Banknotes of Zimbabwe

Banknotes of the third Zimbabwean dollar, from $1 to $100 trillion
ISO 4217
Codes	ZWD, ZWN, ZWR, ZWL[a]
First Zimbabwean dollar (ZWD)
Denominations	$2 to$1000 (banknotes) $5000 to$100000 (bearer cheques)
Second Zimbabwean dollar (ZWN)
Equal to	1000 ZWD
Denominations	1¢ to $500 million (bearer cheques) $5 billion to $100 billion (agro-cheques)
Third Zimbabwean dollar (ZWR)
Equal to	1010 ZWN,1013 ZWD
Denominations	$1 to $100 trillion
Fourth Zimbabwean dollar (ZWL)
Equal to	1012 ZWR,1022 ZWN,1025 ZWD
Denominations	$1 to $500
Issuance
Country	Zimbabwe
Issuers	Reserve Bank of Zimbabwe (1980–2009) Standard Chartered (2003–2004)

Thebanknotes ofZimbabwe were physical forms of Zimbabwe's first four incarnations of thedollar ($ or Z$), from 1980 to 2009. The banknotes of the first dollar replaced those of theRhodesian dollar at par in 1981, one year after the proclamation of independence.^[2] TheReserve Bank of Zimbabwe issued most of the banknotes and other types of currency notes in its history, including the bearer cheques and special agro-cheques ("agro" being short for agricultural) that circulated between 15 September 2003 and 31 December 2008: theStandard Chartered Bank also issued their own emergency cheques from 2003 to 2004.

The obverse of Zimbabwean banknotes (includingnotes of the2019-2024 dollar) featured an illustration of theDomboremari, one of theChiremba Balancing Rocks located nearHarare andEpworth: the Domboremari also appeared on bearer and agro-cheques, as part of the Reserve Bank's logo.^[3] The reverse often featured theculture or landmarks of the country.

The second dollar (ZWN) was replaced on 1 August 2008 by the third dollar (ZWR),^[4][5] which was then phased out by the fourth dollar (ZWL) with short notice on 2 February 2009 because it rapidly lost value.^[6] The economic and trade sanctions imposed against the Zimbabwean government and the Reserve Bank made it difficult to incorporate modern security features on most banknotes issued since September 2008.

Thepower-sharing government of Prime MinisterMorgan Tsvangirai suspended the Zimbabwean dollar on 12 April 2009, and banknotes of the third and fourth dollars were demonetised in September 2015, after over 6 years of disuse.^[7][8] However, the Reserve Bank reintroducedlocal banknotes the following year, due to a shortage ofhard currencies such as theUnited States dollar.^[9]

The first banknotes ofZimbabwe were issued by the Reserve Bank of Zimbabwe (formerly Reserve Bank ofRhodesia) for the first dollar (ZWD) in 1980 to coincide with the independence of Zimbabwe. These notes replaced the circulating banknotes of theRhodesian Dollar at par. The first series of banknotes ranged from$2 to$20, and carried the signature of Dr.Desmond Krogh, then the last Governor of the Reserve Bank of Rhodesia from 1973.^[2][10] From 1994 to 1997 the Reserve Bank issued a new series of notes ranging from$2 to$100, although the$2 banknote was withdrawn and replaced by a coin in 1997.^[11] As rising inflation started to affect thepurchasing power of theZimbabwean Dollar, the$500 and$1000 banknotes were issued from 2001 to 2005 with enhanced anti-counterfeiting measures.^[12]

In May 2003, the Reserve Bank allowed theCargill Cotton Group to issue emergency bearer cheques to cotton farmers, via aStandard Chartered Zimbabwe branch in Harare: Cargill issued these cheques due to a shortage of money caused by high annual inflation, which according toThe Herald, was around 269.2% in June 2003.^[13] The Reserve Bank later issued specialtraveller's cheques on 8 August 2003, with six denominations ranging from$1000 to$100000: the traveller's cheques were short-lived and unpopular, because they could only be used once, the user needed to present proof of identification when using the cheques, and the banks levied acommission fee on the use of the cheques.^[14]

The Reserve Bank eventually issued their own Bearer cheques on 26 September 2003, with denominations ranging from$5000 to$20000.^[15][13] These, and subsequent issues of the first and second dollars weretime limited and lacked sophisticatedanti-counterfeiting measures which were heavily used in many modern banknotes such as those of theSwiss Franc. In the first half of 2006 new denominations of$50000 and$100000 were issued, with the$1 million denomination being planned for September 2006; it was subsequently never issued.

The time limits were either ignored or extended by multiple decrees, meaning that all notes of these issues remained legal tender in practice until 21 August 2006.^[16]

On 1 August 2006 the banknotes of the second dollar (ZWN), with less elaborate designs, replaced those of the first dollar at the ratio of 1 000 to 1.^[17] Theredenomination (codenamed Operation Sunrise) was heavily publicised under the bannerZero to Hero, but was also rapid and disorganised which resulted in many people being unable to convert their old Bearer cheques to new issues before the lapse date,^[16] The Reserve Bank Governor Dr.Gideon Gono said that "10 trillion (first dollars) were still out there and it had become manure".^[18]

