Author Topic: Countries with their own banknotes but without their own current coins  (Read 269 times)

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Offline <k>

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Some countries use the currency of other countries, so I do not include them in this topic. Such countries are Ecuador, which uses the USD, and Montenegro, which uses the euro without the agreement of the EU. Some countries, such as Timor Leste and Panama, use their own coins but US banknotes.

Here I am interested only in countries with their own banknotes but without their own current coins.

See also the more general topic: Countries without their own currency.

 

« Last Edit: July 15, 2020, 04:13:00 PM by <k> »
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Offline <k>

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According to Wikipedia:

Currently, the smallest denomination in circulation in the Republic of Guinea is the 500 francs note, due to diminished purchasing power.

That fits my criteria. Do you know of any similar countries?
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Offline <k>

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Re: Countries with their own banknotes but without their own current coins
« Reply #2 on: October 09, 2020, 06:36:49 PM »
Interestingly, Guinea last issued a circulation coin in 1994.

I imagined that Guinea would now be part of the CFA franc union, but that is not the case.

Currently, 1000 Guinean francs is equivalent to 0.087 euros.

Time to redenominate your currency, Guinea!
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Offline Figleaf

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Re: Countries with their own banknotes but without their own current coins
« Reply #3 on: October 09, 2020, 10:23:54 PM »
In Uzbekistan, coins can only be found in tourist souvenir stands. The most used denomination is the 1000 s'om banknote, but it is possible to encounter the 500 s'om note (not the coin) in circulation. 1000 s'om is around 8 eurocents.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline <k>

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Re: Countries with their own banknotes but without their own current coins
« Reply #4 on: October 09, 2020, 10:59:58 PM »


Uzbekistan introduced a new coin series in 2018. Why aren't people using it?
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Offline Pabitra

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Re: Countries with their own banknotes but without their own current coins
« Reply #5 on: October 10, 2020, 04:56:59 AM »
Bhutan has been issuing its notes but not coins.
Indian coins are used but not that prominently.

Offline Figleaf

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Re: Countries with their own banknotes but without their own current coins
« Reply #6 on: October 10, 2020, 06:30:31 AM »
Uzbekistan introduced a new coin series in 2018. Why aren't people using it?

Most coins date from the reign of the previous president, Islam Karimov. He was an unreconstructed nationalist with KGB tendencies in the mould of Putin. Under communism, inflation "does not exist" (it does, but it takes other forms). Karimov therefore denied inflation - it ran to over 1000% shortly after independence - kept the currency inconvertible, banned export of foreign currency, forced a minimum of daily tourist expenses etc. The result was a black market for dollars and euros, of course.

Part of this policy was to issue coins and not issue high value banknotes. Coins were used for a while, but soon, people had large wads of banknotes only, practically all 1000 s'om notes. The 500 s'om notes were in very bad shape, the 2000 notes rarely encountered and the 5000 notes were a novelty item people would show their friends. The picture shows what I typically carried around.

When Karimov died in 2016, there was a power struggle. He was eventually succeeded by general Shavkat Mirziyoyev, who was far less beholden to KGB thinking (NOT difficult). Mirziyoyev made the currency convertible, exploding the black market. He's promoting tourism, but is still against any form of economic power he cannot control, though. In terms of purchasing power, I think the s'om is now overvalued, which explains why the 2018 coins are not used either.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline <k>

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Re: Countries with their own banknotes but without their own current coins
« Reply #7 on: October 10, 2020, 03:35:46 PM »
I think the s'om is now overvalued

I notice that you write s'om but the coins show so'm. What is the function of the apostrophe here?
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Offline Figleaf

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Re: Countries with their own banknotes but without their own current coins
« Reply #8 on: October 11, 2020, 12:05:48 AM »
True. My spelling error.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.