Hyperinflation Museum: Zimbabwe, 2007-2009
Zimbabwe's hyperinflation reached a peak of approximately 79.6 billion percent month-on-month in mid-November 2008, per economist Steve Hanke of the Cato Institute. Its final and most famous artifact is the 100 trillion dollar note (Pick P-91), dated 2008, released in January 2009, and withdrawn just three months later in April 2009. This is the definitive record of that crisis and the Trillion Series banknotes it left behind.
Pick P-91 Dated 2008 Fourteen zeros Demonetized 2015
Shop the Trillion Series See current prices
Last updated: July 2026
What was Zimbabwe's hyperinflation?
Zimbabwe's hyperinflation was the near-total collapse of the Zimbabwe dollar during the final years of the 2000s, when prices doubled in a matter of days and the Reserve Bank of Zimbabwe printed ever-larger denominations to keep cash usable.
Across roughly 2007 to 2009, the value of the Zimbabwe dollar fell so fast that the central bank issued a rapid succession of higher and higher notes. The Trillion Series, the 10, 20, 50, and 100 trillion dollar notes, was the last family of banknotes it produced before abandoning the currency. These notes were nearly worthless the day they entered circulation, which is exactly why they survive today in uncirculated condition: most were never spent.
The crisis ended in April 2009, when Zimbabwe abandoned its own dollar for a multi-currency system anchored on the US dollar and South African rand. The Zimbabwe dollar was formally demonetized in 2015 (Reuters, June 2015), so the notes have no exchange value now. Their entire worth is as history you can hold. For a wider view of currency collapses, see every hyperinflation ranked and the parallel case of Venezuela's bolivar collapse.
What is the timeline of the Zimbabwe dollar's collapse?
The 100 trillion dollar note was dated 2008, released in January 2009, withdrawn in April 2009, and the currency was formally demonetized in 2015. Below are the documented milestones, each tied to a named source.
| Date | Event | Source |
|---|---|---|
| 2008 | The 100 trillion dollar note (Pick P-91) is dated and printed during the hyperinflation crisis | Reserve Bank of Zimbabwe |
| Mid-November 2008 | Peak inflation reaches approximately 79.6 billion percent month-on-month | Steve Hanke, Cato Institute |
| January 2009 | The 100 trillion dollar note is released into circulation | Reserve Bank of Zimbabwe |
| April 2009 | The note is withdrawn as Zimbabwe adopts a multi-currency system | Reserve Bank of Zimbabwe |
| 2015 | The Zimbabwe dollar is formally demonetized | Reuters, June 2015 |
| July 2026 | Planet Banknote current retail: $198.17 raw UNC to $367 PMG 68 EPQ | Planet Banknote |
Planet Banknote current retail, July 2026. Prices change with inventory.
How bad did the inflation actually get?
At its worst, Zimbabwe's inflation reached approximately 79.6 billion percent month-on-month in mid-November 2008, per economist Steve Hanke of the Cato Institute, meaning prices were roughly doubling every day.
That figure is the reason the denominations climbed into the trillions. A single 100 trillion dollar note, written out, reads 100,000,000,000,000 dollars: a one followed by fourteen zeros. It is the highest-denomination banknote of the modern era. It is not, however, the highest denomination ever printed. Higher face values appeared earlier, most notably in Hungary's 1946 pengo series, so we describe the Zimbabwe note by its accurate title rather than an overstated one.
After the currency's collapse, surviving uncirculated notes appreciated substantially, a shift documented by The Guardian in 2016. For grade-by-grade pricing over time, see our 100 trillion price index.
What is the Zimbabwe Trillion Series?
The Trillion Series is the set of 10, 20, 50, and 100 trillion dollar notes (Pick P-88 through P-91), the last banknotes the Reserve Bank of Zimbabwe issued before withdrawing its dollar in April 2009.
Planet Banknote stocks the series raw and certified. The values below are Planet Banknote current retail as of July 2026 and change with inventory. Where a denomination is not currently held in standing stock, we say so rather than quote a price we cannot back.
| Denomination | Pick number | What Planet Banknote stocks | Current retail (July 2026) |
|---|---|---|---|
| 10 Trillion | P-88 | Sets and bundles as available | Ask for availability |
| 20 Trillion | P-89 | 5-note consecutive AA set | $189 per set |
| 50 Trillion | P-90 | Raw UNC (AA prefix), PMG 65 to 66 | $119 raw; $139 to $159 graded |
| 100 Trillion | P-91 | Raw UNC (AA prefix), PMG 65 to 68 EPQ, PCGS 68 PPQ, 100-note bundle with COA | $198.17 raw; $209 to $367 graded |
Planet Banknote current retail, July 2026. Prices change with inventory.
