimbabwe Bird (¾ profile) and "RBZ" — 1 July 2008 — 31 December 2008

The 2007 banknote series was prepared by the Reserve Bank in October 2006 for the abandoned second phase of Operation Sunrise. The banknotes featured the Domboremari on the obverse, two scenes on the reverse, and the Zimbabwe Bird as the watermark. There were additional security features as opposed to previous issues, which included security threads, see-through register marks and recognition marks for the partially sighted. Holographic security threads and Optically Variable Ink were used on the, and notes. When the redenomination of 1 August 2008 occurred these notes were put into circulation as banknotes of the third dollar between 1 August 2008 to 31 December 2008. 2007 series (Signature: Dr. G. Gono; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — withdrawal • 65 — — — $1 — 134 × 68 mm — Claret — Domboremari with trees — Victoria Falls, Cape buffalo — Zimbabwe Bird and "1" — 2007 — 1 August 2008 — 30 September 2015 • 66 — — — $5 — 138 × 68 mm — Brown — Domboremari with trees — Kariba Dam, African elephant — Zimbabwe Bird and "5" — 2007 — 1 August 2008 — 30 September 2015 • 67 — — — $10 — 142 × 70 mm — Green — Domboremari with trees — Farm tractor, grain silos — Zimbabwe Bird and "10" — 2007 — 1 August 2008 — 30 September 2015 • 68 — — — $20 — 145 × 72 mm — Red — Domboremari with trees — Tailings, miner with jackhammer — Zimbabwe Bird and "20" — 2007 — 1 August 2008 — 30 September 2015 • 69 — — — $100 — 149 × 74 mm — Blue — Domboremari with trees — Zimbabwe Aloe, Great Zimbabwe ruins — Zimbabwe Bird and "100" — 2007 — 1 August 2008 — 30 September 2015 • 70 — — — $500 — 150 × 75 mm — Purple — Domboremari with trees — Milking farm, cattle — Zimbabwe Bird and "500" — 2007 — 1 August 2008 — 30 September 2015 • 71 — — — 153 × 76 mm — Orange — Domboremari with trees — Parliament House and St Mary's Cathedral, New Reserve Bank Tower — Zimbabwe Bird and "1000" — 2007 — 17 September 2008 — 30 September 2015

