Experts believe that Venezuela was badly affected by a hyperinflation rate of 80,000 per cent in 2018 and the situation is only getting worse. The economic downfall of Venezuela began in 2010 under the governance of President Hugo Chavez and it remained the same during the term of Nicolas Maduro. For ease of transactions, Maduro introduced a new currency called Bolivar Soberanos or sovereign bolivar by truncating five zeros from the original Bolivar in August 2018. Banknotes of denominations such as 2-, 5-, 10-, 20-, 50-, 100-, 200- and 500-BolĂvares Soberanos were released. However, they are already worthless now due to increasing inflation.
Almost 20,000 people from Venezuela come to Colombia every day to buy basic necessities. Since the worthless bolĂvares cannot be used in any other way, local artists are making origami products such as purses, model cars, birds, baskets etc. using these notes.
One of the artists uses 1,000 notes, worth 100,000 bolivares to make handbags. These notes can be exchanged in Cucuta for 17 U.S. cents but he sells the handbag for $13. His products are priced according to the amount of effort that goes into making the items and not according to the value of banknotes that are used to make them. Another artist picks up the notes from the streets to make handbags. He is also making a carnival costume for his daughter using these banknotes. A graphic designer makes drawings of current events, tourist spots and cartoons on the notes with marker and nail polish. Some of his works have been sold for $100. Many interesting products are also being sold through Etsy website.
Image Courtesy: Google Images
On 29th March 1857, Sepoy Mangal Pandey fired the first bullet on the British Soldiers thus giving r...
The Nizam Shahi of Ahmadnagar Sultanate was one of the five successor states of the Bahamani Sultana...
Prayagraj was mint town of Suris. During the reign of Akbar, the ancient pilgrim centre of Prayagraj...
The AIRF, a major organization within the Indian Railways system, completed its centenary, working t...
Princely State Datia was founded in 1735 CE by Bhagwan Das, son of Narsingh Dev of the Orchha Royal ...
Thank you for visiting our website and for your interest in our endeavour.
For a past few days we have been recieving queries whether we buy/sell coins, stamps and currency.
We would like to inform you that, as of date, we have not provided such a platform. However please register on our website and do keep visiting our portal for further notifications on such a forum and other important and exciting news/updates.
Happy Collecting !
Email: info@mintageworld.com
Contact Us