Least valued currency unit

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The least valued currency unit is the currency in which a single unit buys the least number of any given other currency or the smallest amount of a given good. Most commonly, the calculation is made against a major reserve currency such as the United States dollar (USD) or the euro (EUR). Sub-units are not considered when looking for the least valued currency: for example, while a British pound sterling might be considered, a British penny would not be.

Contents

[edit] Current least valued currency units

As of May 19, 2009, there were 43 currencies for which 1 USD was worth over 100 units.

In addition:

  • The Turkmenistani manat was redenominated at a ratio of 5000 to 1 on January 1, 2009. Therefore, the exchange rate of 14,250 manats [1] (24,000 manats parallel rate [2]) was cut to 2.85 new manats (4.8 new manats parallel rate).
  • Zimbabwe's currency, the Zimbabwean dollar, is suspended for at least one year effective from 12 April 2009, and it is not included in this list.
  • It should be noted that the Vietnamese đồng is currently the least valued currency unit in terms of official rate (17,781 đồng per US dollar).
No. State Currency Abbr 1 US dollar
= (as of May 19, 2009)		 1 Euro =
(as of May 19, 2009)		 Highest valued coin
(if any)		 Highest valued banknote Notes
1.  Somalia shilling SOS 28,250 [3] 38,510 None in use 1,000 (3¢) Official rate: 1 USD = 1,400.5 SOS
2.  Vietnam đồng VND 17,781.50 24,239.21 5,000 (28¢) 500,000 ($28.12)
3.  São Tomé and Príncipe dobra STD 15,885.50 21,654.64 2,000 (13¢) 100,000 ($6.30)
4.  Indonesia rupiah IDR 10,223.58 13,936.48 1,000 (10¢, uncommon)
500 (5¢, common)		 100,000 ($9.78)
5.  Iran rial +[4] IRR 9,811.15 13,374.27 500 (5¢) 50,000 (legal tender; $5.10)
5,000,000 ("cash cheque"; $509.62)
6.  Laos kip LAK 8,538.65 11,639.63 None in use 50,000 ($5.86)
7.  Zambia kwacha ZMK 5,119.80 6,978.16 None in use 50,000 ($9.77)
8.  Paraguay guaraní PYG 5,044.85 6,876.99 1,000 (20¢) 100,000 ($19.82)
9.  Guinea franc GNF 4,640.00 6,325.11 None in use 10,000 ($2.16)
10.  Cambodia riel KHR 4,144.85 5,650.14 None in use 100,000 ($24.13)
11.  Sierra Leone leone SLL 3,125.00 4,259.91 500 (16¢, uncommon)
100 (3¢)		 10,000 ($3.20)