The 2008 banknote series circulated from 29 September 2008 to 12 April 2009. The series demonstrated the intensity of hyperinflation during the period as the highest denomination increased from to trillion ($10 14) by January 2009, the latter being the largest denomination issued by the Reserve Bank. The first issues of the series were the and denominations. These were followed by the following denominations: • (13 October 2008) •, and million (3 November 2008) • million, million and million (4 December 2008) • million and million (12 December 2008) • billion, billion and billion notes (19 December 2008) • billion and billion notes (12 January 2009) • trillion, trillion, trillion and trillion (16 January 2009) The large number of denominations issued in late-2008 as well as the suspension of paper supply by Giesecke+Devrient affected the Reserve Bank's ability to maintain the quality of the banknotes. Later denominations copied design features from the original 2007 banknote series and lacked many modern security features that banknotes of major currencies (such as the Canadian dollar) relied on. The notes denominated from to and then from million onwards used non-watermarked paper, whilst the million notes were printed on pure cotton. A silhouette of the Zimbabwe Bird in optically variable ink was used in such notes to compensate for this, but the iridescent strip was dropped for higher denominations. The and notes reused paper for the notes (Pick no. 71), thereby carrying the embedded holographic thread and watermark. Two types of paper (regular and lined) were used on, and banknotes. 2008 series (Signature: Dr. G. Gono; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — withdrawal • 72 — — — 153 × 76 mm — Burgundy — Domboremari with trees — Combine harvester, tractor — Zimbabwe Bird and "1000" — 2008 — 29 September 2008 — 30 September 2015 • 73a — — — 148 × 74 mm — Brown — Domboremari with trees — Victoria Falls, Kariba Dam — None — 2008 — 29 September 2008 — 30 September 2015 • 73b — Horizontal lines • 74a — — — 148 × 74 mm — Green — Domboremari with trees — Farm tractor, miner with jackhammer — None — 2008 — 13 October 2008 — 30 September 2015 • 74b — Horizontal lines • 75 — — — 148 × 74 mm — Indigo — Domboremari with trees — Cape buffalo, African elephant — None — 2008 — 5 November 2008 — 30 September 2015 • 76a — — — 148 × 74 mm — Olive green — Domboremari with trees — Zimbabwe Aloe, milking farm — None — 2008 — 5 November 2008 — 30 September 2015 • 76b — Horizontal lines • 77 — — — $1 million — 153 × 76 mm — Blue — Domboremari with trees — Great Zimbabwe ruins, cattle — Zimbabwe Bird and "1000" — 2008 — 5 November 2008 — 30 September 2015 • 78 — — — $10 million — 148 × 74 mm — Blue — Domboremari with trees — Parliament House and St Mary's Cathedral, Great Zimbabwe ruins — None — 2008 — 4 December 2008 — 30 September 2015 • 79 — — — $50 million — 148 × 74 mm — Teal — Domboremari with trees — Cape buffalo, Great Zimbabwe ruins — None — 2008 — 4 December 2008 — 30 September 2015 • 80 — — — $100 million — 148 × 74 mm — Red — Domboremari with trees — Tailings, grain silos — None — 2008 — 4 December 2008 — 30 September 2015 • 81 — — — $200 million — 148 × 74 mm — Brown — Domboremari with trees — Parliament House and St Mary's Cathedral, Tomb of the Unknown Soldier at the National Heroes' Acre — None — 2008 — 12 December 2008 — 30 September 2015 • 82 — — — $500 million — 148 × 74 mm — Purple — Domboremari with trees — Milking farm, miner with jackhammer — None — 2008 — 12 December 2008 — 30 September 2015 • 83 — — — $1 billion — 148 × 74 mm — Green — Domboremari with trees — Zimbabwe Aloe, African elephant — None — 2008 — 19 December 2008 — 30 September 2015 • 84 — — — $5 billion — 148 × 74 mm — Pink — Domboremari with trees — Farm tractor, milking farm — None — 2008 — 19 December 2008 — 30 September 2015 • 85 — — — $10 billion — 148 × 74 mm — Indigo — Domboremari with trees — Kariba Dam, miner with jackhammer — None — 2008 — 19 December 2008 — 30 September 2015 • 86 — — — $20 billion — 148 × 74 mm — Olive — Domboremari with trees — Great Zimbabwe ruins, Zimbabwe Aloe — None — 2008 — 12 January 2009 — 30 September 2015 • 87 — — — $50 billion — 148 × 74 mm — Orange — Domboremari with trees — Great Zimbabwe ruins, New Reserve Bank Tower — None — 2008 — 12 January 2009 — 30 September 2015 • 88 — — — $10 trillion — 148 × 74 mm — Lime green — Domboremari with trees — New Reserve Bank Tower, Great Zimbabwe ruins — None — 2008 — 16 January 2009 — 30 September 2015 • 89 — — — $20 trillion — 148 × 74 mm — Red — Domboremari with trees — Miner with jackhammer, grain silos — None — 2008 — 16 January 2009 — 30 September 2015 • 90 — — — $50 trillion — 148 × 74 mm — Green — Domboremari with trees — Kariba Dam, African elephant — None — 2008 — 16 January 2009 — 30 September 2015 • 91 — — — $100 trillion — 148 × 74 mm — Blue — Domboremari with trees — Victoria Falls, Cape buffalo — None — 2008 — 16 January 2009 — 30 September 2015

On 2 February 2009, the Reserve Bank introduced banknotes of the fourth dollar, equal to one trillion (or) third dollars: the Reserve Bank meant to have notes of the third dollar co-circulate with those of the fourth dollar until 30 June 2009, but the power-sharing government of Prime Minister Morgan Tsvangirai instead suspended the Zimbabwean dollar entirely on 12 April 2009. The notes, along with those of the third dollar, were eventually demonetised on 30 September 2015, after 6 years and 171 days of disuse. The banknotes of the fourth dollar consisted of seven denominations from $1 to $500, reusing elements from earlier issues. Security features were similar to the emergency issues of the third dollar, which replaced the watermark and the windowed security thread with an iridescent strip and the Zimbabwe Bird in optically variable ink: a series of triangles on the right edge acted as a registration device. 2009 series (Signature: Dr. G. Gono; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — withdrawal • 92 — — — $1 — 148 × 74 mm — Blue — Domboremari with trees — Farm workers in a village — None — 2009 — 2 February 2009 — 30 September 2015 • 93 — — — $5 — 148 × 74 mm — Green on tan — Domboremari with trees — Tigerfish, Kariba Dam — None — 2009 — 2 February 2009 — 30 September 2015 • 94 — — — $10 — 148 × 74 mm — Red — Domboremari with trees — Great Zimbabwe ruins — None — 2009 — 2 February 2009 — 30 September 2015 • 95 — — — $20 — 148 × 74 mm — Indigo — Domboremari with trees — Hwange Power Station — None — 2009 — 2 February 2009 — 30 September 2015 • 96 — — — $50 — 148 × 74 mm — Purple — Domboremari with trees — Hwange Power Station — None — 2009 — 2 February 2009 — 30 September 2015 • 97 — — — $100 — 148 × 74 mm — Brown — Domboremari with trees — Harare, Eternal Flame at the National Heroes' Acre — None — 2009 — 2 February 2009 — 30 September 2015 • 98 — — — $500 — 148 × 74 mm — Green — Domboremari with trees — Three African elephants — None — 2009 — 2 February 2009 — 30 September 2015

