The Historic Fate of Paper Money
Currencies / Fiat Currency Jun 29, 2008 - 12:26 PMBy: Mike_Hewitt
"Paper money eventually returns to its intrinsic value - zero." (Voltaire, 1694-1778)
The first well-known widespread use of paper money was in China during the Tang (618-907 A.D.) dynasty around 800 A.D. Paper money spread to the city of Tabriz, Persia in 1294 and to parts of India and Japan between 1319 to 1331. However, its use was very short-lived in these regions. In Persia, the merchants refused to recognize the new money, thus bringing trade to a standstill. By 1455, after over 600 years, the Chinese abandoned paper money due to numerous problems of over issuance and hyperinflation.
Figure 1. This Kuan note is the oldest known banknote in the world. It was made in China circa 1380.
Paper money did not arrive in Europe till 1633 with the earliest known English goldsmith certificates being used not only as receipts for reclaiming deposits but also as evidence of ability to pay.
In 1656, the Bank of Sweden is founded with a charter that authorizes it to accept deposits, grant loans and mortgages, and issue bills of credit.
By 1660, the English Goldsmiths' receipts became a convenient alternative to handling coins or bullion. The realisation by goldsmiths that borrowers would find them just as convenient as depositors marks the start of the use of banknotes in England.
In 1661, the Bank of Sweden becomes first chartered bank in Europe to issues notes known as the paper daler.
Figure 2. A 50-Daler note from the Bank of Sweden issued in 1666.
At present there are 177 currencies being used in the world. Below is a list containing all currencies currently in circulation. Not all currencies are widely used and accepted, such as the various banknotes of the pound sterling.
| Venezuela Bolivar Fuerte | 2008 | 7 mos. |
| Sudanese Pound (SDG) | 2007 | 1 |
| Turkish New Lira (TRY) | 2005 | 3 |
| Suriname Dollar (SRD) | 2004 | 4 |
| Afghanistan Afghani (AFN) | 2002 | 6 |
| Yugoslav Noviy (Super) Dinar (SCD) | 2002 | 6 |
| Transnistrian New Ruble (PDN) | 2001 | 7 |
| Belarus Newer Ruble (BYR) | 2000 | 8 |
| Tajikistan Somoni (TJS) | 2000 | 8 |
| Angola Kwanza (new) (AOA) | 1999 | 9 |
| Bulgarian New Lev (BGN) | 1999 | 9 |
| Euro (EUR) | 1999 | 9 |
| Russian Federation New Ruble (RUB) | 1999 | 9 |
| Congolese Franc (CDF) | 1998 | 10 |
| Eritrean Nakfa (ERN) | 1997 | 11 |
| Ukraine Hryvnia (UAH) | 1996 | 12 |
| Bosnia Convertible Mark (BAM) | 1995 | 13 |
| Georgia Larit (GEL) | 1995 | 13 |
| Polish New Zloty (PLN) | 1995 | 13 |
| Serbian Dinar (RSD) | 1994 | 14 |
| Brazil Real (BRL) | 1994 | 14 |
| Croatian Kuna (HRK) | 1994 | 14 |
| Cuba "Peso Convertible" (CUC) | 1994 | 14 |
| Yugoslav Noviy (Super) Dinar (YUM) | 1994 | 14 |
| Somaliland Shilling (SQS) | 1994 | 14 |
| Uzbekistan Sum (UZS) | 1994 | 14 |
| Armenian Dram (AMD) | 1993 | 15 |
| Azerbaijan Manat (AZM) | 1993 | 15 |
| Colombia Peso (COP) | 1993 | 15 |
| Czech Koruna (CZK) | 1993 | 15 |
| Kazakhstan Tenge (KZT) | 1993 | 15 |
| Kyrgyzstan Som (KGS) | 1993 | 15 |
| Latvia Lat (LVL) | 1993 | 15 |
| Lithuania Lita (LTL) | 1993 | 15 |
