The ZiG — short for Zimbabwe Gold — was introduced in April 2024 as Zimbabwe's sixth attempt at a stable currency since 2008, this time explicitly backed by gold reserves and foreign currency held at the Reserve Bank. The ZiG replaced the Zimbabwe Gold dollar, itself only introduced in 2023, after that currency lost roughly 80% of its value in under a year.
The nickel-plated steel composition of the lower denominations reflects the same constraint that doomed previous issues: insufficient hard-currency reserves to back physical coinage in anything more durable.
The ZiG — short for Zimbabwe Gold — was introduced in April 2024 as Zimbabwe's sixth attempt at a stable currency since 2008, this time explicitly backed by gold reserves and foreign currency held at the Reserve Bank. The ZiG replaced the Zimbabwe Gold dollar, itself only introduced in 2023, after that currency lost roughly 80% of its value in under a year.
The nickel-plated steel composition of the lower denominations reflects the same constraint that doomed previous issues: insufficient hard-currency reserves to back physical coinage in anything more durable.