Further denominations ranging from$5000 to$500 million were issued in the period between August 2006 and May 2008 as cent cheques quickly became outmoded. In the second quarter of 2008, special agro-cheques (agricultural cheques) were issued in denominations ranging from$5 billion to$100 billion as the currency exchange rate was floated.^[19] Since the functions were similar to Bearer cheques, it was in regular use as prices continue to rise. These cheques also carriedtime limits and limited security features. In the final months of the second dollar, the$200000 cheque was the lowest legal tender denomination by decree, despite having itsexpiry date extended twice.^[5][20] The$100000 000 Bearer Cheque would have been the lowestlegal tender denomination in circulation had the expiry dates of currency cheques been enforced without extension, with the$100 billion agro-cheque being the highest whether or not the$200000 note was legal tender.^[19]

Munich-based security printersGiesecke & Devrient ceased providingbanknote paper to the Reserve Bank on 1 July 2008 in response to an official request from theGerman government and widespread calls forsanctions;^[21] The Jura JSP softwareend-user licence, issued to thestate-owned Fidelity Printers & Refiners was also terminated on 24 July 2008 for similar reasons although the official press statement quoted that it was de facto impossible to prevent the printers from using the software.^[22][23]

On 1 August 2008 the banknotes of the third dollar (ZWR), which were printed for the abandoned second phase of the 2006 redenomination, replaced the cheques of the second dollar at the ratio of 10 billion (10¹⁰) to 1.^[4][24] The bearer and agro-cheques of the second dollar were phased out along with the smaller denominations of the third dollar on 1 January 2009. Despite the reform, the Reserve Bank issued several high-value denominations up to$100 trillion ($10¹⁴) in the period between September 2008 to January 2009,^[b] which merely kept in similar pace with the cash rate instead of theblack market rates.^[25]

On 2 February 2009, banknotes of the fourth dollar (ZWL) were introduced to replace those of the third dollar at the ratio of one trillion (10¹²) to 1. It was originally envisaged that banknotes of the third dollar would remain legal tender until 30 June 2009 but all banknotes were withdrawn from circulation following the suspension of the Zimbabwe dollar on 12 April 2009.^[c][7]

The obverse of the first two series of banknotes featured a dominant motif of theDomboremari, surrounded by trees: the notes also featured major landmarks and landscapes on either side, such as theKariba Dam and fauna. When high inflation escalated intohyperinflation at the end of the 20th century, the quality of the notes deteriorated asprinting plates from previous issues were reconstituted for printing emergency notes. Although hyperinflation forced regular banknotes ($2 to$1000) out of practical use, all banknotes and bearer cheques of the first dollar remainedlegal tender until the Reserve Bank demonetised them on 21 August 2006.^[16][27]

The Reserve Bank of Zimbabwe prepared the first series of banknotes for the newly-independent country in 1980, and released them into circulation in stages, from 15 April 1981 to 14 April 1982.^[28] The 1980 series consisted of fourdenominations: $2, $5, $10 and $20 – and made extensive use of theGuilloché technique, asecurity feature common on many banknotes from the 1980s. Thewatermark consisted of a profile view of theZimbabwe Bird, but the final batches of $2 and $5 notes, both dated 1994, had a ¾ view of the bird with a longer neck.^[29] The colour scheme also changed from the Rhodesian notes: the $2 note changed from red to blue, $5 from brown to green, $10 from grey to red, and the $20 note that debuted with this series was navy blue.^[30]

Banknotes dated 1980 bore Salisbury as the name of Zimbabwe's capital, which renamed itself toHarare on 18 April 1982: $5, $10 and $20 notes dated 1982 and later bore the updated name, but early batches of $10 notes dated 1982 erroneously bore the capital's old name. There were no $2 notes dated 1982: those dated 1983 and later had the updated name of the capital. Notes dated 1980 and 1982 carried the signature ofDesmond Krogh, the lastgovernor of theReserve Bank of Rhodesia, and governor of the Reserve Bank of Zimbabwe until 1983: notes dated 1983 had the signature of Kombo James Moyana (governor from 1983 to August 1993), and notes dated 1994 had the signature of Leonard Tsumba (August 1993 to 31 July 2003).^[31][32]

1980 series (Signatures: Dr. D.C. Krogh (1980 and 1982), K. Moyana (1983), L.L. Tsumba (1994); Capital: Salisbury, laterHarare)

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of[28]
	Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue	withdrawal
1a			$2	134 × 69 mm		Blue	Domboremari with trees,Cape buffalo, Salisbury as capital, Krogh as signature	Tigerfish,Kariba Dam	Zimbabwe Bird (profile angle, short neck)	1980	15 July 1981	21 August 2006
1b							Domboremari with trees, Cape buffalo, Harare as capital, Moyana as signature			1983
1c							Domboremari with trees, Cape buffalo, Harare as capital, Tsumba as signature			1994
1d									Zimbabwe Bird (¾ profile, medium neck)
2a			$5	140 × 73 mm		Green	Domboremari with trees,zebra, Salisbury as capital, Krogh as signature	Farm workers in a village	Zimbabwe Bird (profile angle, short neck)	1980	14 October 1981	21 August 2006
2b							Domboremari with trees, zebra, Harare as capital, Krogh as signature			1982
2c							Domboremari with trees, zebra, Harare as capital, Moyana as signature			1983
2d							Domboremari with trees, zebra, Harare as capital, Tsumba as signature			1994
2e									Zimbabwe Bird (¾ profile, medium neck)
3a			$10	146 × 77 mm		Red	Domboremari with trees,sable antelope, Salisbury as capital, Krogh as signature	Harare,Eternal Flame at theNational Heroes' Acre	Zimbabwe Bird (profile angle, short neck)	1980	15 April 1981	21 August 2006
3b							Domboremari with trees, sable antelope, Salisbury as capital (error), Krogh as signature			1982
3c							Domboremari with trees, sable antelope, Harare as capital, Krogh as signature
3d							Domboremari with trees, sable antelope, Harare as capital, Moyana as signature			1983
3e							Domboremari with trees, sable antelope, Harare as capital, Tsumba as signature			1994
4a			$20	152 × 81 mm		Navy blue	Domboremari with trees,giraffe, Salisbury as capital, Krogh as signature	African elephant,Victoria Falls	Zimbabwe Bird (profile angle, short neck)	1980	14 April 1982	21 August 2006
4b							Domboremari with trees, giraffe, Harare as capital, Krogh as signature			1982
4c							Domboremari with trees, giraffe, Harare as capital, Moyana as signature			1983
4d							Domboremari with trees, giraffe, Harare as capital, Tsumba as signature			1994
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