| Macedonian New Denar (MKD) | 1993 | 15 |
| Mexico New Peso (MXN) | 1993 | 15 |
| Moldovan Leu (MDL) | 1993 | 15 |
| Myanmark Dollar Foreign Exchange Certificates (MMX) | 1993 | 15 |
| Namibia Dollar (NAD) | 1993 | 15 |
| Turkmenistan Manat (TMM) | 1993 | 15 |
| Uruguay Peso Uruguayo (UYU) | 1993 | 15 |
| Argentina Peso Convertible (ARS) | 1992 | 16 |
| Estonia Kroon (EEK) | 1992 | 16 |
| Slovak Koruna (SKK) | 1992 | 16 |
| Slovenia Tolar (SIT) | 1992 | 16 |
| Nicaragua Cordoba Oro (NIO) | 1991 | 17 |
| Peru Sol Nuevo (PEN) | 1991 | 17 |
| Yemeni Rial (YER) | 1990 | 18 |
| Myanmar Kyat (MMK) | 1989 | 19 |
| Bolivian Boliviano (New) (BOB) | 1987 | 21 |
| Cook Islands Dollar (CKD)* | 1987 | 21 |
| Uganda New Shilling (UGX) | 1987 | 21 |
| Aruba Guilder (AWG) | 1986 | 22 |
| New Franc Guineen (GNF) | 1986 | 22 |
| Israel New Shekel (ILS) | 1985 | 23 |
| Viet Nam Dong (VND) | 1985 | 23 |
| Madagascar Ariary (MGA) | 1983 | 25 |
| Iceland Krona (ISK) | 1981 | 27 |
| Maldive Islands Rufiyaa (MVR) | 1981 | 27 |
| Vanuatu Vatu (VUV) | 1981 | 27 |
| Mozambique Metical (MZM) | 1980 | 28 |
| Cambodia New Riel (KHR) | 1980 | 28 |
| Lesotho (Ma)Loti (LSL) | 1980 | 28 |
| Zimbabwe Dollar (ZWD) | 1980 | 28 |
| Ghana New Cedi (GHC) | 1979 | 29 |
| Laos New Kip (LAK) | 1979 | 29 |
| Sri Lanka Rupee (LKR) | 1978 | 30 |
| Djibouti Franc (DJF) | 1977 | 31 |
| Sao Tome and Principe Dobra (STD) | 1977 | 31 |
| Solomon Islands Dollar (SBD) | 1977 | 31 |
| Botswana Pula (BWP) | 1976 | 32 |
| Ethiopian Birr (ETB) | 1976 | 32 |
| Chilean Peso (CLP) | 1975 | 33 |
| Comoros Franc (KMF) | 1975 | 33 |
| Papua New Guinea Kina (PGK) | 1975 | 33 |
| Belize Dollar (BZD) | 1974 | 34 |
| Bhutan Ngultrum (BTN) | 1974 | 34 |
| Somali Shilin Soomaali (SOS) | 1974 | 34 |
| Swaziland Lilangeni (SZL) | 1974 | 34 |
| Barbados Dollar (BBD) | 1973 | 35 |
| Mauritania Ouguiya (MRO) | 1973 | 35 |
| Nigerian Naira (NGN) | 1973 | 35 |
| Qatari Rial (QAR) | 1973 | 35 |
| United Arab Emirates Dirham (AED) | 1973 | 35 |
| Bangladesh Taka (BDT) | 1972 | 36 |
| Rial Omani (OMR) | 1972 | 36 |
| Cayman Islands Dollar (KYD) | 1971 | 37 |
| Gambia Dalasi (GMD) | 1971 | 37 |
| Northern Irish Pound (IBP) | 1971 | 37 |
| Libyan Dinar (LYD) | 1971 | 37 |
| Malawi Kwacha (MWK) | 1971 | 37 |
| Scotland Pound (SSP) | 1971 | 37 |
| Bermudan Dollar (BMD) | 1970 | 38 |
| Fiji Dollar (FJD) | 1969 | 39 |
| Jamaica Dollar (JMD) | 1969 | 39 |
| Maltese Lira (MTL) | 1968 | 40 |
| Zambian Kwacha (ZMK) | 1968 | 40 |
| Brunei Dollar (BND) | 1967 | 41 |
| New Zealand Dollar (NZD) | 1967 | 41 |
| Western Samoa Ta'la (WST) | 1967 | 41 |
| Singapore Dollar (SGD) | 1967 | 41 |
| Australian Dollar (AUD) | 1966 | 42 |
| Bahamas Dollar (BSD) | 1966 | 42 |
| Kenyan Shilling (KES) | 1966 | 42 |
| Tanzania Shilling (TZS) | 1966 | 42 |
| Tonga Pa'anga (TOP) | 1966 | 42 |
| Albanian "Heavy" Lek (ALL) | 1965 | 43 |
| Bahraini Dinar (BHD) | 1965 | 43 |
| Indonesian Rupiah (IDR) | 1965 | 43 |
| Algerian Dinar (DZD) | 1964 | 44 |
| Burundi Franc (BIF) | 1964 | 44 |
| Rwanda Franc (RWF) | 1964 | 44 |
| Sierra Leone Leone (SLL) | 1964 | 44 |
