7 currencies that no longer exist

By Patrick Igwe

Currencies are the backbone of any country’s economy, but like all tools of trade, currencies can be replaced or abandoned when they no longer serve a nation’s economic or political needs.

Over time, nations abandon or replace their currencies for a variety of reasons, ranging from independence and political change to economic crises and regional integration. Demonetisation or the stopping of a currency often reflects deeper social and economic realities.

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Demonetisation or the end of a currency often happens due to major shifts such as independence from colonial rule, when countries introduce their own money to assert sovereignty, or regional integration, like the creation of the euro. Severe economic crises, including hyperinflation as seen in Zimbabwe, can also force governments to abandon a collapsing currency in favour of more stable alternatives.

In some cases, demonetisation is used as a policy tool to fight corruption, counterfeiting or black-market trade by suddenly withdrawing certain notes from circulation. Whatever the reason, changing a currency is always a significant step that reflects deeper political, economic or social transformations within a country.
Here’s a list of seven currencies that no longer exist for varied reasons:

1. The Nigerian Pound (Nigeria)
Before the naira came into circulation in 1973, Nigeria used the Nigerian pound, which was tied to the British pound sterling. The switch to the naira and kobo was part of a wider move to assert national identity after independence.

2. The Ghanaian Pound (Ghana)
When Ghana gained independence in 1957, it initially continued with the Ghanaian pound, pegged to the British pound. In 1965, the country replaced it with the cedi as part of Kwame Nkrumah’s economic reforms, marking the shift to a distinct national currency.

3. The Zimbabwean Dollar (Zimbabwe)
Zimbabwe’s dollar became infamous worldwide after hyperinflation in the 2000s. At its peak, you could find 100 trillion dollar banknotes that were practically worthless. The country eventually abandoned its currency in 2009 in favour of foreign ones like the US dollar and South African rand.

4. The East African Shilling (East Africa)
Used in Kenya, Uganda, Tanganyika (now part of Tanzania), and Zanzibar during colonial times, this currency was replaced when each nation established its own money after independence.

5. The Deutsche Mark (Germany)
A powerhouse currency after World War II, the Deutsche Mark symbolised German recovery and strength until it was replaced by the euro in 2002.

6. The West African Pound (British West Africa)
Before countries like Nigeria, Ghana, Sierra Leone, and The Gambia introduced their own national currencies, they all used the West African pound, which was issued by the British colonial authorities. Each country later phased it out after independence to adopt local money.

7. The Soviet Ruble (Soviet Union)
Once the currency of the USSR, it disappeared after the Soviet Union collapsed in 1991. Each new independent state, including Russia, adopted its own money, making the Soviet ruble a relic of history.

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