Here's a link to a BBC article about Zimbabwe getting ready to print it's own version of the US dollar. http://www.bbc.com/news/world-africa-36210680
They can say they have the same cash equivalent all they want, the reality is they won't. You wouldn't be able to take that note elsewhere in the world and get the same value as a US dollar.
Actually it should have a 1 to 1 exchange rate value. Seems to me though that it would just be easier to deposit the bond with the US and import more US dollars. If the local government is in control of the printing there's too much temptation to print more than the size of the bond. If they have them printed by the same place where the bond is held, that country could refuse to print more than the deposited bond.
Within their country it should be, though it is very likely people will try and trade them for dollars as fast as they can. But unless it is a physical bond issues by the US itself I seriously doubt financial institutions and the world will take their word that they're good for it and put it on par with a world reserve currency.
I bought a $100 trillion note some time back and don't remember paying that much (less than $10 if my memory is correct), and then I checked prices recently...OMG
It's simple enough. They'llbe redeemable somewhere for US dollars right up until they are devalued 50% then another 75% forever and ever. ...Just like the US dollar.
The notes will be like their current Bond coins. There is a deposit of a given amount of money in US dollars ($50 Million) held in bond in another country (I don't remember which one) and they are able to issue coin up to that amount but no more. The coins are NOT struck by Zimbabwe so they can't be tempted to issue more than that amount. Since the coins are backed by a "bond" equal to or greater than their face value, they are accepted. Since the Bond notes will be backed by the equivalent in US dollars ($200 million) they should retain a 1 to 1 exchange value.
I know! I've been asking around about the $100 trillion note at shows, hoping some dealer had one they'd get rid of cheaply. No luck.
Some guy from Zimbabwe wrote me last week about transferring several million into my bank account to help him seek refugee status. I'm gonna write back and see if he can pay me in large Zimbabwe notes instead.