US$10 million worth of Zimbabwean Bond Notes were introduced in November 2016 and are denominated in U.S. dollars. They circulate along with eight other currencies, but could not be used outside of Zimbabwe. Withdrawals from Zimbabwean bank accounts were issued in Bond Notes. On 20 February 2019, during the Monetary Policy Statement, the Governor Dr Mangundya announced that physical bond notes, RTGS, Ecocash or OneWallet balances would all now be known as "RTGS dollars". These bear the signature of John Mangudya, the Governor of the Reserve Bank of Zimbabwe. Bond notes, 2016 (Signature: John Mangudya; Capital: Harare) • Pick No. — Image — Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — withdrawal • 99 — — — $2 — 155 × 62 mm — Green — Domboremari with trees — Eternal Flame at the National Heroes' Acre, Old Parliament House — Zimbabwe Bird and "RBZ" — 2016 — 28 November 2016 — 11 November 2019 • 100 — — — $5 — 155 × 66 mm — Purple — Domboremari with trees — Three giraffes, Zimbabwe Aloe (Aloe excelsa) — Zimbabwe Bird and "RBZ" — 2016 — 3 February 2017 — 11 November 2019

On 11 November 2019, new banknotes of and were issued without the words "Bond Note". On 15 May 2020, the RBZ announced the introduction of and notes into circulation. The entered circulation on 19 May, and the entered circulation in the first week of June. On 6 July 2021 the entered circulation. On 5 April 2022 the entered circulation. The Zimbabwe dollar is replaced by Zimbabwe Gold from 8 April 2024. 2019 series (Signature: John Mangudya; Capital: Harare) • Image — Value — Dimensions — Main colour — Description — Date of — Ref. References • Obverse — Reverse — Obverse — Reverse — Watermark — printing — issue — withdrawal • — — $2 — 155 × 62 mm — Green — Domboremari with trees — Eternal Flame at the National Heroes' Acre, Old Parliament House — Zimbabwe Bird and "RBZ" — 2019 — 11 November 2019 — 30 April 2024 • — — $5 — 155 × 66 mm — Purple — Domboremari with trees — Three giraffes, Zimbabwe Aloe (Aloe excelsa) — Zimbabwe Bird and "RBZ" — 2019 — 11 November 2019 — 30 April 2024 • — — $10 — 155 × 66 mm — Red — Domboremari with trees — New Reserve Bank Tower, four African buffaloes (Syncerus caffer) — Zimbabwe Bird and "RBZ" — 2020 — 19 May 2020 — 30 April 2024 • — — $20 — 155 × 66 mm — Blue — Domboremari with trees — African elephant, Victoria Falls (Mosi-oa Tunya) — Zimbabwe Bird and "RBZ" — 2020 — 1 June 2020 — 30 April 2024 • — — $50 — 155 × 66 mm — Brown — Domboremari with trees — Tomb of the Unknown Soldier at the National Heroes' Acre, Mbuya Nehanda — Zimbabwe Bird and "RBZ" — 2020 — 6 July 2021 — 30 April 2024 • — — $100 — 155 × 66 mm — Yellow — Domboremari with trees — African baobab (Adansonia digitata), Great Zimbabwe ruins — Zimbabwe Bird and "RBZ" — * 2020 * 2023 — 5 April 2022 — 30 April 2024

The Reserve Bank unveiled banknotes of the ZiG (Zimbabwean Gold) on 5 April 2024, which originally consisted of eight denominations from 1 ZiG to 200 ZiG. However, only the 10 and 20 ZiG notes entered circulation: The 1, 2 and 5 ZiG notes were cancelled and issued as coins instead, while the release of the 50, 100 and 200 ZiG notes were postponed (then never released) on 30 May 2024, due to concerns by the Reserve Bank that their release would "fuel inflation". The ZiG banknotes are almost identical in design, different only by value and colour: the front features the Domboremari and a QR code, while the reverse features liquid gold being moulded on top of a stack of 12 gold bars. Scanning the QR code returns a plain text string "Reserve Bank of Zimbabwe ZiG# Harare 2024", where # is the denomination. 2024 series (Signature: John Mushayavanhu; Capital: Harare) • Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Watermark — printing — issue • 1 ZiG — 155 × 65 mm — Blue — Domboremari with trees — Liquid gold being moulded on top of a stack of 12 gold bars — Zimbabwe Bird and "RBZ" — 2024 — Never issued • 2 ZiG — Green • 5 ZiG — Pink • 10 ZiG — Navy blue — 30 April 2024 • 20 ZiG — Peach and green — 13 May 2024 • 50 ZiG — Brown — Never issued • 100 ZiG — Olive green • 200 ZiG — Red