From 1994 to 1997, the Reserve Bank introduced the second series of Zimbabwe banknotes into circulation. Due to high inflation, which at the time peaked at 42.1% in 1992,^[33] the rollout began with two new denominations, $50 and $100. Other denominations followed in 1997, while the $2 note was replaced by a coin.^[34] Worsening high inflation, which reached 140.1% in 2002,^[33] caused the Reserve Bank to introduce the $500 note on 31 August 2001, and the$1000 note on 1 October 2003.^[35][15]

The overall layout of the 1994 series was similar to the 1980 series, but theDomboremari moved to the left, and the animals moved to the other side, acting as asee-through register. The obverse also had a flower at centre, a solid element with alatent image of the letters "RBZ", and tactile marks for the visually impaired. The watermark of the Zimbabwe Bird had a long neck, while thesecurity thread was demetalised with the letters "RBZ" and the denomination. The $500 and$1000 note also had aholographic stripe, but the $500 note dropped the feature when the main colour changed from red to brown.^[36]

Almost all banknotes in the 1994 series had the signature of Leonard Tsumba: the signature of his successor,Gideon Gono, appeared on $500 notes dated 2004.Giesecke+Devrient also printed some of the$1000 notes: the serial number prefixes were "WA" to "WM" for the G+D notes, and "WN" to "WU" for theFidelity notes.^[36]

1994 series (Signatures: L.L. Tsumba,Dr. G. Gono ($500 notes from 2004 only); Capital:Harare)

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of[36]
	Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue	withdrawal
5a			$5	139 × 68 mm		Pink	Domboremari with trees, royal dissotis (Dissotis princeps),greater kudus	Mount Nyangani (lithography), greater kudus (mirrored)	Zimbabwe Bird (¾ profile, long neck)	1997	1997	21 August 2006
5b								Mount Nyangani (intaglio), greater kudus (mirrored)
6			$10	142 × 70 mm		Teal	Domboremari with trees, Sabi star (Adenium obesum),sable antelopes	Chilojo Cliffs with birds, sable antelopes (mirrored)	Zimbabwe Bird (¾ profile, long neck)	1997	1997	21 August 2006
7			$20	145 × 71 mm		Blue	Domboremari with trees, roadside pimpernel (Tricliceras longepedunculatum),Cape buffaloes	Victoria Falls, Cape buffaloes (mirrored)	Zimbabwe Bird (¾ profile, long neck)	1997	1997	21 August 2006
8			$50	148 × 75 mm		Olive green	Domboremari with trees, flame lily (Gloriosa superba),rhinoceros	Great Zimbabwe ruins, Zimbabwe Bird, rhinoceros (mirrored)	Zimbabwe Bird (¾ profile, long neck)	1994	March 1994	21 August 2006
9			$100	151 × 76 mm		Purple	Domboremari with trees,Protea,African elephants	Kariba Dam, African elephants (mirrored)	Zimbabwe Bird (¾ profile, long neck)	1995	January 1995	21 August 2006
10			$500	154 × 78 mm		Red	Domboremari with trees,holographic stripe, bitter apple (Solanum campylacanthum),zebras	Hwange Power Station, zebras (mirrored)	Zimbabwe Bird (¾ profile, long neck) and "500"	2001	31 August 2001	21 August 2006
11			$500	154 × 78 mm		Brown	Domboremari with trees, bitter apple (Solanum campylacanthum), zebras	Hwange Power Station, zebras (mirrored)	Zimbabwe Bird (¾ profile, long neck) and "500"	2003 2004	26 September 2003	21 August 2006
12			$1000	154 × 78 mm		Navy blue	Domboremari with trees, holographic stripe,Bauhinia,giraffes	Three African elephants, giraffes (mirrored)	Zimbabwe Bird (¾ profile, long neck) and "1000"	2003	1 October 2003	21 August 2006
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

In May 2003, the Reserve Bank allowed theCargill Cotton Group to issue emergency bearer cheques to cotton farmers, via aStandard Chartered Zimbabwe branch in Harare: Cargill issued these cheques due to a shortage of money caused by high annual inflation, which according toThe Herald, was around 269.2% in June 2003.^[13][37]

The Cargill bearer cheques had the same legal status as regular banknotes, and were valid for six months from the date of issue, making them the first Zimbabwean currency notes with anexpiry date. Typocrafters (aZimpapers subsidiary) printed these bearer cheques, which carried the signature of Cargill's finance director Priscilla Mutenbwa, and operations director Stephen Newton-Howes.^[38][39]

