Least valuable currency

There are many counties that split. Take India for an example. The rupee
retained its name in India but in Pakistan it became the Pakistani rupee,
both at par on the day of the split. From that point on, the value of each
fluctuated separately according to the economy of each country.

Tony

"KnowledgeSeeker" wrote in message
ups.com...
On Mar 15, 4:25 am, "Sgt.Sausage" wrote:
"KnowledgeSeeker" wrote in message

ups.com...

Where can I find a list of the countries with the least valuable
currency? I am NOT looking for a place to do foreign exchange trading
to create fabulous wealth. So, please do not spam me. I am working
on a project that is, well... not commercial. So, I am looking for an
easy to use source of data. Thanks.

I dunno, but you reminded me of the first time I became
a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived
on the train from Switzerland. We were gonna be in Italy for
the whole week so I needed to dump some dollar denominated traveler's
checks for the local currency (the Lira -- this was pre
Euro).



[SNIP]



Which brings up an interesting question. What happened/happens to the
currency & coin in a country when it converts to the Euro or when
there is a coup (or regime change) or when countries merge or when
countries split into more than one?



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On Mar 15, 11:06 am, "Dik T. Winter" wrote:
In article . com "KnowledgeSeeker" writes:
...
Which brings up an interesting question. What happened/happens to the
currency & coin in a country when it converts to the Euro or when
there is a coup (or regime change) or when countries merge or when
countries split into more than one?

Depends. In the Euro countries the old money has gone out of circulation,
in some countries some is worthless by now, other money can still be
redeemed at banks (similar when in a country a banknote change, in some
countries the old banknote will lose its value after a certain time, in
other not). When there is a change of regime old money may or may not be
replaced by new money. When countries split the parts may or may not retain
the use of the old currency. When countries merge, old currency may or may
not retain its value, but I do not know when the last merger did occur.
--
dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131
home: bovenover 215, 1025 jn amsterdam, nederland;http://www.cwi.nl/~dik/

Let me revise the question:
What happened/happens to the currency & coin in a country when it
converts to the Euro or when there is a coup (or regime change) or
when countries merge or when countries split into more than one?
Assume that the question only applies to situations where the former
currency is no longer an official standard/legal tender/etc. (in some
cases this may be an immediate thing and in others it may be after
some transition period).
Seems like there would be a potentially huge inventory of currency &
coin (with the wrong portrait) stored in some vault(s) somewhere. And
I am just curious as to what physically happens to these items? I
understand that these items may not have any value as "money" but they
still take up space until something (?) happens. Just curious.
May be similar to the question of what happens to the bills of one of
the countries mentioned in this thread that has hyper-inflation and
then somehow lops off 7-8 zeros of value. What happens to the old
bills that still appear as million or billion unit notes? Again, just
curuious.

The answer to your question is "it depends."

But usually what happens if a country decides to demonitize its currency is
that everyone is told they have a certain time period in which to bring in
their old currency and exchange it for the new stuff. After the deadline,
they are holding "manure" as Zimbabwe's president recently said when they
converted.

The issuing authority then probably tallies up all the exchanged notes and
destroys them (by shredding, burning, recycling). In some cases, old
demonitized currency is then sold to the collectors market.


On 3/15/07 11:23 AM, in article
, "KnowledgeSeeker"
wrote:

On Mar 15, 11:06 am, "Dik T. Winter" wrote:
In article . com
"KnowledgeSeeker" writes:
...
Which brings up an interesting question. What happened/happens to the
currency & coin in a country when it converts to the Euro or when
there is a coup (or regime change) or when countries merge or when
countries split into more than one?

Depends. In the Euro countries the old money has gone out of circulation,
in some countries some is worthless by now, other money can still be
redeemed at banks (similar when in a country a banknote change, in some
countries the old banknote will lose its value after a certain time, in
other not). When there is a change of regime old money may or may not be
replaced by new money. When countries split the parts may or may not retain
the use of the old currency. When countries merge, old currency may or may
not retain its value, but I do not know when the last merger did occur.
--
dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland,
+31205924131
home: bovenover 215, 1025 jn amsterdam, nederland;http://www.cwi.nl/~dik/

Let me revise the question:
What happened/happens to the currency & coin in a country when it
converts to the Euro or when there is a coup (or regime change) or
when countries merge or when countries split into more than one?
Assume that the question only applies to situations where the former
currency is no longer an official standard/legal tender/etc. (in some
cases this may be an immediate thing and in others it may be after
some transition period).
Seems like there would be a potentially huge inventory of currency &
coin (with the wrong portrait) stored in some vault(s) somewhere. And
I am just curious as to what physically happens to these items? I
understand that these items may not have any value as "money" but they
still take up space until something (?) happens. Just curious.
May be similar to the question of what happens to the bills of one of
the countries mentioned in this thread that has hyper-inflation and
then somehow lops off 7-8 zeros of value. What happens to the old
bills that still appear as million or billion unit notes? Again, just
curuious.