| Malaysian Ringgit (MYR) | 1963 | 45 |
| South Korean Won (KRW) | 1962 | 46 |
| Kuwaiti Dinar (KWD) | 1961 | 47 |
| South African Rand (ZAR) | 1961 | 47 |
| Franc Metropolitan (XMF) | 1960 | 48 |
| Tunisian Dinar (TND) | 1960 | 48 |
| North Korea New Won (KPW) | 1959 | 49 |
| Moroccan Dirham (MAD) | 1959 | 49 |
| Tunisian Dinar (TND) | 1958 | 50 |
| French Polynesian CFP Franc (XPF) | 1957 | 51 |
| Chinese Renminbi Yuan (CNY) | 1953 | 55 |
| Romanian Leu (RON) | 1952 | 56 |
| Saudi Riyal (SAR) | 1952 | 56 |
| Jordan Dinar (JOD) | 1950 | 58 |
| Faeroe Islands Kronur (FOK) | 1949 | 59 |
| Taiwan New Dollar (TWD) | 1949 | 59 |
| Lebanese Pound (LBP) | 1948 | 60 |
| Pakistan Rupee (PKR) | 1948 | 60 |
| Syrian Pound (SYP) | 1948 | 60 |
| Dominican Republic Peso Oro (DOP) | 1947 | 61 |
| Hungary Forint (HUF) | 1946 | 62 |
| Liberian Dollar (LRD) | 1944 | 64 |
| Paraguay Guarani (PYG) | 1943 | 65 |
| West African CFA Franc (XOF) | 1941 | 67 |
| Central African CFA Franc (XAF) | 1941 | 67 |
| Mauritius Rupee (MUR) | 1934 | 74 |
| Nepalese Rupee (NPR) | 1933 | 75 |
| Iranian Rial (IRR) | 1932 | 76 |
| Iraqi Dinar (IQD) | 1931 | 77 |
| Thailand Baht (THB) | 1928 | 80 |
| Gibraltar Pound (GIP) | 1713 | 81 |
| Honduras Lempira (HNL) | 1926 | 82 |
| Guatemala Quetzal (GTQ) | 1925 | 83 |
| Liechtenstein Franc (LIF)* | 1921 | 87 |
| El Salvador Colon (SVC) | 1919 | 89 |
| Guyana Dollar (GYD) | 1916 | 92 |
| Mongolia Tugrik (MNT) | 1915 | 93 |
| Cape Verde Escudo (CVE) | 1914 | 94 |
| Cyprus Pound (CYP) | 1914 | 94 |
| Falkland Islands Pound (FKP) | 1908 | 100 |
| French Pacific Territories Franc (XPF) | 1905 | 103 |
| Norway Krone (NOK) | 1905 | 103 |
| Somali N-Shilling (SON) | 1905 | 103 |
| Trinidad and Tobago Dollar (TTD) | 1905 | 103 |
| Panama Balboa (PAB) | 1903 | 105 |
| Macao Pataca (MOP) | 1901 | 107 |
| Saint Helena Pound (SHP) | 1901 | 107 |
| Seychelles Rupee (SCR) | 1900 | 108 |
| Philippine Piso (PHP) | 1898 | 110 |
| Costa Rican Colon (CRC) | 1896 | 112 |
| Hong Kong Dollar (HKD) | 1895 | 113 |
| Egyptian Pound (EGP) | 1885 | 123 |
| Danish Krone (DKK) | 1873 | 135 |
| Swedish Krona (SEK) | 1873 | 135 |
| Haiti Gourde (HTG) | 1872 | 136 |
| Japanese Yen (JPY) | 1871 | 137 |
| Cuban Peso (CUP) | 1859 | 149 |
| Canadian Dollar (CAD) | 1858 | 150 |
| Guernsey Pound Sterling (GGP) | 1827 | 181 |
| India Rupee (INR) | 1823 | 185 |
| Netherlands Antillan Guilder (ANG) | 1821 | 187 |
| Swiss Franc (CHF) | 1799 | 209 |
| US Dollar (USD) | 1792 | 216 |
| Pound Sterling (GBP) | 1694 | 314 |
The median age for a live currency is 37 years and at least one, the Zimbabwe dollar, is in the throes of hyperinflation.
Excluding the early paper currencies of China up until the 15th century and the majority of paper currencies that existed in China until 1935, there are 609 currencies no longer in circulation. Of these, at least 153 were destroyed as a result of hyperinflation caused by over-issuance. The remainder were revalued, destroyed by military occupation/liberation, renamed for political reasons, or were converted to another currency. The median age for these currencies is only seventeen years.