Browse the full lineup in the Zimbabwe Trillion Series collection, or pair the notes with other crises in a ready-made hyperinflation set. For a deeper look at what drives each grade, read the 100 trillion value guide.
What does the Zimbabwe 100 trillion dollar note look like?
The front of the 100 trillion dollar note shows the Chiremba Balancing Rocks, the granite formation near Epworth outside Harare, not a portrait of Robert Mugabe and not a rhinoceros.
The Balancing Rocks appeared on Zimbabwean money for decades and are the note's defining image, alongside the large 100,000,000,000,000 denomination. The back is commonly described as depicting a Cape buffalo and the Victoria Falls, per the Wikipedia entry for the note. If you have seen the front described as showing Mugabe or a rhino, that is a persistent error worth correcting: the front is the Balancing Rocks.
How do you tell a real Zimbabwe 100 trillion note from a fake?
A genuine 100 trillion dollar note has no watermark. Authenticate it instead by its embedded security thread and by the Zimbabwe Bird silhouette printed in color-shifting ink, which changes hue as you tilt the note.
Because this note is heavily counterfeited and often misdescribed, the security features matter more than the paper's general appearance. The thread is woven into the note, and the color-shifting Zimbabwe Bird is difficult to reproduce, so a flat, non-shifting image is a common counterfeit tell. For a full, feature-by-feature checklist with what to look for and what the fakes get wrong, see our 100 trillion authentication reference.
Every note Planet Banknote sells is inspected through our Planet Banknote Verified process and ships with a free Certificate of Authenticity. If you want the strongest guarantee, buy a note already certified by PMG or PCGS from our graded banknotes. Grading terms are explained in the banknote grading guide.
Explore the collection
- Zimbabwe Trillion Series collection: the full 10T, 20T, 50T, and 100T lineup, raw and certified.
- 100 trillion value guide: what a note is worth by grade and what drives the price.
- 100 trillion price index: our first-party, grade-specific price data, updated monthly.
- 100 trillion authentication reference: the security thread, color-shifting Zimbabwe Bird, and counterfeit tells.
- Hyperinflation sets: multi-crisis collections that pair Zimbabwe with other collapses.
- All Zimbabwe banknotes: the complete country collection.
Frequently asked questions
When was the Zimbabwe 100 trillion dollar note issued and withdrawn?
The 100 trillion dollar note (Pick P-91) is dated 2008, was released into circulation in January 2009, and was withdrawn in April 2009 when Zimbabwe abandoned its dollar for a multi-currency system. The Zimbabwe dollar was formally demonetized in 2015 (Reuters, June 2015), so the note no longer has any exchange value.
How bad did Zimbabwe's inflation actually get?
At its worst, Zimbabwe's inflation reached approximately 79.6 billion percent month-on-month in mid-November 2008, per economist Steve Hanke of the Cato Institute. At that rate prices were roughly doubling every day, which is why the Reserve Bank of Zimbabwe issued notes as large as 100 trillion dollars.
Is the Zimbabwe 100 trillion dollar note the highest denomination ever printed?
No. It is the highest-denomination banknote of the modern era, carrying fourteen zeros (100,000,000,000,000 dollars), but higher face values were printed earlier, most notably in Hungary's 1946 pengo series. Planet Banknote describes it by that accurate title rather than claiming it is the highest denomination ever printed.
What is pictured on the front of the Zimbabwe 100 trillion dollar note?
The front shows the Chiremba Balancing Rocks, the granite formation near Epworth outside Harare, not a portrait of Robert Mugabe and not a rhinoceros. The Balancing Rocks appeared on Zimbabwean currency for decades and are the note's defining image.
How can I tell if a Zimbabwe 100 trillion dollar note is real?
A genuine note has no watermark. Authenticate it by its embedded security thread and by the Zimbabwe Bird silhouette printed in color-shifting ink that changes hue as you tilt the note. The safest routes are buying a note already certified by PMG or PCGS, or buying from a source-first dealer that ships a free Certificate of Authenticity with every order.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.