Wow...hopefully they send the "right" stuff...
by that I mean, I hope they send them "dumps"!
Zimbabwe to Use U.S. Coins
By Richard Giedroyc, World Coin News
November 21, 2011
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Zimbabwe to Use U.S. Coins
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While the U.S. government is not officially sanctioning it, Zimbabwean change is going to be comprised of United States coinage.
However, the Zimbabwe government is unwilling to name the exact source of the coins. Zimbabwe Finance Minister Tendai Biti told the House of Assembly Oct. 4, “[The] government, through the BAZ [Banker’s Association of Zimbabwe], has negotiated with certain institutions in America that I will not name at the moment that will bring not only new notes but also coins.”
Zimbabwe has already been supplementing its circulating coinage and its bank notes with both U.S. and South African coins and currency.
2012 Coins of the World 1901-2000: North Africa
Every North African coin issued in the 20th century!
Get your download today!
In 2009, Zimbabwe set a world record when it issued bank notes with a face value of 100 trillion Zimbabwe dollars. These have been selling on eBay for about $5 U.S. each. The May 11 The Wall Street Journal described Zimbabwe’s currency as “a national symbol of monetary policy run amok.”
Likewise, the astronomical inflation in the nation decimated any purchasing power Zimbabwe’s coins had. During the early 21st century, Zimbabwe still issued stainless steel composition 10, 20, and 50 cents as well as 1 and 2-dollar coins. It also issued a ringed bimetal 5-dollar coin.
Zimbabwe’s paper money is used until it wears out. Once the notes become soiled significantly, local banks charge customers a premium to accept them, if they accept them at all.
Foreign coins from South Africa and the United States have been widely accepted since Zimbabwe has stopped minting its own coinage, not only because they are a more stable currency, but because they are metal rather than paper.
The South African rand coin, however, has lately become a problem. “Early this year banks were forced to return South African rand coins after they failed to agree on the exchange rate to use with retailers,” reported the Oct. 5 issue of The Herald in Harare.
The South African rand coinage was an easy solution to the small change situation, since the two nations share a border. The alternative was to find a way to ship U.S. coins across an ocean or to continue forcing consumers to accept small candies and other minor sundries to make change.
The MRI Bankers’ Guide to Foreign Currency no longer lists a currency for Zimbabwe, noting that the currency was suspended as of April 16, 2009, for one year. In addition, MRI notes that foreign currency can be imported at no cost, but must be declared, while only up to $500 U.S. can be exported without permission from the Reserve Bank of Zimbabwe.
by that I mean, I hope they send them "dumps"!
Zimbabwe to Use U.S. Coins
By Richard Giedroyc, World Coin News
November 21, 2011
Other News & Articles
Take Advantage of Stable Paper Prices
Zimbabwe to Use U.S. Coins
Auctions Offer Great Opportunities
This article was originally printed in World Coin News.
>> Subscribe today!
While the U.S. government is not officially sanctioning it, Zimbabwean change is going to be comprised of United States coinage.
However, the Zimbabwe government is unwilling to name the exact source of the coins. Zimbabwe Finance Minister Tendai Biti told the House of Assembly Oct. 4, “[The] government, through the BAZ [Banker’s Association of Zimbabwe], has negotiated with certain institutions in America that I will not name at the moment that will bring not only new notes but also coins.”
Zimbabwe has already been supplementing its circulating coinage and its bank notes with both U.S. and South African coins and currency.
2012 Coins of the World 1901-2000: North Africa
Every North African coin issued in the 20th century!
Get your download today!
In 2009, Zimbabwe set a world record when it issued bank notes with a face value of 100 trillion Zimbabwe dollars. These have been selling on eBay for about $5 U.S. each. The May 11 The Wall Street Journal described Zimbabwe’s currency as “a national symbol of monetary policy run amok.”
Likewise, the astronomical inflation in the nation decimated any purchasing power Zimbabwe’s coins had. During the early 21st century, Zimbabwe still issued stainless steel composition 10, 20, and 50 cents as well as 1 and 2-dollar coins. It also issued a ringed bimetal 5-dollar coin.
Zimbabwe’s paper money is used until it wears out. Once the notes become soiled significantly, local banks charge customers a premium to accept them, if they accept them at all.
Foreign coins from South Africa and the United States have been widely accepted since Zimbabwe has stopped minting its own coinage, not only because they are a more stable currency, but because they are metal rather than paper.
The South African rand coin, however, has lately become a problem. “Early this year banks were forced to return South African rand coins after they failed to agree on the exchange rate to use with retailers,” reported the Oct. 5 issue of The Herald in Harare.
The South African rand coinage was an easy solution to the small change situation, since the two nations share a border. The alternative was to find a way to ship U.S. coins across an ocean or to continue forcing consumers to accept small candies and other minor sundries to make change.
The MRI Bankers’ Guide to Foreign Currency no longer lists a currency for Zimbabwe, noting that the currency was suspended as of April 16, 2009, for one year. In addition, MRI notes that foreign currency can be imported at no cost, but must be declared, while only up to $500 U.S. can be exported without permission from the Reserve Bank of Zimbabwe.
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