| DDR Kuponmark (DDK) | 1948 | 1948 | 1 mo. | Yes |
| Yugoslav 1994 Dinar (YUG) | 1994 | 1994 | 1 mo. | Yes |
| Hungarian Bilpengoe (HUB) | 1946 | 1946 | 1.5 mos. | Yes |
| German Gold Mark (DEG) | 1923 | 1923 | 2 mos. | Yes |
| Hungarian Adopengoe (HUA) | 1946 | 1946 | 2 mos. | Yes |
| Netherlands Rijksdaalder (NLX) | 1904 | 1904 | 2.5 mos. | |
| Slovenia Laibach Lira (SIL) | 1944 | 1944 | 2.5 mos. | |
| Hungarian Milpengoe (HUM) | 1946 | 1946 | 3 mos. | Yes |
| North Korean Won (KPO) | 1959 | 1959 | 3 mos. | Yes |
| Kazakhstan Ruble (KZR) | 1993 | 1993 | 3 mos. | Yes |
| Yugoslav October Dinar (YUO) | 1993 | 1993 | 3 mos. | Yes |
| Krajina (Serbian Republic) October Dinar (HRKO) | 1993 | 1994 | 3 mos. | Yes |
| Polish Zloty Lublin (PLL) | 1944 | 1945 | 4 mos. | |
| Serbian Republic October Dinar (BASO) | 1993 | 1994 | 4 mos. | |
| Hungarian Red Army Pengoe (HUR) | 1945 | 1945 | 6 mos. | Yes |
| Rupiah Kepulauan Riau (IDRR) | 1963 | 1964 | 8.5 mos. | |
| Uzbekistan Coupon Sum (UZC) | 1993 | 1994 | 8.5 mos. | Yes |
| Japan Base Metal Kammon (JPK) | 1904 | 1905 | 9 mos. | Yes |
| Japan Silver Momme (JPM) | 1904 | 1905 | 9 mos. | Yes |
| Japan Gold Oban (JPO) | 1904 | 1905 | 9 mos. | Yes |
| Lithuania Talonas (LTT) | 1992 | 1993 | 9 mos. | Yes |
| Ukraine Karbovanetz (UAK) | 1992 | 1993 | 11 mos. | Yes |
| Transnistrian Ruble (PDR) | 1994 | 1994 | 11 mos. | Yes |
| French Franc (Assignats) (FRA) | 1795 | 1796 | 1 | Yes |
| French Franc (Mandats Territorial) (FRM) | 1796 | 1797 | 1 | Yes |
| Confederate States Reformed Dollar (CSAR) | 1864 | 1865 | 1 | Yes |
| German New Guinea Mark (PGM) | 1914 | 1915 | 1 | |
| German Southwest Africa Mark (NAP) | 1914 | 1915 | 1 | |
| Transcaucasian Ruble (ZKRR) | 1917 | 1918 | 1 | |
| Austrian Krone (ATK) | 1918 | 1919 | 1 | |
| North Russian Ruble (RUNR) | 1919 | 1920 | 1 | |
| East Africa Florin (XEAF) | 1920 | 1922 | 1 | |
| Russian Ruble of 1922 (RUFR) | 1922 | 1922 | 1 | Yes |
| Soviet Ruble of 1923 (SUB) | 1923 | 1924 | 1 | Yes |
| Austrian Allied Military Schillings (ATM) | 1944 | 1945 | 1 | |
| Czechoslovak Red Army Korunu (CSR) | 1944 | 1945 | 1 | |
| Romanian Red Army Leu (ROR) | 1944 | 1945 | 1 | Yes |
| Azerbaijan Toman (IRZT) | 1945 | 1946 | 1 | |
| Sinkiang Gold Yuan (CNSG) | 1948 | 1949 | 1 | |
| Chinese Gold Chin Yuan (CNG) | 1948 | 1949 | 1 | Yes |
| Ghana Old Cedi (GHO) | 1965 | 1967 | 1 | |
| Brazil Cruzado Novo (BRN) | 1989 | 1990 | 1 | Yes |
| Slovenia Tolar Bons (SIB) | 1991 | 1992 | 1 | |
| Moldovan Ruble Kupon (MDR) | 1991 | 1992 | 1 | Yes |
| Moldovan Leu Cupon (MDC) | 1992 | 1993 | 1 | |
| Albanian Lek Valute (ALV) | 1992 | 1993 | 1 | |
| Serbian Republic Reformed Dinar (BASR) | 1992 | 1993 | 1 | Yes |
| Krajina (Serbian Republic) Reformed Dinar (HRKR) | 1992 | 1993 | 1 | Yes |
| Latvia Ruble (LVR) | 1992 | 1993 | 1 | Yes |
| Macedonian Denar (MKN) | 1992 | 1993 | 1 | Yes |
| Yugoslav Reformed Dinar (YUR) | 1992 | 1993 | 1 | Yes |
| Brazil Cruzeiro Real (BRR) | 1993 | 1994 | 1 | Yes |
