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Zimbabwean banknote in the amount of one hundred billion dollars. The currency has become sharply devalued.

The Banknotes of Zimbabwe are currently issued by the Reserve Bank of Zimbabwe (RBZ). It replaced the Rhodesian dollar in 1980, after the proclamation of independence within the Commonwealth of Nations, as the Republic of Zimbabwe.

Three types of Zimbabwean promissory notes are currently in circulation as of 7 August 2008: regular banknotes of the Third Zimbabwean dollar (ZB$), issued since the currency reform of 1 August 2008, and for the issues of the Second Zimbabwean Dollar (ZN$): Bearer Cheques, introduced on 15 September 2003 and Special Agro Cheques, shorthand for Agricultural Cheques which were introduced for use by Zimbabwean farmers on 15 May 2008. Bearer Cheques and Agro Cheques of the Second Zimbabwean Dollar (ZN$) are expected to be phased out on 31 December 2008. All of cheques and notes in circulation carried the signature of the current Reserve bank Governor, Dr. Gideon Gono.

Regular issues of banknotes have not been in circulation between the country's two currency reforms of 1 August 2006 and 1 August 2008, because of heavy inflation which still persists. In addition, different denominations of the Second Zimbabwean Dollar were issued to cope astronomical loss of value of the currency caused by printing of banknotes to finance government expenditure.

Two types of Zimbabwean promissory notes were issued between the two reforms: Bearer Cheques, which were introduced on 15 September 2003, often lack sophisticated security features which are heavily employed in many modern banknotes, especially those of the Swiss Franc and the Euro. It also carries a time limit until which it is valid. On 15 May 2008, another type of emergency promissory notes, Special Agro Cheques (Agricultural Cheques) were issued for use by Zimbabwean farmers, although it has found its way into general use as prices continue to rise. These cheques also carry a time limit and a limited security features.

History

The first Banknotes of Zimbabwe were issued by the RBZ (formerly Reserve Bank of Rhodesia) in 1980 to coincide with the independence of Zimbabwe. These notes replaced the circulating banknotes of the Rhodesian Dollar. The first series of banknotes ranged from Z$2 to Z$20, and were signed by D. Crough, the last Governor of the Reserve Bank of Rhodesia.

In 1994 the RBZ issued a new series of notes ranging from Z$2 to Z$50, and the next year the first Z$100 banknote was introduced. Other denominations were re-issued with the new design in 1997 except for the Z$2 banknote, which was withdrawn and replaced by a coin in the same year. As inflation started to affect the value of the Zimbabwean Dollar the Z$500 banknote was issued in 2001, followed by the Z$1000 banknote in 2003. Both denominations are of similar design to the second regular series of Zimbabwean banknotes.

The RBZ also issued special traveller's cheques in 2003, with six denominations ranging from Z$1,000 to Z$100,000. These were short-lived due to unpopularity with the general public: identification was required both during issue and encashment of these cheques, which could only be used once by the bearer. As usual, banks levied a commission charge on all of the cheques.

On 15 September 2003, the RBZ issued special bearer cheques with denominations of Z$5,000, Z$10,000 and Z$20,000. Although these bearer cheques had a limited period of validity, the rule was not enforced, and all notes of these issues remained in circulation until the monetary reform of 1 August 2006. In January 2006 a new denomination of Z$50,000 was issued, and the Z$100,000 cheque was issued in June 2006, which by then had become worth less than the cost of a loaf of bread. In June 2006 the Reserve Bank announced that a Z$1 million bearer cheque was planned for issue in Sept 2006, but it was never issued because of the monetary reform two months later. In July 2006, the expiry date of all bearer cheques was extended to 31 December of the same year but then brought forward to 21 August 2006.

In the wake of the monetary reform in the ratio of 1 new dollar (ZN$) to 1000 old dollars on 1 August 2006, all existing banknotes were withdrawn from circulation and replaced by new-style bearer cheques of a simpler design. The first issue of the new dollars consisted of denominations from 1 cent to ZN$1000. Despite an elaborate changeover campaign under the banner 'Zero to Hero', the changeover was rapid and disorganized. There were many claims of illegal government actions and an equal number of claims of cash hoarding and parallel market activity. As a consequence many people were unable to convert their old Bearer Cheques to new issues before the deadline.

Despite the monetary reform, the root cause of the hyperinflation was not addressed so prices continued to rise as before. Further denominations ranging from ZN$5,000 to ZN$500 million were issued in the period between the first currency reform and 2008, and cent cheques quickly became worthless. In May 2008, special Agro Cheques with parallel functions to a Bearer Cheque were issued in denominations ZN$5 billion, ZN$25 billion and ZN$50 billion as the currency exchange rate was floated, with the ZN$100 billion cheque following on 21 July 2008.

On 1 July 2008, Munich-based security printers Giesecke & Devrient ceased providing banknote paper to the Reserve Bank in response to an official request from the German government, and widespread calls for sanctions. The Jura JSP software End-user licence, which the state-owned Fidelity Printers & Refiners hold for the design of Zimbabwe's banknotes, may also be revoked for the same reason.

