Monday, May 30, 2016

Thailand has issued 70 Baht commemortive banknotes

The Bank of Thailand has issued commemorative banknotes with a face value of 70 baht to be offered to the public for 100-baht each from June 9, the 70-year anniversary of His Majesty the King’s accession to the throne.

Both sides of the bill will feature the King in full profile with him wearing the army decorations on the front and a younger image of His Majesty on the back.

Sunday, May 8, 2016

Minted Women: What Does a Girl Have to Do to Get on a Banknote

Sputnik International 08.05.2016

They feature portraits of the Founding Fathers and former presidents, monuments and places of interest, the banknotes of different countries, however rarely, feature women. And with the recent US announcement to put the image of a woman on the new $20 bill, Sputnik has compiled a series of banknotes with recognized female leaders.

Anti-slavery activist Harriet Tubman will be the first woman to appear on a US banknote for more than a century.

Earlier in April the US Treasury announced Tubman, who was born a slave around 1820 and helped hundreds of others escape, will replace the late president Andrew Jackson on the $20 bill.

However at least 10 other nations, including Syria, Mexico, and Israel, have already recognized female leaders on their banknotes.

Sputnik has studied what a woman needs to be to grace a banknote.

Syria

Syria’s current image is that of a nation wracked by war and struggling against the violent militant group Daesh.

But it outpaced the United States in one sign of social progress: recognizing women on its official currency.

The Syrian Warrior Queen of Palmyra, Zenobia, known for fighting back against Roman colonizers in the second century AD, appears on the 500 pound note.

Mexico

Mexico’s 500 peso note shows muralist Diego Rivera on the front and his wife and fellow artist Frida Kahlo on the back.

Her image is a 1940 self-portrait, alongside a famous painting of hers from 1949, “Love’s Embrace of the Universe, the Earth (Mexico), Myself, Diego and Señor Xólotl.”

Argentina

Argentina’s beloved former First Lady Eva Perón – widely known by her nickname “Evita” – appears on the current 100-peso bill.

New Zealand

Like many other former British colonies, New Zealand features Queen Elizabeth II on its currency – the 20 dollar note.

But the country’s banknotes also honor suffragette Kate Sheppard, who in 1893 helped New Zealand become the first country in the world with universal voting rights for both men and women.

Her image appears on the 10-dollar bill.

Sweden

Imagery on the krona celebrates several women in Sweden’s history.

It used to have Selma Lagerlöf – the first woman to win the Nobel Prize in Literature – on the 20 krona note and 19th-century opera singer Jenny Lind on the 50 krona bill.

Last year the country updated several notes featuring Pippi Longstocking author Astrid Lindgren on the 20 krona, 20th-century century soprano Birgit Nilsson on the 500 krona, and classic film actress Greta Garbo on the 100 krona note.

Chile

The country’s 5,000 pesos note features Gabriela Mistral, 1945 Literature Nobel Prize winner.

The EU countries also had female portraits on their banknotes before introducing the euro.

Among them was Poland’s 20 zloty note which featured Polish and naturalized-French physicist and chemist Marie Skłodowska Curie, who conducted pioneering research on radioactivity.

The face of Maria Montessori, the great Italian physician and educator, graced the 1,000 lire banknote. Montessori was best known for the philosophy of education that bears her name, and her writing on scientific pedagogy.

Before splashing in new sea-themed banknotes, Norway’s bills also have featured women.

The 500 kroner note (1999) portrayed Sigrid Undset (1882–1949), author and winner of the Nobel Prize in literature in 1927.

Russian ruble banknotes feature monuments and places of interest from different Russian cities, however back in the times of the Empire it featured the portraits of the Russian emperors.

For example, the Russian 100 ruble issue of 1910 featured the Imperial Russian coat of arms in addition to a watermark of Catherine II on the front, while the back featured a portrait of the Tzarista along with an allegorical male figure.

The last time a woman appeared on any US paper money was in the 1800s, when Martha Washington – the wife of President George Washington- graced the $1 bill from 1891 to 1896.

Friday, May 6, 2016

The 'worthless' Zimbabwe 100 trillion dollar bank note

(CNN) - What do the U.S. dollar, South African rand, the British pound, Indian rupee, Japanese yen and Chinese yuan have in common?

They are among the currencies being used in Zimbabwe as a solution to the country's problems with hyperinflation.

Since 2009, Zimbabwe has used other currencies in lieu of its own, which it abandoned after hyperinflation of more than 5,000 percent made it essentially worthless.

This system of using multiple currencies has led to a deflation rate of -2.3%, according to Zimbabwe's bank governor.

"We changed to a multiple currency system to stabilize, and inflation went down to 0% and it was magic," said the Zimbabwe Reserve Bank Governor, John Mangudya.

Zimbabwe used to have a Z$100,000,000,000,000 note - one trillion Zimbabwean dollars.

The note, along with previous hyper-inflated denominations including Z$10,000,000,000,000 (ten trillion) and Z$1,000,000,000,000 (one trillion), could be exchanged for U.S. dollars until the end of April 2016, but it was worth only about $0.40. It is fetching significant higher prices as a novelty item on websites such as eBay.

When inflation hit 230,000,000 percent in 2009 , the country's reserve bank -- infamous for its inability to contain sky-high hyperinflation -- declared the U.S. dollar as its official currency.

From excessively high inflation to -2.3% deflation, Mangudya remembers the tough years vividly. "It was so traumatizing," he admitted. "We didn't have the tools to fight the monster that the economy was facing at the time."

The country had to keep printing money. Prices would change by the minute, causing stress revolving around the fluctuations, one of the devastating effects of hyperinflation.

"It was terrible. You'd have to pay for your coffee before you drank it because if you waited the cost would rise within minutes," said businessman Shingi Minyeza, chairman of Vinal Investments.

Dollar is king

The U.S. dollar is the preferred currency in Zimbabwe at present, but others are welcome.

"We are saying that since you can import/export goods from South Africa you can use the rand. If you are importing from China you can use the yuan. The U.S. dollar is our reserve currency," explained Mangudya.

Zimbabwe seems years away from reintroducing its own currency. In the meantime, it has coins called bonds. For each coin in circulation there's an equivalent U.S. dollar coin held in reserves.

There are over $13 million worth of these coins in the country, CNN was told, but recently banks have started printing "bond notes" representing U.S. dollar values up to $20, due to a cash shortage.

Seems the more things change, the more that going back to the basics is the only option.

Courtesy Earl Nurse, CNN May 6, 2016