500 Bolívares

Venezuela's late-1990s monetary situation was deteriorating sharply — oil revenues had collapsed, inflation was running above 30% annually, and the bolívar was losing ground steadily against the dollar. Striking a 500-bolívar coin in nickel-plated steel rather than a more expensive alloy was a direct cost-containment response. Within a few years the denomination was effectively worthless in purchasing power terms.

Hugo Chávez won the presidential election in December 1998, mid-way through this coin's production window. The monetary redenomination that eventually followed in 2008 wiped out three zeros from the bolívar, making the 500-bolívar piece worth half a single new bolívar fuerte.