Today

The second currency reform commenced on 1 August 2008, when the Third Zimbabwean Dollar (ZB$) replaced the Second Zimbabwean Dollar (ZN$) at the ratio of 10 billion to 1. By taking into account of the currency reform, and for the first time since 2003, a new series of both coins and banknotes denominated from ZB$1 to ZB$500 were issued, replacing the 2006-2008 bearer cheque series. Despite the reform, heavy inflation is evident once again, as Black Market exchange rates continue to rise further than the official exchange rate of ZB$169.57 per pound sterling as of 19 September 2008, opposed to ZB$15.02 on 1 August.

Three additional denominations have been put to circulation since the reform: the ZB$1,000 banknote was introduced on 17 September 2008, followed by the ZB$10,000 and ZB$20,000 denominations on 29 September 2008.

Had the expiry dates of Bearer Cheques been enforced then the ZN$100 million denomination would have been the lowest legal tender Bearer Cheque in circulation as of 31 July 2008, with the ZN$500 million being the highest denomination among the Bearer Cheques. The lowest denomination for the Agro Cheque was ZN$5 billion while the ZN$100 billion cheque was the highest. All Bearer and Agro cheques still in circulation but are expected to be demonetized on 31 January 2009.

Banknotes of the Zimbabwean Dollar (Z$)

Series 1980 and 1982

Information about Replacement notes can be found here.

The first series of banknotes for Zimbabwe carry the signature of Dr. D.C. Crough, the last governor of the Reserve Bank of Rhodesia. They are dated 1980 but issued in 1981 (except for the Z$20 note, which was issued in 1982). The notes bear Salisbury as the name of its capital rather than Harare, as the name only changed on 18 April 1982. There are four denominations in this series, from Z$2 to Z$20.

Series 1980 (Signature: Dr. D.C. Crough, Capital: Salisbury)
Pick No.	Image		Value	Dimensions	Main Colour	Description			Date of
	Obverse	Reverse				Obverse	Reverse	Watermark	printing	issue	withdrawal
1a			$2	69 × 134mm	Blue	Chiremba balancing rock formation and water buffalo at left.	Tigerfish at centre-left and Kariba Dam/reservoir to the right.	Zimbabwe bird, Profile angle, short neck.	1980	1981	1994
2a			$5		Green	Chiremba balancing rock formation and zebra at left.	Village scene with two workers.		1980	1981	1997
3a			$10		Red	Chiremba balancing rock formation and sable antelope at left.	View of Harare, with the Freedom Flame		1980	1981	1997
4a			$20		Navy Blue	Chiremba balancing rock formation and giraffe at left.	Elephant at centre left, Victoria Falls on right		1980	1982	1997
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

The 1982-dated series banknotes of the Reserve Bank were also signed by Dr. D.C. Crough, except that it aimed to take into account of the renaming of the country's capital from Salisbury to Harare. The designs are identical to the 1980 series except for the date.

However, there was an error with early runs of the Z$10 banknote (P3b), because it bears Salisbury as the name of the capital city instead of Harare. These banknotes, sought after by collectors within the Commonwealth of Nations, are difficult to find. Later runs of the Z$10 note (P3c) corrected the error.

There were no Z$2 banknotes dated 1982: the second run of this denomination was taken in 1983 with K. Moyana as governor of the Reserve Bank.

Series 1982 (Signature: Dr. D.C. Crough, Capital: Harare)
Pick No.	Image		Value	Dimensions	Main Colour	Description			Date of
	Obverse	Reverse				Obverse	Reverse	Watermark	printing	issue	withdrawal
2b			$5		Green	Chiremba balancing rock formation and zebra at left.	Village scene with two workers.	Zimbabwe bird, Profile angle, short neck.	1982	1982	1997
3b			$10		Red	Chiremba balancing rock formation and sable antelope at left; incorrect name of capital city (Salisbury).	View of Harare and the Freedom Flame		1982	1982	1997
3c	File:Zimbabwe $10 1982 Obverse.jpg	File:Zimbabwe $10 1982 Reverse.jpg			Red	Chiremba balancing rock formation and sable antelope at left; correct name of capital city (Harare)	View of Harare and the Freedom Flame		1982	1982 (second run)	1997
4b			$20		Navy Blue	Chiremba balancing rock formation and giraffe at left.	Elephant at centre left, Victoria Falls on right		1982	1982	1997
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Series 1983

Information about Replacement notes can be found here.

The 1983 series was commissioned following the appointment of K. Moyana as governor of the Reserve Bank. All four denominations were printed in the 1983 runs, correctly bearing the new name of Zimbabwe's capital, Harare. The designs remain identical to the last two series except for the date and the signature.