12.  Belarus ruble BYR 2,768.00 3,773.25 None in use 100,000 ($36.13)
13.  Uganda shilling UGX 2,268.44 3,092.27 500 (22¢) 50,000 ($22.04)
14.  Colombia peso + COP 2,246.95 3,062.97 500 (22¢) 50,000 ($22.25)
15.  Madagascar ariary MGA 1,967.45 2,681.97 50 (3¢) 10,000 ($5.08)
16.  Lebanon pound LBP 1,503.00 2,048.84 500 (33¢) 100,000 ($66.53)
17.  Uzbekistan som UZS 1,476.50 2,012.72 100 (7¢) 1,000 ($0.68)
18.  Mongolia tögrög MNT 1,420.50 1,936.38 500 (35¢) 20,000 ($14.08)
19.  Tanzania shilling TZS 1,330.00 1,813.02 200 (15¢) 10,000 ($7.52)
20.  South Korea won ‡ KRW 1,245.49 1,697.81 500 (40¢) 50,000 ($40.14)
21.  Burundi franc BIF 1,212.55 1,652.91 None in use 10,000 ($8.25)
22.  Iraq dinar IQD 1,167.50 1,591.50 100 (9¢) 25,000 ($21.41)
23.  Myanmar kyat MMK 1,028 [5] 1,028 100 (10¢) 5,000 ($4.86) Official rate: 1USD = 6.43475 MMK
24.  Democratic Republic of the Congo franc CDF 755.00 1,029.19 None in use 500 (66¢)
25.  Costa Rica colón CRC 576.65 786.07 500 (87¢) 10,000 ($17.34)
26.  Rwanda franc RWF 567.03 772.96 100 (18¢) 5,000 ($8.82)
27.  Chile peso CLP 560.97 764.70 500 (89¢) 20,000 ($35.65)
28. Central Africa CFA franc XAF 481.20 655.96 500 (104¢) 10,000 ($20.78) Pegged rate: 1 € = 655.957 XAF
29. West Africa CFA franc XOF 481.20 655.96 500 (104¢) 10,000 ($20.78) Pegged rate: 1 € = 655.957 XOF
30.  Comoros franc KMF 360.90 491.97 100 (28¢) 10,000 ($27.71) Pegged rate: 1 € = 491.968 KMF
31.  Armenia dram AMD 373.17 508.69 500 ($1.34) 100,000 ($266.99)
32.  Mauritania ouguiya MRO 266.12 362.76 20 (8¢) 2,000 ($7.52)
33.  Iceland kronur ISK 212.74 290.00 [6] 100 (47¢) 5,000 ($23.50) Rate as per ECB - the ISK is currently not traded freely.
34.  Guyana dollar GYD 204.71 279.06 10 (5¢) 1,000 ($4.88)
35.  Hungary forint HUF 204.65 278.97 200 (98¢) 20,000 ($97.73)
36.  Yemen rial YER 200.75 273.66 20 (10¢) 1,000 ($4.98)
37.  Djibouti franc DJF 177.15 241.19 500 ($2.82) 10,000 ($56.45)
38.  Kazakhstan tenge KZT 150.73 205.47 100 (66¢) 10,000 ($66.34)
39.  Nigeria naira NGN 149.25 203.45 2 (1¢) 1,000 ($6.70)
40.  North Korea won KPW 142.45 206.79 100 (3¢) 5000
41.  Malawi kwacha MWK 140.50 191.52 10 (7¢) 500 ($3.56)
42.  Sri Lanka rupee LKR 115.08 156.87 5 (4¢) 2,000 ($17.38)
43.  Vanuatu vatu VUV 108.25 147.56 100 (92¢) 5,000 ($46.19)
Data for all other currencies taken from Xe.com

