1000 lira coin – Turkey’s high denomination inflation coins

1000 lira coin – Turkey’s high denomination inflation coins

As we will explain further below, Turkey was going through a period of hyperinflation in the 1990’s and 2000’s. As a result, the value of the Turkish Lira dropped and the country was forced to mint coins in ever greater denominations.

To avoid having too many zeroes on the coins, the Turkish government decided to use the word ‘One Thousand’ instead, which in Turkish is ‘Bin’. From 1994 until 2004, coins were minted in denominations of 10 bin lira (10,000), 25 bin lira (25,000), 50 bin lira (50,000), 100 bin lira (100,000) and 250 bin lira (250,000).

Will more countries join the Eurozone?

Will more countries join the Eurozone?

Eight countries are part of the European Union but are not part of the Euro area: Bulgaria, Croatia, Czechia, Denmark. Hungary, Poland, Romania and Sweden. Denmark has negotiated an opt-out from the Euro. The other countries have committed to joining the euro area as and when they meet the conditions for entry to the euro area.

One of the entry conditions for a country to join the euro area is to participate in the second version of the European Exchange Rate Mechanism (ERM-II) for two years before joining the Euro. This requires the country to pass the ERM-II legislation. As a result, countries can decide not to approve ERM-II laws and thereby not meet the entry conditions for the euro area.

There is no deadline for the remaining EU countries to join the euro area. Some countries, such as Poland and the Czech Republic, have made it clear that they don’t plan to join anytime soon. Other countries, including Bulgaria, Croatia and Romania, are expected to join the Eurozone in the near future. We look at this in more detail in what follows.

Legal tender coins explained

Legal tender coins explained

The rules around the legal tender status of coins in the UK are set out in the Coinage Act 1971 and the Currency Act 1983. In England, Scotland, Wales and Northern Ireland, all coins minted by the Royal Mint and authorised by Royal Proclamation are legal tender.

The following coins are legal tender in the UK:

What is the value of a 100,000 Republika Hrvatska banknote?

What is the value of a 100,000 Republika Hrvatska banknote?

Does that mean you can exchange these 50,000 and 100,000 Croatian Dinara banknotes for these amounts? Again, unfortunately not. The exchange deadline for Hrvatskih Dinara banknotes expired shortly after they were replaced by the Kuna banknotes. Croatian Dinara banknotes have no more monetary value and should be considered as collectable items, or so called ‘numismatic pieces’. So are the 50,000 and 100,000 dinara banknotes maybe rare collector items with a high collector’s value? Again, no.

In 1996, the Croatian National Bank flooded the collector market with 600,000 sets of invalid dinar banknotes in denominations of 1, 5, 10, 25, 100, 500, 1,000, 2,000, 5,000, 10,000, 50,000 and 100,000 Croatian Dinar series, in uncirculated mint condition in the original packaging of cash receivers. 

According to the numismatic catalog ‘Coins and banknotes from Yugoslavia, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro and Macedonia‘ by Zlatko Viščević, the collector’s value, or ‘catalog value’ of the two highest denomination Croatian Dinara banknotes is the following: 

Rock star money: These bands issued their own banknotes

Rock star money: These bands issued their own banknotes

15,000 of these rock star money bills were rained down on the Foo Fighters fans during the concert, launched from confetti cannons. From a distance the banknotes resemble $100 dollar bills. Upon closer inspection one can spot a number of interesting modifications. These include:

500 DDR Mark and 200 DDR Mark: East Germany’s mysterious banknotes

500 DDR Mark and 200 DDR Mark: East Germany’s mysterious banknotes

There are a number of theories about why the banknotes of 200 and 500 DDR-marks were never issued. A popular theory is that the value of the banknotes was deemed too high, and that introducing them might have caused inflation.

Another theory is that the banknotes were printed only to be issued in case of war with the West. This is similar to the $4 Billion cash the American Federal Reserve stored in a the Culpeper cold war bunker near Mount Pony, Virginia.

Source: welt.de