Series 1983 (Signature: K. Moyana, Capital: Harare)
Pick No.	Image		Value	Dimensions	Main Colour	Description			Date of
	Obverse	Reverse				Obverse	Reverse	Watermark	printing	issue	withdrawal
1b			$2	69 × 134mm	Blue	Chiremba balancing rock formation and water buffalo at left.	Tigerfish at centre-left and Kariba Dam/reservoir to the right.	Zimbabwe bird, Profile angle, short neck.	1983	1983	1997
2c			$5		Green	Chiremba balancing rock formation and zebra at left.	Village scene with two workers.		1983	1983	1997
3d			$10		Red	Chiremba balancing rock formation and sable antelope at left.	View of Harare, with the Freedom Flame		1983	1983	1997
4c			$20		Navy Blue	Chiremba balancing rock formation and giraffe at left.	Elephant at centre left, Victoria Falls on right		1983	1983	1997
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Series 1994 and 1995

Two new denominations, the Z$50 and Z$100 banknotes, were issued in the period between 1994 and 1995 because of the effects on inflation, which peaked at 48% in 1991. Although the Chiremba balancing rock remains the main feature on the obverse, the design was changed, with the addition of identification marks for the visually impaired.

Series 1994 (Signature: L.L. Tsumba, Capital: Harare)
Pick No.	Image		Value	Dimensions	Main Colour	Description			Date of
	Obverse	Reverse				Obverse	Reverse	Watermark	printing	issue	withdrawal
8			$50		Olive green	Chiremba balancing rock formation	Great Zimbabwe ruins and Zimbabwe bird in red.	Zimbabwe bird, ¾ profile angle, long neck.	1994	1994	21 August 2006
9			$100		Indigo	Chiremba balancing rock formation and zebra at left.	View of the Kariba Dam.		1995	1995
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

The four other denominations were also reprinted with old-style designs and watermark of 1980, but are dated 1994. However, the second run of the Z$2 and Z$5 carry the watermark of the Zimbabwe bird with a longer neck at ¾ profile angle, though not longer than the first Z$50 and Z$100 banknotes. All notes issued in 1994 and 1995 carry the signature of L.L. Tsumba, the Governor of the Reserve Bank at the time.

The Z$2 banknote was replaced by a coin in 1997 and all banknotes issued between 1980 and 1994 were withdrawn also.

Series 1994 (Signature: L.L. Tsumba, Capital: Harare)
Pick No.	Image		Value	Dimensions	Main Colour	Description			Date of
	Obverse	Reverse				Obverse	Reverse	Watermark	printing	issue	withdrawal
1c			$2	All variants: 69 × 134mm	All variants: Blue	All variants: Chiremba balancing rock formation and water buffalo at left.	Tigerfish at centre-left and Kariba Dam/reservoir to the right.	Zimbabwe bird, Profile angle, short neck.	1994	1994	1997
1d			$2				Tigerfish at centre-left and Kariba Dam/reservoir to the right.	Zimbabwe bird, ¾ profile angle, medium-long neck.	1994	1994	1997
2d			$5		All variants: Green	Chiremba balancing rock formation and zebra at left.	Village scene with two workers.	Zimbabwe bird, Profile angle, short neck.	1994	1994	1997
2e			$5			Chiremba balancing rock formation and zebra at left.	Village scene with two workers.	Zimbabwe bird, ¾ profile angle, medium-long neck.	1994	1994	1997
3e			$10		Red	Chiremba balancing rock formation and sable antelope at left.	View of Harare, with the Freedom Flame	Zimbabwe bird, Profile angle, short neck.	1994	1994	1997
4d			$20		Navy Blue	Chiremba balancing rock formation and giraffe at left.	Elephant at centre left, Victoria Falls on right		1994	1994	1997
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Series 1997

In 1997 the Z$5, Z$10 and Z$20 banknotes were re-issued with new style designs, which are based on the 1994/1995 issues of the Z$50 and Z$100 denominations. The Z$2 banknote was withdrawn in the same year and replaced by a coin. New security features for the second design of Zimbabwean banknotes include Latent Imaging in which the letters RBZ can be seen when the banknote is tilted horizontally at the eye level.

Replacement Banknotes

Replacement banknotes for the regular 1980, 1982, 1983 and 1994 series bear serial numbers with the prefix AW for the Z$2 note, BW for Z$5, CW for Z$10 and DW for Z$20.

Serial numbers of replacement Z$50 banknotes of 1994 began with AE, whilst the replacement notes of the 1997, 1995, 2001 and 2003 series had serial numbers beginning with AB (Z$5), AC (Z$10), AD (Z$20), AF (Z$100), AP or TA (Z$500) and AW (Z$1,000).

Bearer Cheques of the New Zimbabwean Dollar (ZN$)

The Zimbabwean dollar was reformed on 1 August 2006 in the ratio of 1000:1 under a currency reform campaign codenamed Operation Sunrise and the slogan Zero to Hero. New-style bearer cheques were issued in response to the event.

The change over process, given at short notice, was rapid because all issues prior to the August 2006 series were to be demonetized 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.

2006 Monetary Reform Issue

On 1 August 2006, the Reserve Bank of Zimbabwe released bearer cheques into circulation, taking into account of the 2006 currency reform. There are 14 denominations ranging from 1¢ to ZN$100,000. These Bearer Cheques, signed solely by Dr. Gideon Gono expired on 31 July 2007, except for the ZN$100 and ZN$500 cheques which expired later on 31 December 2007.