The Reserve Bank eventually issued their own bearer cheques: the$5000,$10000 and$20000 cheques entered circulation on 26 September 2003, and the$50000 and$100000 cheques on 1 October 2005.^[15] The cheques also had an expiry date, and circulated until the demonetisation of the first dollar, on 21 August 2006.^[17]

The bearer cheques used watermarkedsecurity paper meant for the$50 banknote from 1994: the$5000,$10000 and$20000 cheques also reused most of theunderprint from that denomination. The$50000 and$100000 cheques used a modified underprint on the obverse, and a single-colour view ofVictoria Falls on the reverse. Cheques dated 15 September 2003 bear the signature of the acting governorCharles Chikaura, and the remainder bear the signature of Dr.Gideon Gono, who became governor on 1 December 2003.^[40][41]

2003 bearer cheque series (Signatures: C. Chikaura (acting, to December 2003),Dr. G. Gono (from December 2003); Capital:Harare)^[42]

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of[36]
	Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue	expiry	withdrawal
21a			$5000	148 × 75 mm		Blue	Reserve Bank seal, flame lily (Gloriosa superba),guilloché border	Underprint from the$50 note, guilloché border	Zimbabwe Bird (¾ profile, long neck)	15 September 2003	26 September 2003	31 January 2004	21 August 2006
21b												30 June 2004
21c 21d									Zimbabwe Bird (¾ profile, long neck) and "RBZ"	1 December 2003		31 December 2004
21e												31 December 2005
22a			$10000	148 × 75 mm		Red	Reserve Bank seal, flame lily (Gloriosa superba), guilloché border	Underprint from the $50 note, guilloché border	Zimbabwe Bird (¾ profile, long neck)	15 September 2003	26 September 2003	31 January 2004	21 August 2006
22b												30 June 2004
22c 22d									Zimbabwe Bird (¾ profile, long neck) and "RBZ"	1 December 2003		31 December 2004
22e												31 December 2005
23a			$20000	148 × 75 mm		Brown	Reserve Bank seal, flame lily (Gloriosa superba), guilloché border	Underprint from the $50 note, guilloché border	Zimbabwe Bird (¾ profile, long neck)	15 September 2003	26 September 2003	31 January 2004	21 August 2006
23b												30 June 2004
23c										1 December 2003		31 December 2004
23d									Zimbabwe Bird (¾ profile, long neck) and "RBZ"
23e												31 December 2005
28			$50000	148 × 74 mm		Purple	Reserve Bank seal, flame lily (Gloriosa superba), guilloché border	Victoria Falls, guilloché border	Zimbabwe Bird (¾ profile, long neck) and "RBZ"	1 October 2005	1 October 2005	31 December 2006	21 August 2006
29 30										1 February 2006
31			$100000	148 × 74 mm		Green	Reserve Bank seal, flame lily (Gloriosa superba), guilloché border	Victoria Falls, guilloché border	Zimbabwe Bird (¾ profile, long neck) and "RBZ"	1 October 2005	1 October 2005	31 December 2006	21 August 2006
32										1 June 2006
For table standards, see thebanknote specification table.

TheZimbabwean dollar was firstredenominated on 1 August 2006 under acurrency reform campaign codenamedOperation Sunrise and involving themottoZero to Hero.^[17] New-style bearer cheques of the second dollar (ISO 4217:ZWN) was introduced and replaced those of the first dollar (ZWD) at the ratio of 1 000 to 1.

The change over process was given at short notice and was also rapid because all issues prior to the August 2006 series were to be demonetised and rendered worthless on 21 August 2006. Poor communications meant that many civilians of Zimbabwe were unable to convert old bearer cheques to new ones before the deadline.^[16]

The2006 bearer cheque series was put into circulation on 1 August 2006 and initially consisted of 14 denominations, ranging from 1¢ to$100000. The cheques were signed byDr. Gideon Gono and were set to expire on 31 July 2007, except for the$100 and$500 cheques, which were initially due to expire on 31 December 2007, but later extended to 31 July 2008.^[43] The$5 denomination was also issued, despite not being widely publicised in the changeover campaign.^[44]

Two variations that were issued for the$10000 and$100000 denominations are recognised in theStandard Catalog of World Paper Money: the difference between them was the use ofdigit grouping. Cheques with the denomination expressed as '10000' or '100000' bear serial numbers with the (scarce) prefixAA, while notes with prefixesAB onwards is expressed as '10000' or '100000'.^[45]

2006 bearer cheque series (Signature:Dr. G. Gono, Capital:Harare)
Pick No.	Image		Value	Dimensions	Main Colour		Description			Date of
	Obverse	Reverse					Obverse	Reverse	Watermark	issue	withdrawal
33			1¢	78 × 154 mm		Red	Reserve Bank emblem and value	Value within ring	Zimbabwe Bird (long neck, ¾ profile) and "500"	1 August 2006	31 July 2007
34			5¢			Green
35			10¢			Brown
36			50¢			Grey
37			$1	74 × 148 mm		Blue		Farm workers in a village	Zimbabwe Bird (long neck, ¾ profile) and "RBZ"
38			$5			Green (brown background)		View ofHarare with the Freedom Flame
39			$10			Red		Farm workers in a village
40			$20			Orange		Victoria Falls
41			$50			Violet
42			$100			Green		Mountain formation			31 July 2008 (originally 31 December 2007)[43]
43			$500			Olive		Tigerfish andKariba Dam
44			$1 000			Brown		Mountain formation			31 July 2007
46a			$10 000			Violet	Reserve Bank emblem and value without digit separation	Great Zimbabwe ruins and value expressed as obverse
46b							Reserve Bank emblem and value with digit separation
48a			$100 000			Teal	Reserve Bank emblem and value without digit separation
48b							Reserve Bank emblem and value with digit separation
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

The2007 bearer cheque series was first issued on 2 March 2007 with the introduction of$5000 and$50000 cheques to act as intermediary denominations between the$1000,$10000 and$100000 cheques respectively.^[46] As inflation intensified, the$200000 bearer cheque was also introduced on 1 August 2007, followed by the joint introduction of the$250000,$500000, and$750000 denominations on 20 December 2007.^[47] The$200000 bearer cheque had its date of lapse extended twice up to 31 December 2008.

