Bolivia Banknotes: Hyperinflation History & Collecting Guide
In 1985 Bolivia's money was failing so fast that the central bank paid the country in checks. Months later, one decree stopped the collapse almost overnight. Few countries offer collectors a more complete hyperinflation story on paper.
Last updated: July 2026
Bolivia's currency is the boliviano, issued by the Banco Central de Bolivia, and the country has carried that name twice, before 1963 and again from 1987, with the hyperinflation-scarred peso boliviano in between. The 1984 to 1985 hyperinflation that destroyed the peso boliviano is one of the classic modern cases, and it left behind some of the most story-rich paper in world collecting: seven-figure denominations, central bank checks that circulated as cash, and overprints that erased six zeros at a stroke. This hub covers the currency history, the crisis, the famous stabilization, and how to collect it all.
What currency does Bolivia use, and what came before it?
Bolivia has named its currency the boliviano twice. The first boliviano was introduced in 1864, replacing the sol, and served for almost a century. On January 1, 1963 it gave way to the peso boliviano at 1,000 to 1, a redenomination meant to trim accumulated inflation off the books.
The peso boliviano lasted 24 years and ended spectacularly. After the hyperinflation of 1984 and 1985, Bolivia announced a currency reform on December 30, 1986, and on January 1, 1987 a new boliviano replaced the peso boliviano at 1,000,000 to 1. That boliviano, divided into 100 centavos and issued by the Banco Central de Bolivia, remains Bolivia's currency today.
How bad was Bolivia's 1984 to 1985 hyperinflation?
Severe enough to become a textbook case. The Hanke-Krus World Hyperinflation Table (Cato Institute) records Bolivia's episode running from April 1984 to September 1985, peaking in February 1985, when prices rose 183 percent in a single month. That works out to an equivalent daily inflation rate of 3.53 percent, with prices doubling roughly every 20 days. What made Bolivia a case economists still study is that it happened in a peacetime democracy: a government squeezed by a debt crisis covered its deficits with the printing press, and the money collapsed.
The paper trail is what makes the episode so collectible. Regular peso boliviano banknotes topped out at 100,000 pesos in 1984, and printing could not keep pace with prices. So the Banco Central de Bolivia pressed cheques de gerencia, bank manager's checks, into service as circulating currency, in denominations that climbed to 10 million pesos bolivianos by 1985. A nation literally spending checks as cash is one of the strangest artifacts in modern paper money. To see where Bolivia's 183 percent peak sits against Hungary, Zimbabwe, and Venezuela, see every hyperinflation ranked.
How did Bolivia stop its hyperinflation?
With one of the most famous stabilizations on record. On August 29, 1985, President Victor Paz Estenssoro, back in office for his fourth term, promulgated Supreme Decree 21060, the centerpiece of a New Economic Policy that freed prices, unified the exchange rate, and attacked the deficit that had been feeding the printing press. A young Harvard economist named Jeffrey Sachs advised the program. The turnaround was remarkably fast: the Hanke-Krus table records Bolivia's hyperinflation ending in September 1985, within weeks of the decree.
The redenomination followed on January 1, 1987, when the boliviano replaced the peso boliviano at 1,000,000 to 1. In a fitting coda, leftover cheques de gerencia were overprinted with new values from 1 centavo to 10 bolivianos, so a single piece of paper can show both sides of the million-to-one conversion.
Which Bolivian banknotes are most collectible?
Bolivia rewards collectors who love a story, because each era left a distinct family of paper. The table below maps the main types. It stays general on purpose: individual notes vary by series, signature, and condition, so treat it as a map rather than a price list.
| Era | Years | What collectors look for |
|---|---|---|
| First boliviano | 1864 to 1963 | The oldest Bolivian paper, scarcer and condition-sensitive, covering nearly a century before the crisis era. |
| Peso boliviano banknotes | 1963 to 1984 | Affordable type notes that end with the 50,000 and 100,000 peso issues of 1984 as inflation took hold. |
| Cheques de gerencia | 1984 to 1985 | The signature Bolivian hyperinflation collectible: central bank checks that circulated as cash, climbing to 10 million pesos. |
| Overprinted cheques | 1987 | Transition pieces overprinted from 1 centavo to 10 bolivianos, the million-to-one conversion visible on one note. |
| Boliviano (current) | 1987 to present | Modern series from the stabilized era, an easy and inexpensive way to finish the set. |
The high-denomination pieces of 1984 and 1985 are the headline collectibles, and many wear the words Cheque de Gerencia across the face, which makes their origin as bank checks unmistakable. As with all crisis paper, condition drives value, so learn the ladder from Uncirculated on down in our banknote grading guide, and keep our banknote glossary handy for terms like overprint and redenomination.
Where can you buy Bolivian banknotes?
Bolivian crisis notes usually enter collections as part of a broader hyperinflation theme, alongside Weimar Germany, Hungary, Zimbabwe, and Venezuela. Inventory changes constantly, so rather than promise any specific Bolivian note is in stock, we point you to the live categories: browse hyperinflation sets for curated crisis-currency collections, the full country directory for current world paper money, and graded banknotes if you want PMG or PCGS certified examples. New to the hobby? Our guide to collecting world banknotes shows how to build a themed set from scratch.
Frequently asked questions
What currency does Bolivia use today?
Bolivia uses the boliviano, divided into 100 centavos and issued by the Banco Central de Bolivia. It was introduced on January 1, 1987, replacing the peso boliviano at a rate of 1,000,000 to 1 after the hyperinflation of 1984 and 1985. It is the second Bolivian currency to carry the name: the first boliviano served from 1864 until 1963.
How bad was Bolivia's hyperinflation?
The Hanke-Krus World Hyperinflation Table (Cato Institute) records Bolivia's hyperinflation lasting from April 1984 to September 1985. In the peak month, February 1985, prices rose 183 percent, an equivalent daily rate of 3.53 percent, with prices doubling roughly every 20 days. That places Bolivia among the classic modern hyperinflations, one of several Latin American episodes of the era alongside Argentina, Peru, and Brazil.
What was Supreme Decree 21060?
Supreme Decree 21060 was the stabilization package promulgated by President Victor Paz Estenssoro on August 29, 1985. Known as the New Economic Policy, it freed prices, unified the exchange rate, and attacked the deficit that had been financed by money printing, with economist Jeffrey Sachs advising the program. The Hanke-Krus table records Bolivia's hyperinflation ending in September 1985, within weeks of the decree.
What is a cheque de gerencia?
A cheque de gerencia is a bank manager's check. During the 1984 to 1985 hyperinflation the Banco Central de Bolivia issued these checks as circulating currency because regular banknotes, which topped out at 100,000 pesos bolivianos, could no longer keep up with prices. Denominations climbed to 10 million pesos bolivianos by 1985, and after the 1987 reform leftover cheques were overprinted with new values from 1 centavo to 10 bolivianos.
Are old Bolivian peso notes worth anything?
Only as collectibles. The peso boliviano was replaced by the boliviano in 1987 and no longer circulates, so its value today is collector value. That depends on denomination, series, and above all condition, with crisp Uncirculated examples in the strongest demand. The high-denomination hyperinflation pieces of 1984 and 1985 and the 1987 overprinted cheques are the most sought-after types from the era.
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