Zimbabwe introduces 100-billion-dollar note

kublikhan

Sweet! I just won on who wants to be a millionaire! Damn It! It's Zimbabwe money! It's only worth 50 cents Sad

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MrBill · Expert Joined: Sep 15, 2005 Posts: 5366 Location: Eurasia

On the other hand the government is teaching the Zimbabwe people higher math skills just to keep up with rising prices that need to be re-calculated everyday, and to understand the difference between 100 million and 100 billion notes. They will all become very numerate. Those with math anxiety will be culled from the herd first.
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ROCKMAN

Mr Bill,

Thought I had seen them go to a 500 mill a few weeks ago. Regardless, their gov't is missing a great opportunity. If they went on eBay and offered an honest 1 billion note (not one stamped over) they could probably sell many thousands for $4.95 + S&H.

Seriously. We've been needing a new "Pet Rock" gimmick for a while. I'll have my attorney draft up my commission agreement should you want to go forward on my submittal.

lowem

A quick search on eBay shows the $100 billion notes going for 40 pounds, the $500 million notes going for $22.50, and the $250 million notes going for $32.99.

That's quite a mark-up, considering that one of these $100 billion notes isn't enough to buy a loaf of bread.

I'd suppose it's the rarity and/or novelty value to them.
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MrBill · Expert Joined: Sep 15, 2005 Posts: 5366 Location: Eurasia

Excellent idea. And the Pet Rock is not a bad analogy given how the Zimbabwe dollar sinks like one! ; - ))
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ROCKMAN

Thanks for the update lowem. Once again I have a good idea a month late.

anagami

Why is the Zimbabwe currency still considered money?
Did they print money with all the ceros or are they using scientific notation?

Edit (after reading lowens' external link): they're not yet using scientific notation, but may in the future... still, how much devaluated can a currency become before it lost its only use (as "money")?
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MrBill · Expert Joined: Sep 15, 2005 Posts: 5366 Location: Eurasia

In order to switch from one kind of money to another you first need an alternative. The US dollar or euro could serve that purpose. But in Zimbabwe those are not legal tender. Until inflation is stemmed it makes no sense to revaluate the currency. Once it does you can simply lop a few zeros off the end. When Turkey revalued the lira they knocked 6-zeros off the end and 1.000.000 lira became 1 lira again. It has been more or less stable ever since.
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AlexdeLarge

One of my favorite Simpsons......The Trouble with Trillions

"Homer realizes too late that taxes are due, so he cheats on his taxes and files them just in the nick of time. When the IRS subjects Homer to an audit, they agree to let Homer off if he will agree to help the FBI and become a tool of government oppression. He tries to rat on his friends about their illegal conquests and the government enjoys his work so much that they have him attempt a very special assignment. Mr. Burns has a trillion dollar bill that he stole from the government long ago. Homer tries to find it in his mansion, under the guise of writing a magazine article on Burns. When he finds it, the feds bust in and arrest Mr. Burns, but Homer foils their attempt and runs away with Burns and Smithers. They decide to leave the country with the bill and they wind up in Cuba, where they try to buy the country from Fidel Castro. Castro steals the bill and they have to return in disgrace. Mr. Burns vows to bribe the jury and get them all off scot-free. "
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Ferretlover

What good news! Zimbabwe is Not suffering from Peak Ink.
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MrBill · Expert Joined: Sep 15, 2005 Posts: 5366 Location: Eurasia

Inflation is officially running at more than 2,000,000%, but many analysts believe the true inflation figure is at least 9,000,000%.