...Venezuela - 2021 to 2023 Full Set Currency Reform 1:1,000,000 Bolivares

Republica Bolivariana de Venezuela

(Bolivarian Republic of Venezuela)

Banco Central de Venezuela (BCV)

(Central Bank of Venezuela)

Currency - Bolivar (VEF)

 

Here is a full set of seven notes issued between 2021 and 2023 following the country's currency reform. This series replaces the previous currency reform of 2018. This series is to reduce six zeros from the previous issues. The reform is one new bolivares for 1,000,000 old bolivares. In the previous series, the central bank issued three hyperinflation notes of 200,000, 500,000 and 1,000,000 bolivares. 

Venezuela has a history of economic instability that led to high inflation which first started in 1983. In the mid to late 90s, high denomination notes were issued to meet the demand for larger banknotes. Since then, the country has gone through a few currency reforms, and this is the third time that the country is having it's currency reformed. 

The design for the first five notes from 5 to 100 bolivares are all the same, with the date of 29.04.2021, same signatures, same designs albeit different colours. The format for this series is that all notes are printed in vertical format and horizontal on the back.

 

Five Bolívares

 

President BCV - Calixto Ortega Sanchez (tenure 2018-)

First Vice President - Sohail Hernandez Parra (tenure 2018-)

Watermarks - Simon Bolivar and electrotype BCV

Date - 29 De Abril De 2021  

Dimensions - 69.5mm x 156.5mm

 

Front - On the front, and like many of those previously issued is the portrait of Simon Bolivar (b.1783-1830). His full name is Simon Jose Antonio de la Santisima Trinidad Bolivar Palacios Ponte y Blanco. Needless to say, the currency of Bolivar is named after him. The Bolivar was first adopted back in 1940. Prior to that, the currency of Venezuela was called Peso.

 

Back - The Triumphal arch at the Field of Battle Carabobo monument which is located approximately 30 kilometers southwest of Valencia city. This is also where the Battle of Carabobo was fought and gained independence from the Spanish. The independence fighters were led by General Simon Bolivar. This arch was erected in 1921 to celebrate the centennial of the battle. To the right is the scene of the Battle of Carabobo fought on 24.06.1821.

Ten Bolívares

 

President BCV - Calixto Ortega Sanchez (tenure 2018-)

First Vice President - Sohail Hernandez Parra (tenure 2018-)

Watermarks - Simon Bolivar and electrotype BCV

Date - 29 De Abril De 2021  

Dimensions - 69.5mm x 157mm

 

Front - No doubt Simon Bolivar is considered as a national hero in Venezuela. He was born in Caracas, the capital city of Venezuela. He came from a wealthy family and had his early education in Spain. In Venezuela, his birthday is a public holiday and is celebrated on 24th of July (his birthday anniversary).

 

Back - The Triumphal arch at the Field of Battle Carabobo monument which is located approximately 30 kilometers southwest of Valencia city. This is also where the Battle of Carabobo was fought and gained independence from the Spanish. The independence fighters were led by General Simon Bolivar. This arch was erected in 1921 to celebrate the centennial of the battle. To the right is the scene of the Battle of Carabobo fought on 24.06.1821. 

 

Twenty Bolívares

 

President BCV - Calixto Ortega Sanchez (tenure 2018-)

First Vice President - Sohail Hernandez Parra (tenure 2018-)

Watermarks - Simon Bolivar and electrotype BCV

Date - 29 De Abril De 2021  

Dimensions - 69.5mm x 157mm

 

Front - During his lifetime, he was involved in gaining independence from Spain to what we all know today as Colombia (including Ecuador, Panama and Venezuela), Peru, Bolivia and Venezuela. Due to his military success, he was the President of Colombia (1819-1830), President of Peru (1824-1827) and President of Bolivia (45 days from 06.08.1825). 

Back - The Triumphal arch at the Field of Battle Carabobo monument which is located approximately 30 kilometers southwest of Valencia city. This is also where the Battle of Carabobo was fought and gained independence from the Spanish. The independence fighters were led by General Simon Bolivar. This arch was erected in 1921 to celebrate the centennial of the battle. To the right is the scene of the Battle of Carabobo fought on 24.06.1821. 