| Maryland Red Shillings (CMDR) | 1781 | 1783 | 2 | |
| New Jersey New Shilling (CNJN) | 1781 | 1783 | 2 | |
| Vermont State Shilling (CVTS) | 1781 | 1783 | 2 | |
| Haiti New Paper Gourde (HTN) | 1870 | 1872 | 2 | Yes |
| Peru Inca (PER) | 1880 | 1882 | 2 | |
| Germany Darlenskasse Ost Ruble (DEOR) | 1916 | 1918 | 2 | |
| Armenian Ruble (AMR) | 1918 | 1920 | 2 | |
| Azerbaijan Republic Ruble (AZR) | 1918 | 1920 | 2 | |
| Khiva Tenga (KHVT) | 1918 | 1920 | 2 | |
| Soviet Armenian Ruble (AMSR) | 1920 | 1922 | 2 | |
| Soviet Azerbaijan Ruble (AZSR) | 1920 | 1922 | 2 | |
| Far Eastern Republic Ruble (DBRR) | 1920 | 1922 | 2 | |
| Soviet Transcaucasian Ruble (ZKSR) | 1922 | 1924 | 2 | |
| Spanish Nationalist Peseta (ESPN) | 1936 | 1939 | 2 | |
| Reichs Karbowanez (UAC) | 1942 | 1944 | 2 | |
| US "Hawaiian" Dollar (USDH) | 1942 | 1944 | 2 | |
| Italy American Military Lira (ITA) | 1943 | 1945 | 2 | |
| Italy British Military Lira (ITB) | 1943 | 1945 | 2 | |
| Italy "Badaglio" Lira (ITLB) | 1943 | 1945 | 2 | |
| Italy "Mussolini" Lira (ITLM) | 1943 | 1945 | 2 | |
| Korean Military Won (KROM) | 1945 | 1947 | 2 | |
| French Franc Nouveau (FRF) | 1960 | 1962 | 2 | |
| Biafran Pound (BIAP) | 1968 | 1970 | 2 | |
| Oman Rial Saidi (OMS) | 1970 | 1972 | 2 | |
| Argentina Peso Argentino (ARP) | 1983 | 1985 | 2 | Yes |
| Yugoslav Convertible Dinar (YUN) | 1990 | 1992 | 2 | Yes |
| Belarus Ruble (BYL) | 1992 | 1994 | 2 | |
| Bosnia Dinar (BAD) | 1992 | 1994 | 2 | Yes |
| Georgia Kupon Larit (GEK) | 1993 | 1995 | 2 | Yes |
| Krajina (Serbian Republic) 1994 Dinar (HRKG) | 1994 | 1996 | 2 | Yes |
| Maryland Black Shillings (CMDB) | 1780 | 1783 | 3 | |
| Confederate States Dollar (CSAD) | 1861 | 1864 | 3 | |
| Mexico "Inconvertible" Paper Peso (MXI) | 1913 | 1916 | 3 | |
| Georgian Ruble (GER) | 1918 | 1921 | 3 | |
| Danzig Mark (DZGM) | 1920 | 1923 | 3 | |
| Soviet Khiva Ruble (SUVT) | 1920 | 1923 | 3 | |
| Memel Mark (MMLM) | 1920 | 1923 | 3 | |
| Canton Dollar (CNDC) | 1935 | 1938 | 3 | |
| Netherlands Indies Gumpyo Gulden (IDDJ) | 1941 | 1944 | 3 | Yes |
| Romania Infinex Leu (ROI) | 1941 | 1944 | 3 | Yes |
| Philippine Guerilla Peso (PHG) | 1942 | 1945 | 3 | |
| Malaya Gumpyo Dollar (MYAG) | 1942 | 1945 | 3 | Yes |
| Netherlands Indies Gumpyo Roepiah (NIDR) | 1943 | 1946 | 3 | |
| Nationalist Manchurian Yuan (CNNY) | 1945 | 1948 | 3 | |
| Japanese Allied Yen (JPA) | 1945 | 1948 | 3 | |
| German Allied Mark (DEA) | 1945 | 1948 | 3 | Yes |
| German Sperrmark (DES) | 1951 | 1954 | 3 | |
| Portuguese India Escudo (INPE) | 1959 | 1962 | 3 | |
| Reunion Franc (REF) | 1959 | 1962 | 3 | Yes |
| Katanga Franc (KATF) | 1960 | 1963 | 3 | |
| Viet Nam South Dong (VNS) | 1975 | 1978 | 3 | |
| Laos Liberation Kip (LAL) | 1976 | 1979 | 3 | Yes |
| Brazil Cruzado (BRC) | 1986 | 1989 | 3 | Yes |
| Nicaragua Cordoba (NIC) | 1988 | 1991 | 3 | Yes |
| Brazil Cruzeiro (BRE) | 1990 | 1993 | 3 | Yes |
| Russian Ruble (RUR) | 1991 | 1994 | 3 | |
| Bosnia New Dinar (BAN) | 1994 | 1997 | 3 | |