"KnowledgeSeeker" wrote in message
ups.com...
On Mar 15, 4:25 am, "Sgt.Sausage" wrote:
"KnowledgeSeeker" wrote in message

ups.com...

Where can I find a list of the countries with the least valuable
currency? I am NOT looking for a place to do foreign exchange trading
to create fabulous wealth. So, please do not spam me. I am working
on a project that is, well... not commercial. So, I am looking for an
easy to use source of data. Thanks.

I dunno, but you reminded me of the first time I became
a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived
on the train from Switzerland. We were gonna be in Italy for
the whole week so I needed to dump some dollar denominated traveler's
checks for the local currency (the Lira -- this was pre
Euro).



[SNIP]



Which brings up an interesting question. What happened/happens to the
currency & coin in a country when it converts to the Euro or when
there is a coup (or regime change) or when countries merge or when
countries split into more than one?


I can tell you what happened when the UK went decimal in 1971.

Nothing happened to the notes from £1 and up as they were not affected, the
only note to go was the ten bob.

Many low denominations coins were hoarded but a lot less higher denomination
coins, loads of 1/2d and 1d but few 2/6 I suspect.

A lot of the silver coins dated pre 1947 would have been melted in the
silver boom of the early 1980s. Billy

KnowledgeSeeker wrote:

On Mar 15, 4:25 am, "Sgt.Sausage" wrote:

"KnowledgeSeeker" wrote in message

roups.com...


Where can I find a list of the countries with the least valuable
currency? I am NOT looking for a place to do foreign exchange trading
to create fabulous wealth. So, please do not spam me. I am working
on a project that is, well... not commercial. So, I am looking for an
easy to use source of data. Thanks.

I dunno, but you reminded me of the first time I became
a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived
on the train from Switzerland. We were gonna be in Italy for
the whole week so I needed to dump some dollar denominated traveler's
checks for the local currency (the Lira -- this was pre
Euro).




[SNIP]



Which brings up an interesting question. What happened/happens to the
currency & coin in a country when it converts to the Euro or when
there is a coup (or regime change) or when countries merge or when
countries split into more than one?


The entirety of the EU is predicated on that never happening
again - much as states will *probably* not seceed from the
United States after the 1860s.

--
Les Cargill

On 15 Mar 2007 11:23:11 -0700, "KnowledgeSeeker"
wrote:

On Mar 15, 11:06 am, "Dik T. Winter" wrote:
In article . com "KnowledgeSeeker" writes:
...
Which brings up an interesting question. What happened/happens to the
currency & coin in a country when it converts to the Euro or when
there is a coup (or regime change) or when countries merge or when
countries split into more than one?

Depends. In the Euro countries the old money has gone out of circulation,
in some countries some is worthless by now, other money can still be
redeemed at banks (similar when in a country a banknote change, in some
countries the old banknote will lose its value after a certain time, in
other not). When there is a change of regime old money may or may not be
replaced by new money. When countries split the parts may or may not retain
the use of the old currency. When countries merge, old currency may or may
not retain its value, but I do not know when the last merger did occur.
--
dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131
home: bovenover 215, 1025 jn amsterdam, nederland;http://www.cwi.nl/~dik/

Let me revise the question:
What happened/happens to the currency & coin in a country when it
converts to the Euro or when there is a coup (or regime change) or
when countries merge or when countries split into more than one?
Assume that the question only applies to situations where the former
currency is no longer an official standard/legal tender/etc. (in some
cases this may be an immediate thing and in others it may be after
some transition period).

That's the same question you just asked! Do you really mean "what do
they do with all the junk coins and paper?" The answer to that also is
"it depends". Metal in coins can often be recycled; paper notes can be
shredded.

A lot of the coins end up in bags and sold on Ebay and similar venues
as bulk foreign coin lots. I've gotten a lot of rather high value
Spanish coins this way (they can still be converted to euros in
Spain).

Seems like there would be a potentially huge inventory of currency &
coin (with the wrong portrait) stored in some vault(s) somewhere. And
I am just curious as to what physically happens to these items? I
understand that these items may not have any value as "money" but they
still take up space until something (?) happens. Just curious.

John, I think it was, pointed to a recent story about the newish
Zimbabwe currency. Their economy is so sunk that the value of the Z$
dropped so much that the newly delivered notes are now worthless.

May be similar to the question of what happens to the bills of one of
the countries mentioned in this thread that has hyper-inflation and
then somehow lops off 7-8 zeros of value. What happens to the old
bills that still appear as million or billion unit notes? Again, just
curuious.