On 27 February 2026, the Reserve Bank unveiled the second series of ZiG banknotes, also known as the "BiG5" series: consisting of five denominations, the first three (10, 20 and 50 ZiG) entered circulation on 7 April 2026, and the remainder (100 and 200 ZiG) will follow later. The front of the notes features the Domboremari and one of the Big Five game animals, hence the "BiG5" name: the reverse features various landmarks. 2026 series (Signature: John Mushayavanhu; Capital: Harare) • Value — Dimensions — Main colour — Description — Date of • Obverse — Reverse — Watermark — printing — issue • 10 ZiG — 130 × 65 mm — Red — Cape buffalo, Domboremari with trees — Balancing rocks at Matobo Hills — Zimbabwe Bird and "10" — 2026 — 7 April 2026 • 20 ZiG — 137 × 65 mm — Brown — African elephant, Domboremari with trees — New Parliament Building — Zimbabwe Bird and "20" • 50 ZiG — 144 × 65 mm — Green — Rhinoceros, Domboremari with trees — Kariba Dam — Zimbabwe Bird and "50" • 100 ZiG — 151 × 65 mm — Purple — Leopard, Domboremari with trees — Victoria Falls — Zimbabwe Bird and "100" — Not yet issued • 200 ZiG — 158 × 65 mm — Blue — Lion, Domboremari with trees — Great Zimbabwe ruins — Zimbabwe Bird and "200"

The Reserve Bank allocated special prefixes for replacement banknotes: prefixes for replacement Zimbabwean banknotes vary, although it largely settled on "ZA" for issues of the second, third and fourth dollar. • Currency — Replacement prefixes — Ref. References • First dollar (1980–1994) — * AW ($2) * BW ($5) * CW ($10) * DW ($20) • First dollar (1994–2003) — * AB ($5) * AC ($10) * AD ($20) * AE ($50) * AF ($100) * AP ($500 red) * TA/TB ($500 brown) * AW • First dollar (bearer cheques) — * ZA/ZB/ZC/ZD * ZE/ZF/ZG/ZH * ZJ/ZK/ZL/ZM * ZA/ZB/CZ * ZA/ZB • Second dollar — * ZA/ZB * ZA/ZE ($10 million) * ZA (all others, including agro-cheques) • Third and fourth dollar — ZA • Bond notes — AZ • Fifth dollar — * AZ ($2–$20) * ZZ ($50 and $100) • ZiG (2024 series) — ZX

• Illustration — The obverse of the $100 trillion banknote Hyperinflationary Zimbabwean banknotes (such as the $100 trillion denomination) have earned significant interest from the Notaphilic community and buyers in general for their absurdity rather than for their designs, with examples selling for much more than their true face value: according to The Wall Street Journal in 2011, United States House Budget Committee Chairman Paul Ryan and Stanford University economist John B. Taylor each kept a $100 trillion note in their wallet as a physical reminder of the perils of hyperinflation. At the same time, hyperinflationary notes have been targeted by investment scams similar to those affecting the Iraqi dinar, where promoters falsely claim that the notes would be "revalued" (deflated) to a profitable exchange rate. The collectors' value of a Zimbabwean banknote depends on various factors: the rarity, based on factors such as the name of capital city, how long it was printed, or the type of watermark; its condition, and the national situation at the time of issue, such as shortages or hyperinflation. Common designs and variants, such as the low-value bearer cheques of the second dollar, are usually valued at around US$1 each, while rare varieties such as the $10 "Salisbury error" note and the Standard Chartered issues are valued at around US$190 or more.

During the height of the 2007–2009 hyperinflation, petrol coupons circulated alongside the Zimbabwean dollar in response to a shortage of local banknotes (at the time, it was illegal to trade in foreign currencies such as the United States dollar): the coupons, particularly those worth 20 l, became widely negotiable at the local petrol price (about one pound sterling per litre, or US$1.50 in August 2008), despite warnings from the Reserve Bank of Zimbabwe against its "widespread use". The popularity of the coupons led to it becoming a target of counterfeiters, due to limited security features.