| Alabama Confederate Dollar (CSALD) | 1861 | 1865 | 4 | |
| Arkansas Confederate Dollar (CSAKD) | 1861 | 1865 | 4 | |
| Florida Confederate Dollar (CSFLD) | 1861 | 1865 | 4 | |
| Georgia Confederate Dollar (CSGAD) | 1861 | 1865 | 4 | |
| Louisiana Confederate Dollar (CSLAD) | 1861 | 1865 | 4 | |
| Mississippi Confederate Dollar (CSMSD) | 1861 | 1865 | 4 | |
| North Carolina Confederate Dollar (CSNCD) | 1861 | 1865 | 4 | |
| South Carolina Confederate Dollar (CSSCD) | 1861 | 1865 | 4 | |
| Tennessee Confederate Dollar (CSTND) | 1861 | 1865 | 4 | |
| Texas Confederate Dollar (CSTXD) | 1861 | 1865 | 4 | |
| Spanish Escudo (ESE) | 1864 | 1868 | 4 | |
| Yugoslav Kronen (YUK) | 1918 | 1922 | 4 | |
| Ruble Sovnazki (RUFS) | 1918 | 1922 | 4 | |
| Latvia Ruble (LVB) | 1918 | 1922 | 4 | Yes |
| Russian Ruble Sovnazki (RUFS) | 1918 | 1922 | 4 | Yes |
| Soviet Bukhara Ruble (BKSR) | 1920 | 1924 | 4 | |
| Germany Behelfszahlungsmittel (XDEB) | 1940 | 1944 | 4 | Yes |
| Nanking/CRB Yuan (CNPN) | 1941 | 1945 | 4 | |
| Burmese Gumpyo Rupee (BUG) | 1941 | 1945 | 4 | |
| Croatian Kuna (HRC) | 1941 | 1945 | 4 | |
| Hong Kong Military Yen (HKG) | 1941 | 1945 | 4 | |
| Philippine Gumpyo Peso (PHJ) | 1941 | 1945 | 4 | |
| Japanese Military Yen (XJPM) | 1941 | 1945 | 4 | Yes |
| French Indochina Military Yen (ICFG) | 1941 | 1945 | 4 | Yes |
| Oceania Gumpyo Pound (XOGP) | 1941 | 1945 | 4 | Yes |
| Serbian Dinar (SRDD) | 1941 | 1945 | 4 | Yes |
| New Hebrides Franc (NHF) | 1941 | 1945 | 4 | |
| French Franc (Allied Military Provisional) (FRP) | 1944 | 1948 | 4 | |
| Djibouti CFA Franc (DJC) | 1945 | 1949 | 4 | |
| Indonesia Guerilla Rupiah (IDG) | 1945 | 1949 | 4 | |
| Taiwan Nationalist Yuan (TWN) | 1945 | 1949 | 4 | Yes |
| German Bekomark | 1954 | 1958 | 4 | |
| German Libkamark | 1954 | 1958 | 4 | |
| Ruanda-Urundi Franc (BRIF) | 1960 | 1964 | 4 | |
| Algerian New Franc (DZF) | 1960 | 1964 | 4 | |
| Zambian Pound (ZMP) | 1964 | 1968 | 4 | |
| Congolese Zaire (CDZ) | 1967 | 1971 | 4 | |
| Croatian Dinar (HRD) | 1991 | 1995 | 4 | |
| Tatarstan Shamil (RUTS) | 1992 | 1996 | 4 | |
| Ethiopian Birr (ETB) | 1993 | 1997 | 4 | |
| Afghanistan Dostumi Afghani (AFAD) | 1998 | 2002 | 4 | Yes |
| Afghanistan Rabbini Afghani (AFAR) | 1998 | 2002 | 4 | Yes |
| Greek Phoenix (GRP) | 1828 | 1833 | 5 | |
| South African Republic Pound (ZAPP) | 1905 | 1910 | 5 | |
| Serbian Dinar (SRBD) | 1913 | 1918 | 5 | |
| Southwest Africa Mark (NAM) | 1915 | 1920 | 5 | |
| Ukraine Grivna (UAG) | 1917 | 1922 | 5 | |
| Rif Republic Riffan (MARR) | 1921 | 1926 | 5 | |
| Italian East Africa Lira (AOIL) | 1936 | 1941 | 5 | |
| Polish Cracow Zloty (PLK) | 1940 | 1945 | 5 | |
| Slovak Koruna (SKO) | 1940 | 1945 | 5 | |
| Netherlands Indies Gumpyo Roepiah (IDDR) | 1941 | 1946 | 5 | Yes |
| Indonesia "Java" Rupiah (IDJ) | 1945 | 1950 | 5 | |
| Indonesia "Nica" Guilder (IDD) | 1945 | 1950 | 5 | |
| Romanian New Leu (RON) | 1947 | 1952 | 5 | Yes |
| Chinese Old Jen Min Piao Yuan (CNP) | 1948 | 1953 | 5 | Yes |
| Bahraini Dinar (AED) | 1971 | 1976 | 5 | |