A good question. In a country like that where the only change is the
loss of some zeros, the old currency notes still represent "money" as
issued by that country. Unless they demonetise those old notes (thus
declaring them officially worthless), all that money still holds its
value with respect to the new iteration. It would still have to be
securely stored and accounted for, and it would still be "on the
books".

Padraic

--
Posted via a free Usenet account from http://www.teranews.com

candy costs more than a penny.
mk

"note.boy" wrote in message
...

"Sgt.Sausage" wrote in message
...

"KnowledgeSeeker" wrote in message
ups.com...
Where can I find a list of the countries with the least valuable
currency? I am NOT looking for a place to do foreign exchange trading
to create fabulous wealth. So, please do not spam me. I am working
on a project that is, well... not commercial. So, I am looking for an
easy to use source of data. Thanks.


I dunno, but you reminded me of the first time I became
a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived
on the train from Switzerland. We were gonna be in Italy for
the whole week so I needed to dump some dollar denominated traveler's
checks for the local currency (the Lira -- this was pre
Euro).

I think it was just under $650 bucks I turned in and
after exchange fees I had just over a Million Lira. I
was a millionaire!!

The smallest bill I ever saw over there was a 1,000 Lira.
I think that might have bought a stick of chewing gum. Folks
carried around 10,000 Lira bills around like we carry a
10-spot U.S. dollar in our pocket.


Sometimes in Italy rather than give back change in the form of a very low
value coin a wrapped sweetie (piece of candy) would be given, this was
back in the 1970s I think.

Perhaps this should be tried in the USA? :-) Billy

In article .com "KnowledgeSeeker" writes:
....
What happened/happens to the currency & coin in a country when it
converts to the Euro or when there is a coup (or regime change) or
when countries merge or when countries split into more than one?
Assume that the question only applies to situations where the former
currency is no longer an official standard/legal tender/etc. (in some
cases this may be an immediate thing and in others it may be after
some transition period).

Again, depends.

Seems like there would be a potentially huge inventory of currency &
coin (with the wrong portrait) stored in some vault(s) somewhere. And
I am just curious as to what physically happens to these items? I
understand that these items may not have any value as "money" but they
still take up space until something (?) happens.

Most of it has already been lost before the transition (the Dutch central
bank has always produced good estimates about the number of coins and notes
that would be irretrievably lost and would never be redeemed), and is not
sitting in vaults anywhere. Much of the currency that is still present will
be redeemed before the cut-off date, and will be shredded by the mint. What
remains will show up in coin shops (for an extremely low price if there
is sufficient supply), the remainder is just thrown away. When the
Netherlands abolished the cent in the 1980s, there were a lot of people
that hoarded the cent with the expectation that it would increase in
value for collectors. So they did not redeem the cents and at one time
had an enormous amount of cents that would not even give them face value.
Those were in general just thrown away in the waste basket.

Just curious.
May be similar to the question of what happens to the bills of one of
the countries mentioned in this thread that has hyper-inflation and
then somehow lops off 7-8 zeros of value. What happens to the old
bills that still appear as million or billion unit notes? Again, just
curuious.

At the coin market in Amsterdam you can get them for a fairly reasonable
price. But again, most are shredded.
--
dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131
home: bovenover 215, 1025 jn amsterdam, nederland; http://www.cwi.nl/~dik/

In article "Owen W. Linzmayer" writes:
The answer to your question is "it depends."

But usually what happens if a country decides to demonitize its currency is
that everyone is told they have a certain time period in which to bring in
their old currency and exchange it for the new stuff. After the deadline,
they are holding "manure" as Zimbabwe's president recently said when they
converted.

Indeed. The ones I have explicitly state on the note that they are
valid until either 31st of July 2007 or 31st of December 2007.
--
dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131
home: bovenover 215, 1025 jn amsterdam, nederland; http://www.cwi.nl/~dik/

Which brings up an interesting question. What happened/happens to the
currency & coin in a country when it converts to the Euro or when
there is a coup (or regime change) or when countries merge or when
countries split into more than one?

I've a funny transparen plastic cube with 150.000 pesetas (aprox. 1.200 USD)
shredded... it comes from 15 banknotes of 10.000 pesetas, at "confetty"
style. It was a funny gift from "Banco de España", the Spanish Central Bank.

All the pesetas banknotes were shredded and then burn. The coins are being
used to make pipelines or whatever. The most interesting destination is the
1 peseta coin, made with aluminium, now almost all coins are beer barrels! A
company bought almost all the metal to recycle them for beer.

If I were a coin, I'd like to be near beer once I died!!!! :-))

Fernando