collapsed and the government had to ditch the 50 cedis note

Where: Nigeria Why: A change in government in 1984 led to a new currency and banning of old notes. What happened: Steep inflation crimped the ability to adapt to the change in the currency and the economy suffered.

Where: Pakistan Why: The neighbouring country will phase out old notes by this year end to bring in new designs. What happened: The exercise has been done in a gradual manner with citizens given more than a year’s time.

Where: North Korea Why: In 2010, the government erased two zeros from the face value of old currencies to prevent black market. What happened: The measure impacted the fragile controlled economy and there were countrywide shortages of food.

Where: Soviet Union Why: During thereforms programme in 1991, then President Mikhail Gorbachev ordered the withdrawal of large denomination bills to curtail black market. What happened: It sparked mass protests, triggered a coup and brought down his government.

Where: Myanmar Why: Again black market was cited as the reason to demonetize 80% of the value of the money. What happened: Economic disruption and mass protests

Where: AustraliaWhy: To stop counterfeiting, the country became the first to issue plastic currency notes. What happened: It did not impact the economy as the move just replaced paper currency with plastic.

Apart from demonetised notes, there were coins that dated back to 300 BC to as new as 2011 CE and notes minted during Indo-Portuguese and Indo-British times.

“These coins and notes are a huge part of our history. Even coins