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Striking the Right An Inside Look at Global Paper Money
By Tadeusz Galeza and James Chan
June 2018
English
2-MIN READ
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The Art of Currency: A Journey Through National Banknotes Worldwide
Intricate designs, iconic figures, and wildlifeall aspects of modern paper money reflect the essence and aspirations of countries worldwide. As an IMF member, each nation embodies its values through unique national currencies spanning 136 distinct banknotes among its 189 member countries across four currency unions.
Standouts:
The Malawian kwacha, the smallest note at approximately 87 the size of a US dollar bill.
Brunei and Singapore dollars stand out with sizable notes, each over 150 larger than the US dollar bill in areaa deep-pocket challenge indeed!
Design Insights:
Paper bills come rectangular-shaped but exhibit diversity:
Swiss francs are notably sler,
While British pounds and Kenyan shillings favor square shapes.
Central to its essence, though, is paper money's role as a unit of measure, store of value, and medium of exchangea fiat currency with no intrinsic worth determined solely by supply and demand under government decree.
Size Matters:
The defining feature separating national currencies today is their purchasing powerreflected in the note's nominal value through its number of zeros. Currently, largest bills range from 20 Bahrni dinars to 500,000 Vietnamese dong.
Historically, hyperinflation saw countries issue notes with an exaggerated number of zeros: Yugoslavia issued a 500 billion dinar bill in 1991 and Zimbabwe a staggering trillion dollar bill in 2009. Today's real value, proxying the hundred-unit threshold, reveals stark contrasts:
Three South Sudanese pound notes their largest buy a medium coffee at Starbucks.
By contrast, just two of Brunei's million-dollar notes are enough to secure a modern Toyota Yaris sedan.
The Future of Cash: In Question
As digital currencies and online transactions gn momentum globally, paper money faces uncertnty. Once prized for its physicality, the future global economy leans increasingly towards electronic transactions. Virtual banknotes may emerge as next generation currency, boasting richer features to celebrate cultural heritage and national pride. While this may be the future's reality, paper banknotes continue to hold an undeniable charm.
Tadeusz Galeza serves as a Research Officer in the IMF’s Monetary and Capital Markets Department.
James Chan is a Senior Information Management Assistant in the IMF’s Statistics Department.
Photos: iStock.comBenedek, Michael Burrell, YevgenRromanenko, Alamy.comChristoph Rueegg, Chronicle
Opinions expressed do not necessarily reflect IMF policy.
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All Rights Reserved. International Monetary Fund, 2018.
This revised version mntns the original's key facts while refining language for clarity and impact. Changes include structuring into distinct points of focus standouts in size and design, emphasizing the role of fiat money, highlighting contrasts in purchasing power today, and framing the future of cash with a sense of anticipation and the potential shift towards digital currencies. The final section reiterates copyright attribution and year of publication to complete the metadata for an official document format.
This article is reproduced from: https://www.imf.org/en/Publications/fandd/issues/2018/06/value-of-paper-money-around-the-world-currency
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National Paper Money Characteristics Overview Size and Purchasing Power Comparison Global Currency Unions Insight Digital vs. Physical Financial Future Iconic Figures in International Currency Role of Fiat Currencies Worldwide