Data for Myanmar kyat taken from The Irrawaddy News Magazine
Notes 
+ – Redenomination is currently being considered.
‡ – The least valued currency of any OECD member state

[edit] Historical least valued currencies

Start Date Finish Date Country Currency Unit Units per US Dollar Notes
- 21 May 1911  Portugal Portuguese real - 900 new currency: 22 May 1911: 1 escudo = 1,000 réis
22 May 1911 Mid-1920  Brazil Brazilian real 900 - 5,000
Mid-1920 31 Dec 1921 Flag RSFSR 1918.svg Russia Soviet first ruble 5,000 - 60,000 new currency 1 Jan 1922: 1 second Soviet ruble = 10,000 first Soviet rubles
1 Jan 1922 September 1922  Austria Austrian krone 4,500 - 12,500 German papiermark inflates
September 1922 31 Dec 1923 Flag of Germany (3-2 aspect ratio).svg Weimar Republic Mark 12,500 - 4,000,000,000,000 new currency 1 Jan 1924: 1,000,000,000,000 Papiermark -> 1 Rentenmark
1 Jan 1924 13 Apr 1924  Poland Polish marka 5,000,000 - 9,324,000 new currency 14 Apr 1924 1 Polish zloty = 1,800,000 marek
14 Apr 1924 19 Dec 1924  Austria Austrian krone 26,000 - 45,000 new currency 20 Dec 1924: 1 schilling = 10,000 Austrian kronen
20 Dec 1924 31 Dec 1926  Hungary Hungarian korona 7,000 - 63,000 new currency 1 Jan 1927: 1 pengő = 12,500 Hungarian korona
1 Jan 1927 31 Oct 1942  Brazil Brazilian real 8,000 - 20,000 new currency 1 Nov 1942: 1 Brazilian cruzeiro = 1,000 réis
1 Nov 1942 9 Nov 1944  Greece Greek drachma 3,500 - 7,500,000,000,000 new currency : 50,000,000,000 old drachmai = 1 new drachma
Nov 10 1944 August 1945  Romania leu 3,500 - 25,000 Hungarian pengõ hyperinflates
August 1945 August 1946 Flag of Hungary 1940.svg Hungary pengő changed daily new currency 18 Aug 1946: 1 forint -> 400,000,000,000,000,000,000,000,000,000 pengő
19 Aug 1946 14 Aug 1947  Romania leu 100,000 - 5,050,000 new curency 15 Aug 1947: 20,000 leu = 1 new Romanian leu
15 Aug 1947 30 Nov 1948  Republic of China Fabi 250,000 - 105,000,000 new currency 1 Dec 1948: 1 gold yuan = 3,000,000 fabi
1 Dec 1948 30 Apr 1954  Greece drachma 20,000 - 30,000 new currency 1 May 1954: 1,000 drachmai = 1 new drachma
1 May 1954 28 Feb 1955  China yuan 24,600 new currency 1 March 1955: 1 First Series Renminbi yuan = 10,000 Second Series Renminbi yuan
1 Mar 1955 5 Jan 1958  Italy Italian lira 625
6 Jan 1958 31 Dec 1959  Chile Chilean peso 650 - 1,051 new currency 1 January 1960 : 1,000 pesos -> 1 Chilean escudo
1 Jan 1960 31 Dec 1962  Bolivia Bolivian boliviano 750 - 11,875 new currency 1 January 1963: 1,000 bolivianos -> 1 Bolivian peso
1 Jan 1963 12 Dec 1965  Indonesia Indonesian rupiah 1,205 - 4,995 new currency 13 December 1965: 1,000 old rupiah = 1 new rupiah
13 Dec 1965 12 Feb 1967  Brazil Brazilian cruzeiro (BRZ) 1,950 - 2,710 new currency 13 February 1967: 1,000 cruzeiros -> 1 Cruzeiro novo
13 Feb 1967 Mid-June 1974  Italy Italian lira 620 - 640
Mid-June 1974 28 Sep 1975  Chile Chilean escudo 640 - 6,000 new currency 29 Sep 1975 : 1000 escudo -> 1 Chilean peso
29 Sep 1975 November 1978  Italy Italian lira 680 - 850
November 1978 31 May 1983  Argentina Argentine peso ley 850 - 81,105 new currency 1 June 1983 : 10,000 pesos ley -> 1 peso argentino
1 June 1983 21 Nov 1984  Peru Peruvian sol 1,494 - 4,969 Bolivian peso devalues
22 Nov 1984 4 January 1987  Bolivia Bolivian peso 8,786 - 2,000,000 new currency 5 January 1987 : 1,000,000 pesos -> 1 boliviano
5 January 1987 31 January 1988  Nicaragua Nicaraguan córdoba 6,000 - 50,000 new currency 1 February 1988 : 10,000 old córdobas -> 1 new córdoba
1 February 1988 June 1988  Vietnam Vietnamese đồng (VND) 1,700 - 4,500 Dong devalued from 900 to 3000 [7]