 

Fifty Bolívares

 

President BCV - Calixto Ortega Sanchez (tenure 2018-)

First Vice President - Sohail Hernandez Parra (tenure 2018-)

Watermarks - Simon Bolivar and electrotype BCV

Date - 29 De Abril De 2021  

Dimensions - 69.5mm x 157mm

 

Front - He resigned as the President of Colombia on 27.04.1830 and died almost 8 months later in Colombia on 17.12.1830 as the relatively young age of 47 years old. He died reportedly from tuberculosis.

Back - The Triumphal arch at the Field of Battle Carabobo monument which is located approximately 30 kilometers southwest of Valencia city. This is also where the Battle of Carabobo was fought and gained independence from the Spanish. The independence fighters were led by General Simon Bolivar. This arch was erected in 1921 to celebrate the centennial of the battle. To the right is the scene of the Battle of Carabobo fought on 24.06.1821. 

 

One Hundred Bolívares

 

President BCV - Calixto Ortega Sanchez (tenure 2018-)

First Vice President - Sohail Hernandez Parra (tenure 2018-)

Watermarks - Simon Bolivar and electrotype BCV

Date - 29 De Abril De 2021 

Dimensions - 69.5mm x 157mm

Front - On the front of the first five notes (5 to 100 bolivares), the designs are the same as those previously issued.

Back - The Triumphal arch at the Field of Battle Carabobo monument which is located approximately 30 kilometers southwest of Valencia city. This is also where the Battle of Carabobo was fought and gained independence from the Spanish. The independence fighters were led by General Simon Bolivar. This arch was erected in 1921 to celebrate the centennial of the battle. To the right is the scene of the Battle of Carabobo fought on 24.06.1821. 

Two Hundred Bolívares

 

President BCV - Calixto Ortega Sanchez (tenure 2018-)

First Vice President - Sohail Hernandez Parra (tenure 2018-)

Watermarks - Simon Bolivar and electrotype BCV

Date - 17 De Agosto De 2023 

Dimensions -69.5mm x 156.5mm

Front - Three different portraits of Simon Bolivar. Above the portraits is the outline drawing of the General Rafael Urdaneta Bridge located at the Tablazo Strait outlet of Lake Maracaibo in western Venezuela.

Back - To the left is the image of the General Rafael Urdaneta Bridge. This bridge took four years to construct and was completed in 1962 at a cost of 350 million bolivares. Next to the bridge is the scene of the Battle of Lake Maracaibo (or Naval Battle of the Lake). This battle was fought between the forces of the Republican and the Royalist of the Spanish monarchy. The battle was fought on 24.07.1823 and won by the Republican forces.

 

Five Hundred Bolívares

 

President BCV - Calixto Ortega Sanchez (tenure 2018-)

First Vice President - Sohail Hernandez Parra (tenure 2018-)

Watermarks - Simon Bolivar and electrotype BCV

Date - 17 De Agosto De 2023

Dimensions - 70mm x 156.5mm

 

Front - Three different portraits of Simon Bolivar. Above the portraits is the outline drawing of the General Rafael Urdaneta Bridge located at the Tablazo Strait outlet of Lake Maracaibo in western Venezuela.

 

Back - To the left is the image of the General Rafael Urdaneta Bridge, and the scene of the Battle of Lake Maracaibo (or Naval Battle of the Lake). This battle only lasted for two hours and the casualties and losses were 44 killed, 437 captured and 164 wounded.

 

On the back all the seven notes are printed with the celebration of  the 200th Year of the Battle of Carabobo (1821-2021). The Battle of Carabobo was fought between the forces led by General Simon Bolivar and the Spanish forces led by Field Marshal Miguel de la Torre, which led to the independence of Venezuela.

...Venezuela - 200000, 500000 1000000 (Commemorative) All Dated 03.09.2020

 Republica Bolivariana de Venezuela

(Bolivarian Republic of Venezuela)

Banco Central de Venezuela (BCV)

(Central Bank of Venezuela)

Currency - Bolivar (VEF)

 

Here are three hyperinflation banknotes of 200,000, 500,000 and 1,000,000 bolivares all printed with the date of 03.09.2020. It is not sure if these notes are still worth the paper printed on. The instability of the bolivar started in 2016 due to ongoing socioeconomic and political crises. Whilst the current highest value is 1,000,000 bolivares, going forward, we may see even higher denominations released if the situation does not improve. The bolivares are so weak and worthless that even the Venezuelans used them as materials to make into art and craft items for sale. Cash was scattered in the street during the Presidential crises that no one even bothered to pick them up. Talk about free cash popping up in the streets! 

