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Hyperinflation occurs whenever a country's currency is created at a rate that is too high. Money eventually loses its power and value because it is too plentiful.  The history of hyperinflation in Zimbabwe is long and one of a government slowly derailing.

Originally, the Zimbabwe dollar had a high value. In fact, the Zimbabwe dollar has had a higher value than the US dollar since its origins in the 1980s. The early years of Zimbabwe's economy were one of great growth and development. Various industries and crops flourished, and so did Zimbabwe's economy.

However, under the rule of President Robert Mugabe, the tide began to turn. In the early 1990s, with the help of the World Bank, Mugabe decided to create an economic structural adjustment program. This ESAP would start the gradual fall of Zimbabwe's currency.

As a result of this readjustment, the government enforced various land redistributions and land reforms. This postponement of land reform would not only contribute to the decline of the economy; Many claim Mugabe's actions were racist. Mugabe's government took land from white farmers and redistributed it to black farmers to right the injustices of colonialism. What Mugabe's government didn't know was that many of these black farmers were unwilling to tend to the new land, and so many crops and industries began to decline.

Once these various crops and industries began to fall, the rest of the domino effect began. The banking sector collapsed as soon as the farmers could no longer get credit. The food production rate fell by almost half its percentage, and therefore production rates also fell. Eventually, unemployment rose to a staggering 80% and life expectancy fell.

All these terrible consequences affected the monetary value of Zimbabwe currency for various reasons. Simultaneously with the steady decline in home life, the Mugabe government was rapidly producing money to fund its efforts with the Democratic Republic of the Congo and the Second Congo War. The government has not honestly reported its spending to the International Monetary Fund, so there has been no record of the country's imminent demise.

Aside from the war effort, there were several other reasons for the eventual hyperinflation of the Zimbabwean currency. Due to the corrupt government, many officials were overpaid and people had no confidence in their government's abilities. This disloyalty towards a country's government tends to undermine confidence in the currency.

The timeline of currency hyperinflation in Zimbabwe

Follow this timeline for a glimpse of the time it took for Zimbabwe's currency to collapse.

April 1980

The very first Zimbabwean Dollar is created to replace the Rhodesian Dollar. A number of Zimbabwean banknotes are issued. These denominations range from $2 to $20.

1994–2006

The Reserve Bank distributes many different bills ranging from $2 to $100. Once inflation begins to hit the country's economy, the currency begins to lose strength and hence the $500 and $1,000 are issued between 2001 and 2005. By 2006, Zimbabwe welcomed the introduction of the $50,000 and $100,000 banknotes.

1. Aug 2006

Government begins attempting currency reform to curb inflation. The new denomination of the Zimbabwe dollar eliminates three zeros from the old dollar; Therefore, the second Zimbabwe dollar will be revalued to one dollar, which would be equivalent to $1,000 in the old currency.

1. July 2007

About a year later, the government creates the $500,000 bill. According to the official exchange rate, this extremely large Zimbabwe currency was worth around $16.00 in US dollars.

31 December 2007

Towards the end of the year, the government issues the $750,000 bill. This currency was worth about $25.00 in US currency.

1. January 2008

The next day the government introduces the $1 million, $5 million, and $10 million.

2. April 2008

The $25 million and $50 million bills are introduced. Here are a few prices that were common during that era: a t-shirt cost around $276.5 million and a pair of colors could cost $2.65 billion. Local produce that sells by the millions and two beers and a bottle of water would cost you around $1 billion.

2. May 2008

Annual inflation now tops 100,000% and the $100 million, $250 million, and $500 million bills are introduced.

15 May 2008

A few days later, the $5 billion, $25 billion, and $50 billion bearer notes are introduced.

1. July 2008

On this day, the $100 billion bill is introduced, and with that bill, everyone would buy about three eggs.

1. Aug 2008

The government is now making another attempt at currency reform by eliminating ten zeros from every Zimbabwe dollar. The third Zimbabwe dollar is now worth 10 billion old dollars - the second Zimbabwe dollar. However, despite this new implementation, inflation continues to rise.

29 Sep 2008

The new $10,000 and $20,000 bills are introduced.

13. October 2008

The new $50,000 bill is issued.

5. Nov 2008

The $100,000 and $500,000 bills are printed.

4. December 2008

The government issues it 1 million dollars, 10 million dollars, 50 million dollars, and the 100 million dollars Dollar banknotes.

14 December 2008

About ten days later, the government is slowly issuing the new banknotes 200 million dollars And 500 million dollars. Five days later, the government issued the 1 billion dollars, 5 billion dollars And 10 billion dollars Bills.

12. January 2009

The new 20 billion dollars And 50 billion dollars Invoices are introduced.

16 January 2009

The government hits new highs with the introduction of these new banknotes: the 10 trillion dollars, 20 trillion dollars, 50 trillion dollars and even the 100 trillion dollar bill.

3. February 2009

The Reserve Bank of Zimbabwe adopts and introduces the fourth Zimbabwe dollar, which eliminates twelve zeros from old banknotes. This makes $1 trillion equal to one new dollar. The new denominations issued are: $1, $5, $10, $20, $50, $100 and $500; However, many are beginning to adopt foreign currencies such as the US dollar and South African rand. Zimbabwe's currency is obsolete and no longer used.