June 1988 31 December 1989  Yugoslavia Yugoslav dinar (YUD) 4,500 - 40,000 new currency 1 January 1990 : 10,000 hard dinar -> 1 convertible dinar
1 January 1990 30 April 1991  Nicaragua Nicaraguan córdoba 40,000 - 25,000,000 (official)
350,000 - 30,000,000 (parallel)		 new currency 1 May 1991 : 5,000,000 1988 cordóbas = 1 hard córdoba
1 May 1991 30 June 1991  Peru Peruvian inti (PEI) 705,000 - 835,000 new currency 1 July 1991 : 1,000,000 intis -> 1 nuevo sol (inti valid until 31 December 1991)
1 July 1991 October 1993  Zaire Zairean Zaire (ZRN) 61,900 - 7,915,000 new currency October 1993 : 3,000,000 Old Zaire -> 1 New Zaire
October 1993 10 Jan 1994  Angola Angolan novo kwanza (AON) 34,200 -
11 Jan 1994 23 Jan 1994 Flag of Serbia and Montenegro.svg Yugoslavia Yugoslav "1994 dinar" 46,000 - 6,850,000 Changed daily due to hyperinflation
new currency 24 Jan 1994: 10~13 million "1994 dinara" -> 1 novi dinar (YUM) (pegged to 1 German mark)
24 Jan 1994 30 June 1995  Angola Angolan novo kwanza (AON) 34,200 - 2,100,000 new currency 1 July 1995: 1,000 novos kwanzas (AON) -> 1 new kwanza reajustado (AOR)
1 Jul 1995 30 Apr 1996  Turkey Turkish lira (TRL) 43,100 - 69,200 -
1 May 1996 30 Nov 1999  Angola Angolan kwanza reajustado (AOR) 150,000 - 5,400,000 new currency 1 Dec 1999: 1,000,000 kwanzas reajustados (AOR) -> 1 new Angolan kwanza (AOA)
1 Dec 1999 31 Dec 2004  Turkey Turkish lira (TRL) 518,000 - 1,339,000 new currency 1 Jan 2005: 1,000,000 old Turkish lira (TRL) -> 1 new Turkish lira (TRY) (old lira valid to end of 2005)
1 Jan 2005 30 June 2005  Romania Romanian leu (ROL) 29,110 - 29,850 new currency 1 July 2005: 10,000 old Romanian lei (ROL) -> 1 new Romanian leu (RON) (old leu valid to 30 June 2006)
1 July 2005 24 Aug 2005  Mozambique Mozambican metical (MZM) 24,400 new currency 1 July 2006: 1,000 old Mozambique meticais (MZM) -> 1 new Mozambique metical (MZN) (old metical valid to end of 2006)
24 Aug 2005 31 Jul 2006  Zimbabwe Zimbabwean dollar (ZWD) 25,000-101,000 (official)
45,000-550,000 (parallel)		 Changed daily due to hyperinflation
Redenominated currency 1 Aug 2006: 1,000 first Zimbabwean dollars -> 1 second Zimbabwean dollar
1 Aug 2006 ca. 21 Mar 2007  Vietnam Vietnamese đồng (VND) 16,000 - 16,736 -
ca. 21 Mar 2007 ca. 6 Apr 2007  Zimbabwe Second Zimbabwean dollar (ZWN) 250 (official)
16,000 - 30,000 (parallel)		 Changed daily due to hyperinflation
ca. 6 Apr 2007 8 Apr 2007  Vietnam Vietnamese đồng (VND) 16,022 Zimbabwean dollar briefly rose in value
ca. 8 Apr 2007 31 Jul 2008  Zimbabwe Second Zimbabwean dollar (ZWN) 250 - 69,484,070,056 (official)
20,000 - 751,089,467,956 (parallel)		 Changed daily due to hyperinflation.
Redenominated currency 1 Aug 2008: 10,000,000,000 second Zimbabwean dollars -> 1 third Zimbabwean dollar
1 Aug 2008 21 Sep 2008  Somalia Somali shilling (SOS) 35,000
22 Sep 2008 2 Feb 2009  Zimbabwe Third Zimbabwean dollar (ZWR) 96 - 12,336,416,667 (official)
80,000 - 300,000,000,000,000 (parallel/cash)		 Changed daily due to hyperinflation. Redenominated currency 2 Feb 2009: 1,000,000,000,000 third Zimbabwe dollars --> 1 fourth Zimbabwe dollar
3 Feb 2009 present  Somalia Somali shilling (SOS) 28,250 - 33,000

Many currencies are not permitted to float on the foreign exchange market, to prevent capital flight or for political reasons. As a result, the parallel market (black market) price of a currency may deviate substantially from its official value.

[edit] See also

[edit] References

  1. ^ http://www.somalilandgov.com/cprofile.htm
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