 

The designs for the 200,000 and 500,000 bolivares are the same as those issued in 2019 with Venezuelan hero General Simon Bolivar (b.1783-1830) portrait printed on the front and on the back, printed with National Pantheon in Caracas and Mausoleo Del Libertador Simon Bolivar (Mausoleum of the Liberator Simon Bolivar).

 

Unlike the above two notes, the 1,000,000 bolivares note is a commemorative banknote. This note is issued to celebrate the 200th Year of the Battle of Carabobo (1821-2021). The Battle of Carabobo was fought between the forces led by General Simon Bolivar and the Spanish forces led by Field Marshal Miguel de la Torre, which led to the independence of Venezuela. On the front of this note, the design is the same as those 200,000 and 500,000 bolivares.

 

It should be noted that the 1.0M bolivares is the largest denomination ever issued in the modern history of Venezuela. Seeing these hyperinflation banknotes reminded me that many countries, at one stage, had gone through the same experience as well, countries like Hungary, Germany, China, Yugoslavia, Brazil, Argentina, Iran and Zimbabwe, to name a few. Some countries opted to control the runaway inflation rates by totally abandoning its own currency by adopting strong foreign and stable currencies instead to stabilise the situation and to bring back some forms of economic normality back into the systems. The most common currencies adopted are the US greenback and the Euro and in the case of Zimbabwe, it accepts the South African rand, Chinese yuan, British pound and others too etc.

Signatures

President (BCV) - Calixto Ortega Sanchez

Vice President (BCV) - Sohail Hernandez

Dimensions - 157mm x 69mm (all three notes)

 

Two Hundred Thousand Bolivar

Dated 2020, General Simon Bolivar (b.1783-1830)

National Pantheon in Caracas and Mausoleo Del Libertador Simon Bolivar (Mausoleum of the Liberator Simon Bolivar)

Five Hundred Thousand Bolivares

Dated 2020, General Simon Bolivar (b.1783-1830)

National Pantheon in Caracas and Mausoleo Del Libertador Simon Bolivar (Mausoleum of the Liberator Simon Bolivar)

One Million Bolivares (Commemorative - 200th year of the Battle of Carabobo 1821-2021)

Dated 2020, General Simon Bolivar (b.1783-1830)

Scene of the Battle of Carabobo

..Venezuela - 2019 Prints of 10000, 20000 and 50000 Bolivares Thin Security Thread Russian Prints

Republica Bolivariana de Venezuela

(Bolivarian Republic of Venezuela)

Banco Central de Venezuela (BCV)

(Central Bank of Venezuela)

Currency - Bolivar (VEF)

 

These banknotes of Venezuela remind me of those notes issued by Zimbabwe not long ago. Here I have posted three notes of 10,000, 20,000 and 50,000 of bolivares all dated 22.01.2019. The Bolivarian Revolution is an ongoing socioeconomic and political crises that started during the presidency of the late Hugo Chavez (b.1954) and has continued since his passing in 2013. The crises led to the country experiencing hyperinflation, and resulted in massive emigration into neighbouring countries surrounding Venezuela. This economic crises continued as a result of low oil prices, a drop in oil production caused by lack of maintenance and investments resulted from sanction imposed by the western world (Europe and North America). Even the bulk of the South American countries have some form of restrictions or sanction against the officials of Venezuela. To put politics aside, whenever a country is going through a tough time, only the common people suffer.

Whilst higher value of currencies were issued in the last 1990s and in the 2000s, Venezuela went through a currency reform in 2007. However, in 2016, the central bank issued high value banknotes again to curb the runaway hyperinflation. I remembered some years ago that a 100 bolivars would command a reasonably resale value. Today, it may not even worth the paper it was printed on.

Below are three of the hyperinflation banknotes all printed with the date of 22.01.2019. There are two versions of this issue. The notes that I have posted here all have thin security segmented thread and are reportedly printed in Russia. The design and release of these notes must be done in a hurry as they are all identical except the denomination values. The notes are all printed in mono colour too. Since then, larger banknotes have been issued.

