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).
The weakest currency in the world is the Venezuelan Bolívar. The value of the Venezuelan Bolívar is so weak that 50,000 units are worth less than one US dollar. This has consistently been the case, due to the hyperinflation in the South American country. The weakest currency of all times was the Zimbabwean dollar, for which 35 quadrillion units were equivalent to 1 US dollar. The Zimbabwean dollar was demonetized in 2015.
35 quadrillion = 35,000,000,000,000,000
Peruvian Intis were the currency of Peru between 1985 and 1991. The Inti was named after the Incan sun god and was introduced in 1985, replacing the Sol (sun) at a rate of 1000 soles to 1 inti.
The Sol had lost a lot of value because of high inflation in Peru. By dropping three zeroes and renaming the national currency, the Peruvian government hoped to normalise the monetary situation.
In 1985, the Banco Central de Reserva del Perú introduced banknotes in denominations of 10, 50, 100 and 500 intis. Peruvian coins in 1985 were 0.01, 0.05, 0.10, 0.20, 0.50, 1 and 5 intis. Peru’s new government led by Alan García saw good results at first, but it wasn’t long until inflation would come back with a vengeance.
When choosing a currency calculator, make sure that the purpose of your query fits the purpose of the calculator. If you want to know a mid-market exchange rate, don’t use a currency calculator on a travel money website or one on a money transfer website.
Ask yourself what you want to use the currency converter for. If you want to trade currency on the foreign exchange market, you’ll need to consider using a paid-for currency rates service with real-time information without delays.