| Israel Shekel (ILL) | 1980 | 1985 | 5 | |
| Zairean New Zaire (ZRN) | 1993 | 1998 | 5 | Yes |
| Angola Kwanza Reajustado (AOR) | 1995 | 2000 | 5 | Yes |
| Tajikistan Ruble (TJR) | 1995 | 2000 | 5 | Yes |
| French Livre (Assignats) (FRL) | 1789 | 1795 | 6 | Yes |
| West Indies Joe (GYJ) | 1830 | 1836 | 6 | |
| Fiume Krone (FIUK) | 1918 | 1924 | 6 | |
| Estonia Marka (EEM) | 1918 | 1924 | 6 | Yes |
| Bohemia and Moravia Koruna (CSM ) | 1939 | 1945 | 6 | |
| Japan Military Yen (CNPY) | 1939 | 1945 | 6 | Yes |
| Germany Reichskreditkassenscheine (XDEK) | 1940 | 1946 | 6 | |
| North Viet Nam Piastre Dong Viet (VDD ) | 1953 | 1959 | 6 | Yes |
| Rhodesian Pound (RHP) | 1964 | 1970 | 6 | |
| Peru Inti (PEI) | 1985 | 1991 | 6 | Yes |
| Transnistrian Kupon Ruble (PDK) | 1994 | 2000 | 6 | Yes |
| Connecticut Continental Shilling (CCTS) | 1776 | 1783 | 7 | Yes |
| Delaware Continental Shilling (CDES) | 1776 | 1783 | 7 | Yes |
| Maryland Continental Shilling (CMDS) | 1776 | 1783 | 7 | Yes |
| Massachusetts Continental Shilling (CMAS) | 1776 | 1783 | 7 | Yes |
| New Jersey Continental Shilling (CNJS) | 1776 | 1783 | 7 | Yes |
| New York Continental Shilling (CNYS) | 1776 | 1783 | 7 | Yes |
| North Carolina Continental Shilling (CNCS) | 1776 | 1783 | 7 | Yes |
| Pennsylvania Continental Shilling (CPAS) | 1776 | 1783 | 7 | Yes |
| Rhode Island Continental Shilling (CRHS) | 1776 | 1783 | 7 | Yes |
| South Carolina Continental Shilling (CSCS) | 1776 | 1783 | 7 | Yes |
| Virginia Continental Shilling (CVAS) | 1776 | 1783 | 7 | Yes |
| Georgia Continental Shilling (CGAS) | 1776 | 1783 | 7 | |
| New Hampshire Continental Shilling (CNHS) | 1776 | 1783 | 7 | |
| Hungarian Korona (HUK) | 1918 | 1925 | 7 | Yes |
| Viet Minh Piastre Dong Viet (VDP) | 1946 | 1953 | 7 | |
| Congolese Republic Franc (CDG) | 1960 | 1967 | 7 | Yes |
| Gambia Pound (GMP) | 1964 | 1971 | 7 | |
| Malawi Pound (MWP) | 1964 | 1971 | 7 | |
| Qatar-Dubai Riyal (XQDR) | 1966 | 1973 | 7 | |
| Peseta Guineana (GQP) | 1968 | 1975 | 7 | |
| Viet Nam New Dong (VNN) | 1978 | 1985 | 7 | |
| Equatorial Guinea Franco (GQF) | 1985 | 1992 | 7 | |
| Argentina Austral (ARA) | 1985 | 1992 | 7 | Yes |
| Russian Federation Ruble (RUR) | 1991 | 1998 | 7 | Yes |
| Belarus New Ruble (BYB) | 1994 | 2001 | 7 | Yes |
| Massachusetts Shilling Middle Tenor (CMAM) | 1741 | 1749 | 8 | |
| Massachusetts Shilling New Tenor (CMAN) | 1741 | 1749 | 8 | |
| New Hampshire Lawful Shilling (CNHL) | 1755 | 1763 | 8 | |
| Chinese Paper Tael (CNTP) | 1853 | 1861 | 8 | |
| Montenegro Perper (MEP) | 1910 | 1918 | 8 | |
| Kiau Chau Dollar (JPY) | 1914 | 1922 | 8 | |
| Germany Darlenskasse Ost Mark (DEOM) | 1914 | 1922 | 8 | |
| Ottoman Empire Paper Lira (XOTL) | 1914 | 1922 | 8 | |
| Polish Marka (PLM) | 1916 | 1924 | 8 | |
| German Kreditsperrmark (DERK) | 1931 | 1939 | 8 | Yes |
| German Effektensperrmark (DERE) | 1931 | 1939 | 8 | Yes |
| Czechoslovak New Koruna (CSC) | 1945 | 1953 | 8 | |
| Irian Barat Rupiah (IDIR) | 1963 | 1971 | 8 | |