 

Designs:

Front - Simon Bolivar (b.1783-1830)

Back - National Pantheon in Caracas and Mausoleo Del Libertador Simon Bolivar (Mausoleum of the Liberator Simon Bolivar)

Signatures

President (BCV) - Calixto Ortega Sanchez

Vice President (BCV) - Sohail Hernandez

Dimensions - 156.5mm x 69mm (all three notes)

Ten Thousand Bolivares

Dated 22.01.2019, Simon Bolivar

National Pantheon in Caracas, Mausoleo Del Libertador Simon Bolivar

Twenty Thousand Bolivares

Dated 22.01.2019, Simon Bolivar

National Pantheon in Caracas, Mausoleo Del Libertador Simon Bolivar

Fifty Thousand Bolivares

Dated 22.01.2019, Simon Bolivar

National Pantheon in Caracas, Mausoleo Del Libertador Simon Bolivar

..Venezuela - 2018 Prints from 2 to 500 Bolivares

 Republica Bolivariana de Venezuela

(Bolivarian Republic of Venezuela)

Banco Central de Venezuela (BCV)

(Central Bank of Venezuela)

Currency - Bolivar (VEF)

 

Here is a full set of Venezuelan banknotes from 2 to 500 bolivares all printed with the year date of 2018. These notes have since been replaced by much higher denomination of banknotes mainly due to the current ongoing socioeconomic crises and the run away hyperinflation the country is facing. These notes are now worth less than the paper it's printed on, as the highest value of note issued is now 1,000,000 bolivares. In fact, these notes are now worthless to the Venezuelans. Given that these are worthless, there are no shortage of supply, especially in uncirculated conditions. Despite these notes have no purchasing power, there are still worth something to collectors. Collecting them are just like collecting those Zimbabwe worthless notes issued in the 2000s.

The themes for this series are famous people on the front and wild animals and national parks on the back. Whilst I have all the notes here, this is not a full set as there are reprints for some denominations specially for those higher value which I do not have. The first issues are all dated 15.01.2018. All notes are printed vertically on the front and horizontal on the back.

 

Signatures

President (BCV) - Calixto Ortega Sanchez

Vice President (BCV) - Sohail Hernandez

Dimensions - 157mm x 69mm (for all notes)

 

Two Bolivares

Dated 15.01.2018, Josefa Camejo

Cotorra cabeciamarilla parrot, National Park Morocoy, Cayo Sal

 Five Bolivares

Dated 15.01.2018, José Félix Ribas (by Martín Tovar y Tovar)

Sapito rayado frog, National Park "Henri Pittier", Valles de Aragua

Ten Bolivares

Dated 15.01.2018, General Rafael Urdaneta

Oso palmero ant eater, National Park "Ciénagas de Juan Manuel"

 Twenty Bolivares

Dated 15.01.2018, Simón Rodríguez

Jaguar, National Park "Waraira Repano", Caracas

 Fifty Bolivares

Dated 18.05.2018, Antonio José de Sucre

Cunaguaro, National Park "Península de Paria", Playa Medina

One Hundred Bolivares

Dated 15.01.2018, Ezequiel Zamora

Guacamayo verde bird, National Park "Waraira Repano", Caracas

Two Hundred Bolivares

Dated 13.05.2018, Francisco de Miranda

Guacamayo verde bird, National Park "Waraira Repano", Caracas

Five Hundred Bolivares

Dated 15.01.2018, Simón Bolívar

Turpial bird, National Park "Macarao", Caracas

 

Five Hundred Bolivares

Dated 18.05.2018, Simón Bolívar

Turpial bird, National Park "Macarao", Caracas

 

 

Venezuela - 2008 Reprints

Two Bolivares (replacement)

Dated 2008

Reverse

Five Bolivares

Dated 19.12.2008, P89c

Reverse

Twenty Bolivares

Dated 2008

Reverse

Fifty Bolivares

Dated 19.12.2008, P92b

Reverse

 One Hundred Bolivares

Dated 19.12.2008, P93b

Reverse

A complete set of the 2008 reprints all dated 19.12.2008. Whilst this is a full set, the denomination of 10 Bolivares was not printed/issued for this series. The 10 Bolivares denomination was part of the currency reform first issued in 2007, and the first reprint was printed with the date of 03.09.2009.