Two variations were issued for the ZN$10,000 and ZN$100,000 Bearer Cheques. The difference between two versions of the denominations is the use of digit grouping. Cheques with the denomination expressed as '10000' or '100000' bear serial numbers with the prefix AA, while prefix AB and onwards is used for expressions '10 000' and '100 000'.

Bearer Cheques, Series of 1 August 2006 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	expiry	withdrawal
		1¢	1¢ to $100,000: 74 × 148mm	Red	1¢ to 50¢: Basic design: Reserve Bank emblem and denomination.	1¢ to 50¢: Reserve Bank name and Denomination inside circle	1¢ to 50¢: Zimbabwe bird, long neck; and number '500'.	1¢ to $100,000: 1 August 2006	1¢ to $50: 31 July 2007	1¢ to $50: 31 July 2007
		5¢		Green
		10¢		Burnt sienna
		50¢		Grey
		$1		Blue	$1 to $1,000: Geometric design: Reserve Bank emblem and denomination.	Village scene with two workers.	$1 to $100,000: Zimbabwe bird, long neck; and letters 'RBZ'.
		$5		Brown-green		View of Harare, with the Freedom Flame.
		$10		Red-fuchsia		Village scene with two workers.
		$20		Brown		$20 and $50: Victoria Falls.
File:Dol zimbabwe.jpg		$50		Violet
		$100		Green		Mountain formation.			$100 and $500: 31 December 2007	$100 and $500: 31 December 2007
		$500		Olive		Tigerfish at centre-left and Kariba Dam/reservoir to the right.
		$1,000		Brown		Mountain formation.			$1000 to $100,000: 31 July 2007	$1000 to $100,000: 31 July 2007
		$10,000		Violet	Geometric design: Reserve Bank emblem and denomination expressed as 10000.	$10,000 and $100,000 (All issues): Ruins in Zimbabwe; denomination expressed in same way as obverse.
		$10,000			Geometric design: Reserve Bank emblem and denomination expressed as 10 000.
		$100,000		Teal	Geometric design: Reserve Bank emblem and denomination expressed as 100000.
		$100,000			Geometric design: Reserve Bank emblem and denomination expressed as 100 000.
N.B. Due to regular use of one feature over multiple denominations, features specific to a denomination are shown in its colour. These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

February and March 2007 issue

On March 2, 2007, ZN$5,000 and $50,000 bearer cheques were reported to have been put into circulation. At the time of issue they were worth around USD 20/200 respectively at the official rate, or USD 0.63/6.25 respectively at the parallel rate.

Bearer Cheques, Series of 1 February and 1 March 2007 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	circulation	withdrawal
		$5000	74 × 148mm	Blue-Lime	Geometric design: Reserve Bank emblem and denomination.	Kariba Dam	Zimbabwe bird, long neck; and letters 'RBZ'	1 February 2007	1 March 2007	Original date 31 July 2007; extended to 31 July 2008.
		$50000		Burgundy		Elephant and Victoria Falls		1 March 2007
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

July 2007 issue

Bearer Cheques, Series of 1 July 2007 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	expiry	withdrawal
		$200000	74 × 148mm	Burnt sienna	Geometric design: Reserve Bank emblem and denomination.	Oil Refinery and electrical power station	Zimbabwe bird, long neck; and letters 'RBZ'	1 July 2007	30 June 2008	30 June 2008; $200,000 value was to be demonitized on 1 January 2008, but demonitization was put on hold in late December.
		$500000		Green		Elephants
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

December 2007 issue

The ZN$750,000 denomination of the December 2007 series was the only issue out of all other Bearer and Cheques of the second Zimbabwean dollar to carry a holographic strip.

Bearer Cheques, Series of December 2007 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	expiry	withdrawal
		$250000		Olive green	Geometric design: Reserve Bank emblem and denomination.	Ruins in Zimbabwe	Zimbabwe bird, long neck; and letters 'RBZ'	20 December 2007	30 June 2008	30 June 2008
		$750000		Violet	Geometric design: Reserve Bank emblem and denomination with hologram.	Elephant and Victoria Falls	Zimbabwe bird, long neck; and number '1000'	31 December 2007
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

January 2008 issue

Bearer Cheques, Series of 1 January 2008 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	circulation	withdrawal
		$1000000	$1m to $10m: 74 × 148mm	Brown	$1m to $10m (1st run only): Geometric design: Reserve Bank emblem and denomination.	Village scene with two workers.	$1m to $10m: Zimbabwe bird, long neck; and letters 'RBZ'	$1m to $10m: 1 January 2008	$1m to $10m: 18 January 2008	$1m to $10m: 30 June 2008
		$5000000		Blue		Terraced hills
Obv.	Rev.	$10000000		Red		$10m (all variants): Tigerfish at centre-left and Kariba Dam/reservoir to the right.
					Geometric design: Reserve Bank emblem and denomination. Prefix: DA and different typeface for serial number.
N.B. Due to regular use of one feature over multiple denominations, features specific to a denomination are shown in its colour. These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