The$50000 denomination was the first denomination to use theOptically Variable Ink technique, on the value positioned at the top right of the obverse. The$750000 denomination of the December 2007 series was the only note out of all cheques of the second dollar to bear aholographic strip, as the cheque was printed on paper that was prepared for the 1 000 ZWD notes (Pick No. 12).^[48]

2007 bearer cheque series (Signature:Dr. G. Gono, Capital:Harare)
Pick No.	Image		Value ($)	Dimensions	Main Colour		Description			Date of
	Obverse	Reverse					Obverse	Reverse	Watermark	issue	withdrawal
45			5 000	74 × 148 mm		Blue	Reserve Bank emblem and value	Kariba Dam	Zimbabwe Bird (long neck, ¾ profile) and "RBZ"	1 February 2007	31 July 2008 (originally 31 July 2007)[49]
47			50 000			Red	Reserve Bank emblem and value inOVI ink	Elephant withVictoria Falls		1 March 2007
49			200 000			Pink	Reserve Bank emblem and value	Hwange Power Station		1 August 2007	31 December 2008 (originally 30 June 2008)[5][20]
50			250 000			Olive		Great Zimbabwe ruins		20 December 2007	30 June 2008
51			500 000			Green		Elephants
52			750 000	78 × 154 mm		Indigo	Reserve Bank emblem, value and hologram	Elephant with Victoria Falls	Zimbabwe Bird (long neck, ¾ profile) and "1000"	31 December 2007
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

The circulation of the2008 bearer cheque series commenced on 18 January 2008 with threedenominations ranging from$1 million to$10 million,^[50] and concluded with the issue of the$500 million bearer cheque on 15 May 2008. Three denominations of the 2008 series remainedlegal tender at the ratio of 10¹⁰ to 1 until being demonetised on 31 December 2008.^[4]

There are two variants of the$10 million denomination, the primary difference being thetypeface and size of the serial number. Those with slightly larger serial numbers bear the prefixDA. The$25 million banknote is larger in dimension out of the rest of the 2008 series.^[48]

2008 bearer cheque series (Signature:Dr. G. Gono, Capital:Harare)
Pick No.	Image		Value	Dimensions	Main Colour		Description			Date of
	Obverse	Reverse					Obverse	Reverse	Watermark	issue	withdrawal
53			1 000 000	74 × 148 mm		Brown	Reserve Bank emblem and value	Farm workers in a village	Zimbabwe Bird (¾ profile) and "RBZ"	18 January 2008	30 June 2008
54			5 000 000			Blue		Mountain formation
55a/55b			10 000 000			Red		Tigerfish with theKariba Dam
56			25 000 000	78 × 154 mm		Teal		View of Harare with the Freedom Flame	Zimbabwe Bird (¾ profile) and "500"	4 April 2008
57			50 000 000	74 × 148 mm		Violet		Elephants	Zimbabwe Bird (¾ profile) and "RBZ"
58			100 000 000			Green		Farm workers in a village		6 May 2008	31 December 2008[4]
59			250 000 000			Blue		Elephant withVictoria Falls
60			500 000 000			Red		Tigerfish with the Kariba Dam		15 May 2008
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

The Reserve Bank circulatedspecial agro-cheques ("agro" being an abbreviation of "agricultural"),^[19][51] from 15 May to 31 July 2008. They had a different design, and they were intended for use only by farmers: however, Zimbabweans treated them as regular money, because of the continued hyperinflation, and their similar function to bearer cheques. The Reserve Bank demonetised both agro- and bearer cheques on 31 December 2009, following the introduction of the third dollar.^[4]

The four denominations in this series are not the same by dimensions as the$25 billion note used different paper from the 500 ZWD banknote of 2001. Until the release of the$100 trillion in January 2009, the$100 billion agro-cheque was the second highest denominated banknote to enter circulation after theCold War, after the 500 billion dinar note of theYugoslav dinar.

Special agro-cheques, 2008 (Signature:Dr. G. Gono, Capital:Harare)

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of
	Obverse	Reverse					Obverse	Reverse	Watermark	issue	withdrawal
61			$5 billion ($5×109)	148 × 74 mm		Purple	Reserve Bank seal,value (in billions),giraffe	Grain silos, giraffe (mirrored)	Zimbabwe Bird (¾ profile) and "RBZ"	15 May 2008	31 December 2008[4]
62			$25 billion ($2.5×1010)	154 × 78 mm		Green	Reserve Bank seal, value (in billions), giraffe	Grain silos, giraffe (mirrored)	Zimbabwe Bird (¾ profile) and "500"	15 May 2008	31 December 2008[4]
63			$50 billion ($5×1010)	148 × 74 mm		Brown	Reserve Bank seal, value (in billions), giraffe	Grain silos, giraffe (mirrored)	Zimbabwe Bird (¾ profile) and "RBZ"	15 May 2008	31 December 2008[4]
64			$100 billion ($1011)	148 × 74 mm		Blue	Reserve Bank seal, value (in billions), giraffe	Grain silos, giraffe (mirrored)	Zimbabwe Bird (¾ profile) and "RBZ"	1 July 2008	31 December 2008[4]
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

