It’s safe to say that right now the world is going through through uncertain economic times. At the beginning of the COVID-19 pandemic massive business shutdowns, unemployment and fear spread through all nations worldwide. Many countries including the US issued economic relief payments as well as other benefits to citizens as a way to help them during shutdowns. However at the same time many economists predicted that massive spending would cause inflation in the future. Now after Trillions of dollars worth of bills passed by congress and mass economic hysteria some people are starting to feel the pinch at the pump due to increasing fuel prices and also at the grocery store when products are either now more expensive or their size has been cut down to compensate. Well during this time a small South American nation printed it’s Venezuela 1 Million Bolivares and served as an example as what goes in a country with mass inflation.
At one point in history, Venezuela was considered the richest country in Latin America due to it vast oil reserves but, in the recent years it has fallen on hard times due to economic mismanagement, corruption and international sanctions placed against the country. It has issued and then demonetized various series of currency in the last few years. At first their currency went all the way up to 100,000 Bolivares. At first people couldn’t believe the Venezuela 100,000 denomination but, that was only the tip of the iceberg.
Introduction of the Venezuela 1 Million
After demonetizing the old series of banknotes and launching a brand new series called the Soberano series the denominations started getting even bigger. It went from 2 Bolivares all the way to the Venezuela 1 Million Bolivar Soberano. On the front is a portrait of Simon Bolivar who is the face of revolution and independence. On the reverse is an image of the Campo Carabobo Monument as well as an image depicting the battle of Carabobo. The battle of Carabobo was fought between independence forces led by Simon Bolivar against loyalist forces. On the lower left hand corner is 200 year commemorative logo. There is also an image of the Venezuelan coat of arms.
In October of 2021 a new series of Venezuelan Bolivares were issued by the Central Bank of Venezuela. They range from 5 – 100 Bolivares. They old Venezuela 1 Million has 6 zeros removed so 1 of the old bills is now worth 1 Bolivar. Do you think the same thing will happen to this new series of banknotes?