April 2008 issue

Bearer Cheques, Series of 2 April 2008 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	circulation	withdrawal
		$25,000,000		Dark green	Geometric design: Reserve Bank emblem and denomination.	View of Harare, with the Freedom Flame.	Zimbabwe bird, long neck; and number '500'	2 April 2008	4 April 2008	30 June 2008
		$50,000,000		Violet		Elephants	Zimbabwe bird, long neck; and letters 'RBZ'
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

May 2008 issue

Bearer Cheques, Series of 2 May 2008 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	circulation	withdrawal
		$100000000	$100m to $500m: 74 × 148mm	Green	$100m to $500m: Geometric design: Reserve Bank emblem and denomination.	Village scene with two workers.	$100m to $500m: Zimbabwe bird, long neck; and letters 'RBZ'	$100m to $500m: 2 May 2008	$100m and $250m: 6 May 2008	$100m to $500m: 31 December 2008, expected date of withdrawal as a result of the upcoming monetary reform of 1 August 2008.
File:250m-zwd.jpg		$250000000		Blue-Turquoise		$250m and $500m: Elephant and Victoria Falls.
		$500000000		Red					15 May 2008
N.B. Due to regular use of one feature over multiple denominations, features specific to a denomination are shown in its colour. These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Agro Cheques of the New Zimbabwean Dollar (ZN$)

Since 15 May 2008 the Reserve Bank issued Special Agro Cheques (Agricultural Cheques). Although intended for use by farmers it may have found its way into regular use because of the parallel functions with the Bearer Cheque and hyper-inflationary prices. Following the 2008 currency reform, Bearer Cheques will be withdrawn after 31 December 2008.

Special Agro (Agricultural) Cheques, Series 2008 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	issue	expiry	withdrawal
		$5 bn		Violet	$5 bn to $100 bn Basic design: Reserve Bank emblem, denomination and zebra motif.	$5 bn to $100 bn View of silo towers and mirrored version of the zebra motif.	Zimbabwe bird, long neck; and letters 'RBZ'.	$5 bn to $50 bn 15 May 2008	$5 bn to $100 bn 31 December 2008	$5 bn to $100 bn Originally 31 December 2008, expected to be withdrawn on 31 January 2009 following the currency reform of 1 August 2008
		$25 bn		Green			Zimbabwe bird, long neck; and number '500'.
		$50 bn		Brown			$50 bn and $100 bn Zimbabwe bird, long neck; and letters 'RBZ'.
		$100 bn		Blue				1 July 2008
N.B. Due to regular use of one feature over multiple denominations, features specific to a denomination are shown in its colour. These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Banknotes of the Third Zimbabwean Dollar (ZB$)

In the wake of the 2008 currency reform, a new series of banknotes dated in 2007 were issued, with the first six denominations being printed prior to the suspension of the paper-supply contract between the RBZ and Giesecke & Devrient.

2007 Series

The 2007 series has an increased level of security features, as opposed to the issues of the last five years, which include windowed security threads, see-through register marks and recognition marks for the partially sighted. The Chiremba balancing rock formation is once again a predominant feature of the obverse whilst the Zimbabwe bird remains as a watermark, as it has been since the first series.

Series 2007 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	printing	circulation
		$1		Claret red	Chiremba balancing rock formation at center-right, without recognition marks.	Victoria Falls and water buffalo	$1 to $1000 ¾ profile Zimbabwe bird (long neck) with denomination to the left, when viewed from obverse.	$1 to $1000 Prior to July 2008	$1 to $500 1 August 2008
		$5		Buff brown	Chiremba balancing rock formation at center-right with single triangle as recognition mark.	Kariba Dam/reservoir and elephant
		$10		Green	Chiremba balancing rock formation at center-right with two triangles as recognition marks.	Farm tractor and agricultural silo towers
		$20		Red	Chiremba balancing rock formation at center-right with three triangles as recognition marks.	Grain belt and miner
		$100		Blue	Chiremba balancing rock formation at center-right with one triangle and one square as recognition mark. Holographic metallic thread and denomination in color-shifting ink.	Ancient Zimbabwean ruins and palm trees
		$500	75 × 150mm	Violet	Chiremba balancing rock formation at center-right with two squares as recognition marks. Holographic metallic thread and denomination in color-shifting ink.	Milking farm and bull
		$1000	76 × 153 mm	Orange	Chiremba balancing rock formation at center-right with three squares as recognition marks. Holographic metallic thread and denomination in color-shifting ink.	Parliament buildings and the Reserve Bank of Zimbabwe building			17 September 2008
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

2008 Series

The 2008-dated series were first issued on 29 September 2008, and currently consists of two denominations: ZB$10,000 and Z$20,000. The Chiremba balancing rock remains a main feature on the obverse.

The ZB$10,000 denomination is printed using banknote paper for the ZB$1,000 denomination of the 2007 series. Although the intaglio method of printing was not used, the banknotes had a windowed holographic security thread. However, the ZB$20,000 denomination is printed on plain paper as a consequence of the termination of contract by Giesecke & Devrient.