The2007 banknote series was prepared by the Reserve Bank in October 2006 for the abandoned second phase of Operation Sunrise.^[52] The banknotes featured theDomboremari on the obverse, two scenes on the reverse, and theZimbabwe Bird as the watermark. There were additional security features as opposed to previous issues, which includedsecurity threads, see-through register marks and recognition marks for the partially sighted.Holographic security threads andOptically Variable Ink were used on the$100,$500 and$1000 notes. When the redenomination of 1 August 2008 occurred these notes were put into circulation as banknotes of the third dollar between 1 August 2008 to 31 December 2008.^[53]

Banknotes of the third dollar, 2007 (Signature:Dr. G. Gono, Capital:Harare)

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of
	Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue	withdrawal
65			$1	134 × 68 mm		Claret	Domboremari with trees	Victoria Falls,Cape buffalo	Zimbabwe Bird and "1"	2007	1 August 2008	30 September 2015
66			$5	138 × 68 mm		Brown	Domboremari with trees	Kariba Dam,African elephant	Zimbabwe Bird and "5"	2007	1 August 2008	30 September 2015
67			$10	142 × 70 mm		Green	Domboremari with trees	Farm tractor,grain silos	Zimbabwe Bird and "10"	2007	1 August 2008	30 September 2015
68			$20	145 × 72 mm		Red	Domboremari with trees	Tailings, miner withjackhammer	Zimbabwe Bird and "20"	2007	1 August 2008	30 September 2015
69			$100	149 × 74 mm		Blue	Domboremari with trees	Zimbabwe Aloe,Great Zimbabwe ruins	Zimbabwe Bird and "100"	2007	1 August 2008	30 September 2015
70			$500	150 × 75 mm		Purple	Domboremari with trees	Milking farm, cattle	Zimbabwe Bird and "500"	2007	1 August 2008	30 September 2015
71			$1000	153 × 76 mm		Orange	Domboremari with trees	Parliament House andSt Mary's Cathedral,New Reserve Bank Tower	Zimbabwe Bird and "1000"	2007	17 September 2008	30 September 2015
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

The2008 banknote series circulated from 29 September 2008 to 12 April 2009. The series demonstrated the intensity ofhyperinflation during the period as the highest denomination increased from$1000 to$100 trillion ($10¹⁴) by January 2009, the latter being the largest denomination issued by the Reserve Bank.^[d] The first issues of the series were the$10000 and$20000 denominations.^[55] These were followed by the following denominations:

The large number of denominations issued in late-2008 as well as the suspension of paper supply byGiesecke & Devrient affected the Reserve Bank's ability to maintain the quality of the banknotes. Later denominations copied design features from the original 2007 banknote series and lacked many modern security features that banknotes of major currencies (such as theCanadian Dollar) relied on. The notes denominated from$20000 to$500000 and then from$10 million onwards used non-watermarked paper, whilst the$500 million notes were printed on pure cotton.^[63] A silhouette of the Zimbabwe Bird inOptically Variable Ink was used in such notes to compensate for this, but the iridescent strip was dropped for higher denominations. The$10000 and$1000000 notes reused paper for the$1000 notes (Pick no. 71), thereby carrying the embedded holographic thread andwatermark. Two types of paper (regular and lined) were used on$20000,$50000 and$500000 banknotes.^[64][65]

Banknotes of the third dollar, 2008 (Signature:Dr. G. Gono, Capital:Harare)

