Top 6 Failed Fiat Currencies: Discontinued Edition
The list of failed and obsolete fiat currencies is a lot longer than most people would expect. When it comes to obsolete currencies, there are quite a few to choose from. The following examples are ranked in reverse order of longevity, and failed to make any real impact in the end. #6 Albanian Lek Valute
The list of failed and obsolete fiat currencies is a lot longer than most people would expect. When it comes to obsolete currencies, there are quite a few to choose from. The following examples are ranked in reverse order of longevity, and failed to make any real impact in the end.
#6 Albanian Lek Valute
Initially introduced back in 1992,, the Albanian Lek Valute failed to remain relevant for more than a full year. It is evident Albania has seen numerous iterations of the Lek, with three official versions making the rounds, each with their own multiple design models. The Lek Albanian Lek Valute was the least successful of them all, although for a country going through a revolution in 1991, that is not entirely surprising either.
#5 Peru Inca
One of the older coins on the list, the Peru Inca ran from 1880 to 1882. It is one of the many iterations of the Peruvian sol, which served as a national currency between 1863 and 1985. The Peru Inca was issued after various banknotes were issued by private back. At that time, over a dozen different banks issued fiat currency in Peru throughout the years, after which the government eventually began streamlining the system.
#4 German Spermark
Following World War II, Germany had a lot of money to repay and contended with numerous financial struggles. One of those struggles prematurely ended the lifespan of the German Spermark, It was an attempt at performing a currency reform in Germany, but at that time, it simply provided to be virtually impossible due to the lingering Soviet occupation zone. Despite remaining in circulation for three years, the Spermark was eventually abolished altogether.
#3 German Bekomark / Libkamark
The successors to the Spermark did not fare that much better. In fact, there were two “successors” of sorts, one of which is known as the Bekomark. It survived for a full four years before eventually being discontinued. The Bekomark, as well as the Libkamark, both came in circulation around the same time and were prematurely discontinued around the same time as well. Another sign of the post-WWII struggles the nation was going through.
#2 Moldova Ducat
European countries have seen their fair share of national currencies which have come and gone over the centuries. In Moldova, the Moldova Ducat came into being in 1957 and was eventually discontinued in 1867. Considering the history of Moldova of a country, it is not entirely surprising to see such a currency fall out of favor after a while.
#1 Persian Gulf Rupee
It is interesting to think back on how the Persian Gulf nations had one unified currency at some point. The Persian Gulf Rupee survived for 11 years before eventually meeting its demise in 1970. Persian Gulf countries sued the Indian rupee until the halfway point of the 20th century. It was originally eroded in 1966, yet still remain in circulation for a few additional years. It was eventually replaced by all Persian Gulf nations in 1970.