Series 2008 (Signature: Dr. G. Gono, Capital: Harare)
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	printing	circulation
		$10000	76 × 153 mm	Buff brown	Chiremba balancing rock formation at center-right with one square and two circles as recognition marks. Holographic metallic thread and denomination at top-right.	Combine harvester and tractor	¾ profile Zimbabwe bird (long neck) with number 1000 to the left, when viewed from obverse.	Prior to July 2008	29 September 2008
		$20000	76 × 153 mm	Olive brown	Chiremba balancing rock formation at center-right with denomination at top-right and iridescent stripe.	Victoria Falls and the Kariba Dam.	None: plain paper was used.	September 2008
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Banknotes of the Zimbabwean Dollar (Z$) (Old Version)

(1980-94) Design 1 These issues come in the following denominations: Z$2, Z$5, Z$10, and Z$20. During 1982, the capital's name was changed from Salisbury to Harare, so some notes were printed in 1982 with the name 'Salisbury' and the rest with 'Harare'. The former notes are difficult to find, and are highly sought after.

(1994-2003) Design 2 After 1990, the inflationary effects on the currency became more noticeable, so a new issue was put into circulation. The denominations in this issue are: Z$5, Z$10, Z$20, Z$50, Z$100, Z$500, and Z$1000.

Range of Zimbabwean Banknotes

Denomination	Years Issued
ZWD 2*	1980 to 1994
ZWD 5*	1980 to 1997
ZWD 10*	1980 to 1997
ZWD 20*	1980 to 1997
ZWD 50*	1994
ZWD 100*	1995
ZWD 500**	2001
ZWD 1,000**	2003

*Banknotes no longer in circulation **Banknotes removed by Operation Sunrise

The $500 note was introduced in 2001, however, it comes in two colours, even though they were issued in 2001. One of the notes has a fluorescent security strip up the left hand side of the note. The $1,000 note was introduced during 2003. At the time the dollar was revalued, the $500 note remained the smallest banknote in circulation, as the lower values were driven out of circulation by the rampant inflation.

New banknotes printed but not released (2006)

In the autumn of 2006, the RBZ received supplies of newly printed banknotes from Germany. Denominations ranged from ZWD 1 to ZWD 1,000. (ZWD 1, 5, 10, 20, 100, 500, 1000) The $1 bill has an image of the Victoria Falls and a buffalo, the $5 the Kariba dam wall and an elephant, the $10 agricultural activity and a grain silo, the $20 portrait of a mine site and a mine with a jack hammer, $100 the botanic gardens and the Great Zimbabwe conical tower, the $500 a portrait of a dairy farm.[1] However they were not released due to continuing high inflation. [2]
The Banknotes (except the $1000 banknote) were released in 2008. (After the revaluation of 10,000,000,000 Second dollars = 1 Third dollar).

Bearer cheques and traveller's cheques

Cargill Cotton bearer cheques 2003

Main article: Banknotes of the Cargill Cotton Group (Zimbabwe)

In May 2003, a private company, the Cargill Cotton Group, issued bearer cheques from its 85 Robert Mugabe Road (Harare) branch for Z$5,000 and Z$10,000. These were valid for a period of six months. By the end of 2003, 85% of them had been redeemed. (These are regarded as authorised issues by the RBZ.) These are very difficult to find.

Type	Inscribed	ZWD 5,000 cheques - date issued	ZWD 10,000 cheques - date issued
1	Pay to order of Bearer	-	01/05/03 (May 1, 2003)
2	Pay to Bearer	01/06/03 (June 1, 2003)	01/05/03 (May 1, 2003)
3	Pay to Bearer	01/09/03 (Sept 1, 2003)	01/09/03 (Sept 1, 2003)

RBZ traveller's cheques 2003

Zimbabwe's central bank, the Reserve Bank of Zimbabwe (RBZ), followed a few months later with a series of traveler's cheques in the following denominations: Z$1,000; Z$5,000; Z$10,000; Z$20,000; Z$50,000 and Z$100,000. These proved unpopular with the general public due to the need to produce ID both during issue and encashment of these, and also because of the obvious limited single usage. Commercial banks levied a commission on all traveller's cheques, including the ones issued by the Reserve Bank of Zimbabwe. These are quite difficult to find.

Example of RBZ Traveller's Cheque Design:

Denomination	Obverse Design	Reverse Design
ZWD 20,000	click for image	click for image

RBZ bearer cheques 2003-5 (ZWD 5,000; ZWD 10,000 and ZWD 20,000)

Beginning in September 2003, the RBZ issued bearer cheques (with printed expiry date) in the values of Z$5,000; Z$10,000 and Z$20,000 on old Z$50 banknote stock. The cheques' limited period of validity was not applied, however, and all bearer cheques remained valid until August 21, 2006 when the "old" Zimbabwean dollar was demonetized, following redenomination on August 1, 2006. Fine copies of these are scarce but examples do appear on eBay.

Cargill Cotton bearer cheques 2004

Main article: Banknotes of the Cargill Cotton Group (Zimbabwe)

In April 2004, the Cargill Cotton Group issued new bearer cheques. The address of the issuing office is now given as 85 R. Mugabe Rd., Harare. These were denominated Z$10,000, Z$20,000, Z$50,000 and Z$100,000.

File:CC$10000-01-April-2004.jpg

A 10,000 dollar 2004 Cargill Cotton bearer cheque.