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of
	Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue	withdrawal
72			$10000	153 × 76 mm		Brown	Domboremari with trees	Combine harvester, tractor	Zimbabwe Bird and "1000"	2008	29 September 2008	30 September 2015
73a			$20000	148 × 74 mm		Brown	Domboremari with trees	Victoria Falls,Kariba Dam	None	2008	29 September 2008	30 September 2015
73b									Horizontal lines
74a			$50000	148 × 74 mm		Green	Domboremari with trees	Farm tractor, miner withjackhammer	None	2008	13 October 2008	30 September 2015
74b									Horizontal lines
75			$100000	148 × 74 mm		Indigo	Domboremari with trees	Cape buffalo,African elephant	None	2008	5 November 2008	30 September 2015
76a			$500000	148 × 74 mm		Olive green	Domboremari with trees	Zimbabwe Aloe, milking farm	None	2008	5 November 2008	30 September 2015
76b									Horizontal lines[64]
77			$1 million	153 × 76 mm		Blue	Domboremari with trees	Great Zimbabwe ruins, cattle	Zimbabwe Bird and "1000"	2008	5 November 2008	30 September 2015
78			$10 million	148 × 74 mm		Blue	Domboremari with trees	Parliament House andSt Mary's Cathedral, Great Zimbabwe ruins	None	2008	4 December 2008	30 September 2015
79			$50 million	148 × 74 mm		Teal	Domboremari with trees	Cape buffalo, Great Zimbabwe ruins	None	2008	4 December 2008	30 September 2015
80			$100 million	148 × 74 mm		Red	Domboremari with trees	Tailings,grain silos	None	2008	4 December 2008	30 September 2015
81			$200 million	148 × 74 mm		Brown	Domboremari with trees	Parliament House and St Mary's Cathedral,Tomb of the Unknown Soldier at theNational Heroes' Acre	None	2008	12 December 2008	30 September 2015
82			$500 million	148 × 74 mm		Purple	Domboremari with trees	Milking farm, miner with jackhammer	None	2008	12 December 2008	30 September 2015
83			$1 billion ($109)	148 × 74 mm		Green	Domboremari with trees	Zimbabwe Aloe, African elephant	None	2008	19 December 2008	30 September 2015
84			$5 billion ($5×109)	148 × 74 mm		Pink	Domboremari with trees	Farm tractor, milking farm	None	2008	19 December 2008	30 September 2015
85			$10 billion ($1010)	148 × 74 mm		Indigo	Domboremari with trees	Kariba Dam, miner with jackhammer	None	2008	19 December 2008	30 September 2015
86			$20 billion ($2×1010)	148 × 74 mm		Olive	Domboremari with trees	Great Zimbabwe ruins, Zimbabwe Aloe	None	2008	12 January 2009	30 September 2015
87			$50 billion ($5×1010)	148 × 74 mm		Orange	Domboremari with trees	Great Zimbabwe ruins,New Reserve Bank Tower	None	2008	12 January 2009	30 September 2015
88			$10 trillion ($1013)	148 × 74 mm		Lime green	Domboremari with trees	New Reserve Bank Tower, Great Zimbabwe ruins	None	2008	16 January 2009	30 September 2015
89			$20 trillion ($2×1013)	148 × 74 mm		Red	Domboremari with trees	Miner with jackhammer, grain silos	None	2008	16 January 2009	30 September 2015
90			$50 trillion ($5×1013)	148 × 74 mm		Green	Domboremari with trees	Kariba Dam, African elephant	None	2008	16 January 2009	30 September 2015
91			$100 trillion ($1014)	148 × 74 mm		Blue	Domboremari with trees	Victoria Falls, Cape buffalo	None	2008	16 January 2009	30 September 2015
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

On 2 February 2009, the Reserve Bank introduced banknotes of the fourth dollar, equal to one trillion (1000000000000 or10¹²) third dollars: the banknotes of the third dollar were supposed to lose legal tender status by 1 July 2009, but thepower-sharing government of Prime MinisterMorgan Tsvangirai instead suspended theZimbabwean dollar entirely on 12 April 2009.^[6][7] The banknotes, along with those of the third dollar, were eventually demonetised on 30 September 2015, after 6 years and 171 days of disuse.^[8]

The banknotes of the fourth dollar consisted of seven denominations from $1 to $500, reusing elements from earlier issues. Security features were similar to the emergency issues of the third dollar, which replaced the watermark and the windowedsecurity thread with an iridescent strip and theZimbabwe Bird inoptically variable ink: a series of triangles on the right edge acted as a registration device.

Banknotes of the fourth dollar (Signature:Dr. G. Gono, Capital:Harare)

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of[66]
	Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue	withdrawal
92			$1	148 × 74 mm		Blue	Domboremari with trees	Farm workers in a village	None	2009	2 February 2009	30 September 2015
93			$5	148 × 74 mm		Green on tan	Domboremari with trees	Tigerfish,Kariba Dam	None	2009	2 February 2009	30 September 2015
94			$10	148 × 74 mm		Red	Domboremari with trees	Great Zimbabwe ruins	None	2009	2 February 2009	30 September 2015
95			$20	148 × 74 mm		Indigo	Domboremari with trees	Hwange Power Station	None	2009	2 February 2009	30 September 2015
96			$50	148 × 74 mm		Purple	Domboremari with trees	Hwange Power Station	None	2009	2 February 2009	30 September 2015
97			$100	148 × 74 mm		Brown	Domboremari with trees	Harare,Eternal Flame at theNational Heroes' Acre	None	2009	2 February 2009	30 September 2015
98			$500	148 × 74 mm		Green	Domboremari with trees	Three elephants	None	2009	2 February 2009	30 September 2015
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

US$10 million worth ofZimbabwean Bond Notes were introduced in November 2016 and are denominated inU.S. dollars.^[67] They circulate along with eight other currencies, but could not be used outside of Zimbabwe. Withdrawals from Zimbabwean bank accounts were issued in Bond Notes. On 20 February 2019, during the Monetary Policy Statement, the Governor Dr Mangundya announced that physical bond notes, RTGS, Ecocash or OneWallet balances would all now be known as "RTGS dollars". These bear the signature ofJohn Mangudya, theGovernor of the Reserve Bank of Zimbabwe.

Bond notes, 2016 (Signature:John Mangudya, Capital:Harare)

Pick No.	Image		Value	Dimensions	Main colour		Description			Date of[66]
	Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue	withdrawal
99			$2	155 × 62 mm		Green	Domboremari with trees	Eternal Flame at theNational Heroes' Acre, and theOld Parliament House	Zimbabwe Bird and "RBZ"	2016	28 November 2016	11 November 2019
100			$5	155 × 66 mm		Purple	Domboremari with trees	Three giraffes and the Zimbabwe Aloe (Aloe excelsa)	Zimbabwe Bird and "RBZ"	2016	3 February 2017	11 November 2019
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

On 11 November 2019, new banknotes of$2 and$5 were issued without the words "Bond Note".

On 15 May 2020, the RBZ announced the introduction of$10 and$20 notes into circulation. The$10 entered circulation on 19 May, and the$20 entered circulation in the first week of June.^[68]

On 6 July 2021 the$50 entered circulation.

