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Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

The Historic Fate of Paper Money

Currencies / Fiat Currency Jun 29, 2008 - 12:26 PM GMT

By: Mike_Hewitt

Currencies

Best Financial Markets Analysis Article"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.


Kuan Note

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.

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.

Currency Name (Currency Code) Inception Duration
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.

Status of Paper Currencies

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

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Smack MacDougal
29 Jun 08, 18:09
US Dollar Birthed in 1913

The current "U.S. Dollar" -- the Federal Reserve Note -- came into circulation in 1913.

During the history of the U.S.A., a few currencies arose: the Continential, the Greenback, the U.S. Dollar.

In 1913, the U.S. Centralist System of government replaced the U.S.A. Republic.

Key features of the U.S. Centralist System: [1] Frozen House membership -- One senate, 80% of membership elected every two years, yet with terms of 2 years for "House" and 6 years for "Senate" [2] Collectivist Income Taxation [3] Popular Election of Senators -- easy to buy the entire 535 (now 538) Congress [4] Redistribution of taxes for welfare, subsidy [5] Regulation to establish and maintain Monopolies, Oligopolies [6] Monopoly Charter for Money Manufacture, Distribution -- Federal Reserve

Key features of the U.S.A. Republic: [1] Popular Representation in the House that grows with the Population Head Count [2] No Collectivist Income Tax [3] Balance of Power with States Legislatures choosing senators [4] Free Markets for Money


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