RBZ bearer cheques 2006 (Z$50,000; Z$100,000 and Z$1 million)

On 3 January 2006 the expiry date of all RBZ bearer cheques was once again extended. The new expiry date was 30 June 2006. On 1 February 2006 a Z$50,000 RBZ bearer cheque was issued. Expiry date was 31 December 2006. On 1 June 2006 a Z$100,000 bearer check was issued. At the time of its issue, this new bearer cheque was insufficient to purchase a loaf of bread. [3] In July, aborted plans to introduce a $1 million bearer cheque were superseded by a currency revaluation and all bearer cheques were demonetized on 21 August 2006.

Bearer cheques Z$50,000 and 100,000 dated 1 October 2005 have subsequently emerged. It is assumed that they were issued at the same time as the later issues dated 1 February 2006 and 1 June 2006 respectively.

Summary of RBZ bearer cheques

Type	Issue Date	Expiry Date	Signed By	Watermark	Denominations
1	15 September 2003	31 January 2004	Acting Governor	No RBZ wmk	ZWD 5,000, 10,000 and 20,000
2	15 September 2003	30 June 2004	Acting Governor	No RBZ wmk	ZWD 5,000, 10,000 and 20,000
3	1 December 2003	31 December 2004	Governor	No RBZ wmk	only ZWD 20,000 seen
4	1 December 2003	31 December 2004	Governor	RBZ wmk	ZWD 5,000, 10,000 and 20,000
5	1 December 2003	31 December 2004	Dr. G. Gono, Governor	RBZ wmk	ZWD 5,000, 10,000 and 20,000
6	1 December 2003	31 December 2005	Dr. G. Gono, Governor	RBZ wmk	ZWD 5,000, 10,000 and 20,000
7	1 February 2006	31 December 2006	Dr. G. Gono, Governor	RBZ wmk	ZWD 50,000
8	1 June 2006	31 December 2006	Dr. G. Gono, Governor	RBZ wmk	ZWD 100,000

Examples of RBZ bearer cheque designs:

Denomination	Bearer Cheque Design
ZWD 5,000
ZWD 10,000	front back
ZWD 20,000	front back
ZWD 50,000	front back
ZWD 100,000	front back

Other bearer cheques

Other companies issued bearer cheques in rural districts of Zimbabwe. (These are not regarded as authorised issues by the RBZ.)

Bearer Cheques of the New Zimbabwean Dollar (ZN$) (Old Version)

Under Gideon Gono's Operation Sunrise, the Zimbabwe dollar was revalued at 1 (revalued) Zim dollar = 1000 old Zim dollars on 1 August 2006. Only bearer cheques were issued.

New denominations of RBZ bearer cheques - 2007 and 2008

On 30 July 2007 it was reported that Zimbabwe was considering issuing bearer cheques of $200,000 and $500,000 denominations. [4] On 31 July 2007 new $200,000 bearer cheques were announced for release on 1 August 2007. This $200,000 bearer cheque was to be demonitized as of 1 January 2008, but the demonitization was put on hold at the end of December.

On 15 November 2007 it was reported that Zimbabwe was considering issuing bearer cheques of $500,000 and $1,000,000 denominations. Release was expected in December 2007. [5]

On 20 December 2007 Zimbabwe issued bearer cheques of $250,000 ; $500,000 and $750,000 denominations. [6]

On 18 January 2008 Zimbabwe issued bearer cheques of $1,000,000; $5,000,000; and $10,000,000 denominations. [7]

On 4 April 2008 Zimbabwe issued bearer cheques of $25,000,000 and $50,000,000 denominations. [8]

On 5 May 2008 Zimbabwe issued bearer cheques of $100,000,000 and $250,000,000 denominations. [9]

On 15 May 2008 Zimbabwe issued a bearer cheque of $500,000,000 denomination. [10]

On 23 July 2008 Zimbabwe issued a bearer cheque of $100,000,000,000 denomination.

Type	Issue Date	Expiry Date	Signed By	Watermark	Denominations
1	1 August 2006	31 July 2007	Dr. G. Gono, Governor	RBZ wmk	revalued Zim dollars 1 cent, 5 cents, 10 cents and 50 cents, $1, $5, $10, $20, $50, $100, $500, $1,000 , $10,000 and $100,000 ($100 million old dollars). Expiry postponed to 31 July 2008
2	1 February 2007	31 July 2007	Dr. G. Gono, Governor	RBZ wmk	revalued Zim Dollars $5,000 [11] (dated 01 Feb , but released 01 March) Expiry postponed to 31 July 2008.
3	1 March 2007	31 July 2007	Dr. G. Gono, Governor	RBZ wmk	revalued Zim Dollars $50,000 [12] Expiry postponed to 31 July 2008.
4	1 July 2007	31 July 2007	Dr. G. Gono, Governor	RBZ wmk	revalued Zim Dollars $200,000 [13] This value was to be demonitized on 1 January 2008, but demonitization was put on hold in late December.
5	20 December 2007	30 June 2008	Dr. G. Gono, Governor	RBZ wmk	revalued Zim dollars $250,000 ; $500,000 and $750,000 ($750 million old dollars). [14]
6	1 January 2008	30 June 2008	Dr. G. Gono, Governor	RBZ wmk	revalued Zim dollars $1 million; $5 million and $10 million ($10 billion old dollars). [15]
7	4 April 2008	30 June 2008	Dr. G. Gono, Governor	RBZ wmk	revalued Zim dollars $25 million and $50 million [16] [17] [18]
8	5 May 2008	31 December 2008	Dr. G. Gono, Governor	RBZ wmk	revalued Zim dollars $100,000,000 and $250,000,000
9	15 May 2008	31 December 2008			revalued Zim dollars $500,000,000

