Why did Zimbabwe print two 500 million dollar notes in one year?

Because the scale reset halfway through 2008, and inflation climbed straight back up it.

On May 15, 2008, the Reserve Bank of Zimbabwe put a Z$500 million bearer cheque into circulation, one week after a Z$250 million issue. It was worth about US$2 on its first day. Two and a half months later, on August 1, 2008, the bank removed ten zeros from the currency: 10,000,000,000 of the old dollars became one new dollar. The government's own figures put annual inflation at 231 million percent in July, and prices kept running. By December 14, 2008, the new dollar needed a 500 million note of its own, and the bank issued one alongside a 200 million.

The number on the face did not change. The money underneath it was ten billion times bigger.

What is the difference between Zimbabwe P-60 and P-82?

They share a face value, a year and a size, about 148 by 74 mm, and both carry the facsimile signature of Governor Gideon Gono. Almost everything else differs.

The last row is our arithmetic. Divide 500 million by the ten billion removed on August 1 and the May note comes out at five cents of the new dollar. Multiply the December note back up and it equals five quintillion of the old ones.

How can you tell which 500 million note you have?

1. Look for an expiry line. If the note says it is payable "on or before 31st December 2008", it is the May bearer cheque, P-60.
2. Look for the rocks. A purple note with the stacked granite boulders of the Chiremba Balancing Rocks is the December banknote, P-82.
3. Read the promise. "I promise to pay the bearer on demand" belongs to the banknote. The cheque says "Pay the bearer on demand" and gives an issue date.
4. Check the back. A tigerfish and the Kariba Dam mean P-60.

Dealers and auction listings sometimes mix the two up, and some even file the 500 million with the agro cheques. The special agro cheques are a separate group of four, Pick 61 to 64, in 5, 25, 50 and 100 billion dollars. The first three entered circulation the same day as the 500 million bearer cheque, May 15, 2008, which is probably where the confusion starts.

Where do the two notes sit in Zimbabwe's story?

P-60 is the last of the bearer cheques, the expiring emergency instruments Zimbabwe used in place of ordinary banknotes from 2003. P-82 belongs to the series that ran all the way to the Trillion Series of early 2009. Within about a month, the bank was issuing 10, 20, 50 and 100 trillion dollar notes, and on February 2, 2009 it removed another twelve zeros. In April 2009 the country stopped using its own dollar altogether. Our side-by-side of Zimbabwe's and Venezuela's hyperinflations puts that whole run in context.

Held together, the two 500 million notes make the August 2008 redenomination visible in a way a chart cannot: one face value, two currencies, ten zeros apart.

What should collectors look for?

Both notes are common enough to collect in crisp uncirculated condition, so condition is what separates one example from another: sharp corners, no folds, clean paper and strong color in the purple of P-82. P-82 also turns up in original packs of 100 consecutive notes. If you are new to packs and bricks, our explainer on bank packs and consecutive runs covers what to check before you buy one.

Frequently Asked Questions

How many Zimbabwe 500 million dollar notes are there?

Two, both from 2008: the Pick 60 bearer cheque, in circulation from May 15, 2008, and the Pick 82 banknote, issued on December 14, 2008.

What is the difference between Zimbabwe P-60 and P-82?

P-60 is a second-dollar bearer cheque with an expiry date of December 31, 2008. P-82 is a third-dollar banknote with the Chiremba Balancing Rocks and no expiry date. Because ten zeros were removed on August 1, 2008, one P-82 equals ten billion P-60s.

Is the Zimbabwe 500 million dollar note an agro cheque?

No. The special agro cheques are the 5, 25, 50 and 100 billion dollar notes, Pick 61 to 64. The 500 million bearer cheque simply entered circulation on the same day as the first three of them.

How much was the Zimbabwe 500 million note worth when it came out?

About US$2. That was the reported value of the P-60 bearer cheque on May 15, 2008, the day it entered circulation.

Who signed the Zimbabwe 500 million notes?

Gideon Gono, Governor of the Reserve Bank of Zimbabwe from 2003 to 2013. His facsimile signature appears on both.

Can you still spend a Zimbabwe 500 million note?

No. Zimbabwe stopped using its own dollar in April 2009, and the old notes were demonetized in 2015. Today both are collectibles.