| Connecticut Dollar (CCTD) | 1783 | 1792 | 9 | |
| Delaware Dollar (CDED) | 1783 | 1792 | 9 | |
| Georgia Dollar (CGAD) | 1783 | 1792 | 9 | |
| Maryland Dollar (CMDD) | 1783 | 1792 | 9 | |
| Massachusetts Dollar (CMAD) | 1783 | 1792 | 9 | |
| New Hampshire Dollar (CNHD) | 1783 | 1792 | 9 | |
| New Jersey Dollar (CNJD) | 1783 | 1792 | 9 | |
| New York Dollar (CNYD) | 1783 | 1792 | 9 | |
| North Carolina Dollar (CNCD) | 1783 | 1792 | 9 | |
| Pennsylvania Dollar (CPAD) | 1783 | 1792 | 9 | |
| Rhode Island Dollar (CRHD) | 1783 | 1792 | 9 | |
| South Carolina Dollar (CSCD) | 1783 | 1792 | 9 | |
| Virginia Dollar (CVAD) | 1783 | 1792 | 9 | |
| Fiji Old Dollar (FJO) | 1865 | 1874 | 9 | |
| Peking/Tientsin/Northern China/FRB Yuan (CNPP) | 1935 | 1944 | 9 | |
| Meng Chiang (Bank of Inner Mongolia) Yuan (CNPM) | 1936 | 1945 | 9 | |
| Sinkiang Yuan (CNSY) | 1939 | 1948 | 9 | Yes |
| German Registermark (XRDERM/DERR) | 1939 | 1948 | 9 | Yes |
| German Handelsperrmark (DERH) | 1939 | 1948 | 9 | Yes |
| German Reichskreditkassenschein (XDEK) | 1939 | 1948 | 9 | Yes |
| South Korean Hwan (KRH) | 1953 | 1962 | 9 | |
| Rhodesia and Nyasaland Federation Pound (RHFP) | 1956 | 1965 | 9 | |
| Liberian Liberty Dollars (LRDL) | 1991 | 2000 | 9 | |
| Texas Dollar (TXSD) | 1836 | 1846 | 10 | |
| Austro-Hungarian Monetary Union Gulden (XATG) | 1857 | 1867 | 10 | |
| Moldova Ducat (MDD) | 1857 | 1867 | 10 | |
| Colombia Peso (COP) | 1905 | 1915 | 10 | Yes |
| British Military Authority Lira (LYB) | 1941 | 1951 | 10 | Yes |
| Greek New Drachma (GRN) | 1944 | 1954 | 10 | Yes |
| India Haj Pilgrimage Rupee (XINP) | 1950 | 1960 | 10 | |
| Somali Somalo (SOIS) | 1950 | 1960 | 10 | |
| Bulgarian Socialist Lev (BGM) | 1952 | 1962 | 10 | |
| French Affars and Issas Franc (AIF) | 1967 | 1977 | 10 | |
| Rhodesian Dollar (RHD/ZWC) | 1970 | 1980 | 10 | |
| Angola Kwanza Novo (AON) | 1990 | 2000 | 10 | Yes |
| Angola Escudo Portuguese (AOE) | 1914 | 1925 | 11 | |
| Saar Franc (SAAF) | 1919 | 1930 | 11 | |
| Spanish Republican Peseta (ESPR) | 1931 | 1942 | 11 | |
| Persian Gulf Rupee (XPGR) | 1959 | 1970 | 11 | |
| Reunion Nouveau Franc (REN) | 1963 | 1974 | 11 | |
| Ekuele (Epkwele) Guineana (GQE) | 1975 | 1986 | 11 | |
| Liberian JJ Dollars (LRDJ) | 1989 | 2000 | 11 | |
| German Behelfszahlungsmittel fuer die Deutsche Wehrmacht (XDEB) | 1936 | 1948 | 12 | Yes |
The list continues at http://dollardaze.org/blog/?post_id=00405
The status of the 786 paper currencies listed in this article is shown below.
By Mike Hewitt
http://www.dollardaze.org
Mike Hewitt is the editor of www.DollarDaze.org , a website pertaining to commentary on the instability of the global fiat monetary system and investment strategies on mining companies.
Disclaimer: The opinions expressed above are not intended to be taken as investment advice. It is to be taken as opinion only and I encourage you to complete your own due diligence when making an investment decision.
Mike Hewitt Archive |
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