Examples of RBZ bearer cheque designs:

Denomination	Bearer Cheque Design
Aug 2006 notes	1 2 [19]
Feb 2007 notes	[20]
Dec 2007 notes	[21]
Jan 2008 notes	[22] [23]
4 April 2008 notes

Second issues of L.L. Tsumba (1994-2003)

The beginning of Zimbabwe's economic turmoil is indicated through these issues of banknotes.

P5a. 1997 5 dollars.

P5b. 1997 5 dollars.

P6. 1997 10 dollars.

P7. 1997 20 dollars.

P8. 1994 50 dollars.

P9. 1995 100 dollars.

P10. 2001 500 dollars.

P11. 2001 500 dollars. (Issued 2003)

P12a. 2003 1,000 dollars.

P12b. 2003 1,000 dollars.

Reserve Bank of Zimbabwe Traveller's Cheques (2003)

These were issued as a form of emergency banknotes, but, due to banks imposing commission charges on these, they were withdrawn after a short period. Extant examples are actually quite difficult to find. These bear the title of 'Acting Governor'.

(2003) 5,000 dollars.

(2003) 10,000 dollars.

(2003) 20,000 dollars.

Bearer Cheques, first and second issue (15 September 2003)

1) To be paid on demand on or before 31 January 2004.

This first issue of bearer cheques was issued to replace the extremely unpopular traveller's cheques. These bear the title 'Acting Governor'. This first issue is VERY rare.

2003 5,000 dollars.

2003 10,000 dollars.

2003 20,000 dollars.

2) To be paid on demand on or before 30 June 2004.

While the first issue was valid for only four and a half month, the second issue, issued on the same day, was valid for nine and a half months.

2003 5,000 dollars.

2003 10,000 dollars.

2003 20,000 dollars.

Bearer Cheques, third issue (1 December 2003) (G. Gono)

To be paid on demand on or before 31 December 2004.

These were the first banknotes to have been issued bearing the signature of G. Gono, who is the fifth Governor of the Reserve Bank of Zimbabwe.

2003 5,000 dollars.

2003 10,000 dollars.

2003 20,000 dollars.

Bearer Cheques, fourth issue (1 December 2003)

To be paid on demand on or before 31 December 2005.

This issue of bearer cheques is of historic significance, as it was the final issue before Robert Mugabe issued his decree on 7 December 2003, in which he announced that he was pulling Zimbabwe out of the Commonwealth of Nations.

2003 5,000 dollars.

2003 10,000 dollars.

2003 20,000 dollars.

Banknote issue (2004)

This note is the only banknote, as opposed to a bearer cheque, that has been issued since Zimbabwe was pulled out of the Commonwealth.

2004 500 dollars.

Bearer Cheques, fifth issue (2006)

Pay the bearer on demand on or before 31 December 2006.

Due to the continuing hyperinflation, the Reserve Bank of Zimbabwe was forced to issue two new denominations of bearer cheques.

2006 50,000 dollars. (1 February 2006)

2006 100,000 dollars. (1 June 2006)

See also

• Banknotes of the Cargill Cotton Group (Zimbabwe)
• Reserve Bank of Zimbabwe
• Least valued currency unit
• Zimbabwean dollar
• Hyperinflation in Zimbabwe
• Economy of Zimbabwe

References

• Banknotes of Zimbabwe
• Zimbabwe introduces $50,000 bill
• Zimbabwe introduces $100,000 note
• Zimbabwe issues $10,000,000 bill
• Reserve Bank introduces New Z$50,000,000 note
• Zimbabwe introduces 250,000,000 dollar note
• Zimbabwe introduces $500,000,000 bill
• Zimbabwe introduces $100,000,000,000 note

Bibliography

• Cuhaj, George S. (2007). Standard Catalog of World Paper Money ( Vol. 3, Modern issues: 1961-present) (13th edition ed.). Krause Publications. ISBN 978-0896895027. {{cite book}}: |edition= has extra text (help); Unknown parameter |month= ignored (help)
• Cuhaj, George S. (2008). Standard Catalog of World Paper Money ( Vol. 3, Modern issues: 1961-present) (14th edition ed.). Krause Publications. ISBN 0896896323. {{cite book}}: |edition= has extra text (help); Unknown parameter |month= ignored (help)

External links

• Gallery of Zimbabwe banknotes (GarrySue.net)
• Banknote News
• Ron Wise's Banknoteworld page containing scanned Zimbabwean banknotes
• Tom Chao's coverage on Zimbabwe's hyper-inflationary banknotes