On 5 April 2022 the$100 entered circulation.

The Zimbabwe dollar is replaced byZimbabwe Gold from 8 April 2024.^[69]

2019 banknote series (Signature:John Mangudya, Capital: Harare)

Image		Value	Dimensions	Main colour		Obverse	Reverse	Watermark	Date of			Ref.
obverse	reverse								printing	issue	withdrawal
		$2	155 × 62 mm		Green	Domboremari with trees	Eternal Flame at theNational Heroes' Acre, and theOld Parliament House	Zimbabwe Bird and "RBZ"	2019	11 November 2019	30 April 2024	[70]
		$5	155 × 66 mm		Purple		Three giraffes and the Zimbabwe Aloe (Aloe excelsa)		2019	11 November 2019	30 April 2024	[71]
		$10	155 × 66 mm		Red		New Reserve Bank Tower and fourAfrican buffaloes (Syncerus caffer)		2020	19 May 2020	30 April 2024	[72]
		$20	155 × 66 mm		Blue		African elephant andVictoria Falls (Mosi-oa Tunya)		2020	1 June 2020	30 April 2024	[72]
		$50	155 × 66 mm		Brown		Tomb of the Unknown Soldier at theNational Heroes' Acre, andMbuya Nehanda		2020	6 July 2021	30 April 2024	[73]
		$100	155 × 66 mm		Yellow		African baobab (Adansonia digitata) and the ruins ofGreat Zimbabwe		2020	5 April 2022	30 April 2024	[74]
For table standards, see thebanknote specification table.

The Reserve Bank allocated special prefixes forreplacement banknotes: prefixes for replacement Zimbabwean dollar banknotes varied until the introduction of the second dollar in August 2006, when it largely settled on "ZA".

Hyperinflationary Zimbabwean banknotes (such as the$100 trillion denomination) have gained considerable interest from thenumismatic community and buyers in general for their absurdity rather than for their designs. Some examples of such notes sold in 2008 for more than their true face value at the time.^[83] In 2011,House Budget Committee ChairmanPaul Ryan and Stanford University economistJohn B. Taylor were said to keepZ$100 trillion notes in their wallets as a physical reminder of the perils of hyperinflation.^[84]

The price and value of a Zimbabwean banknote depend on various factors: the rarity, based on factors such as the name of capital city, how long it was printed, or the type of watermark; its condition, and the national situation at the time of issue, such as shortages or hyperinflation.^[85] Common designs and variants such as the$100 note of 1995 (Pick no. 9) are usually valued at about$1 apiece, while rare varieties such as the$10 Salisbury error note (Pick no. 3b) and the Standard Chartered issues are valued at around$100 or more. Zimbabwean banknotes are usually sold by banknote dealers over the counter or on the internet, although the most valued types theoretically qualify for inclusion in auction.^[86]

Similar to theIraqi dinar scam, some promoters are claiming that a future "revalue" (RV) event will cause Zimbabwe dollar notes to regain some nonzero fraction of their original value.^[87]

As in every fiscal emergency, hard currency, particularly the United States dollar, has long served as a parallel currency on the black market, and many prices in shops would be posted in US dollars, even during periods when it was illegal to possess foreign currency or to transact business in US dollars.

A unique form of circulating specie is the fuel ration coupon, which has been issued in 2005, 2006, 2007 and 2008. Known denominations include 1, 5, 10, 20, 25, & 50 litres of petrol (gasoline), kerosene and/or diesel, and translate roughly into the local petrol price (about 1 UK pound sterling per litre or US$1.50 in late 2008).^[88] Businesses, including Western Union, have been reported paying employees with these coupons, and even auctions have been transacted in this currency.^[89] As with much Zimbabwe currency, printing standards are crude and counterfeiting is rampant; the RBZ has been dissuading this widespread use.^[90]

• Reserve Bank of Zimbabwe
• Zimbabwean dollar
• Hyperinflation in Zimbabwe
• Economy of Zimbabwe
• Mosi-oa-Tunya (coin)

• Cuhaj, George S. (May 2007),Standard Catalog of World Paper Money ( Vol. 3, Modern issues: 1961–present) (13th ed.),Krause Publications,ISBN 978-0-89689-502-7
• Cuhaj, George S. (June 2008),Standard Catalog of World Paper Money, vol. 3, Modern issues: 1961–present (14th ed.),Krause Publications,ISBN 978-0-89689-632-1
• Cuhaj, George S. (May 2009),Standard Catalog of World Paper Money, vol. 3, Modern issues: 1961–present (15th ed.),Krause Publications,ISBN 978-0-89689-837-0
• Cuhaj, George S., ed. (11 April 2014). "Zimbabwe".Standard Catalog of World Paper Money. Vol. 3, Modern issues: 1961–present (20th ed.). Iola:Krause Publications. pp. 1154–1160.ISBN 978-1-4402-4037-9.
• Reserve Bank of Zimbabwe (1983),The Currency media of Southern Rhodesia (from the time of the charter to 1953), of the Federation of Rhodesia and Nyasaland (from 1954 to 1963), of Rhodesia (from 1964 to 1979), and of Zimbabwe (from 1980),Reserve Bank of Zimbabwe,OCLC 19354094
• Linzmayer, Owen (24 May 2019), "Zimbabwe",Banknote Book, Virginia Beach{{citation}}: CS1 maint: location missing publisher (link)

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