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Lopped O's and New issued currency

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Lopped O's and New issued currency Empty Lopped O's and New issued currency

Post by Ponee on Tue Dec 30, 2014 3:39 pm

Lopped O's and New issued currency Icon_post_targetby Pottapaug1938 » Mon Dec 29, 2014 7:30 pm

More than one country which has "lopped zeroes" off of its currency unit, come out with a new issue of currency or otherwise changed its legal tender system has made it extremely difficult, if not impossible, to bring "old currency" into the country. For example, in 1961, Cuba came out with a new issue of currency; and knowing that many Batista supporters had taken vast hoards of pesos out of Cuba when they fled, wishing to strike back at them and at those who initially supported the Revolution but then had fled Cuba when things went bad, and knowing that companies outside of Cuba had the ability to print Cuban currency and (hypothetically) use that ability to attack the Cuban economy by printing "unauthorized" currency, the Cuban government ordered a new issue of currency, and among other things imposed importation limits which destroyed the value of the exiles' peso holdings. Eventually, the old coinage was demonetized as well. That's why, for example, my 100 peso note from the issue of 1959 has numismatic value but is worthless as legal tender.

The dinaridjits will soon find themselves in the position in which many Germans found themselves after the hyperinflation of 1922-23, namely that their piles of money were more useful as fire starters or as wallpaper than as money (I remember seeing one particular issue used as wallpaper; and when I was a teenager I got a stack of these same notes in their original bank wrapper).



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Lopped O's and New issued currency Empty Re: Lopped O's and New issued currency

Post by Ssmith on Tue Dec 30, 2014 4:20 pm

Maybe someone should start talking about how Cuba is going to reinstate those old notes.  Get yours on Ebay & make a mint.  If the dinaridgits can be talked into buying obsolete Zim notes, it should be easy to get them into buying obsolete Cuban currency.

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