Did Venezuela stop minting coins?

Street rate vs. official rate - the first is realistic and the second is a fantasy. This has existed before in the USSR, East Germany, DPR Korea, China etc.

Kind of sad the coins lost all value, I liked the 12 1/2 centavo coin, and got a whole set of the new coinage from a collector in Caracas.

 

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What's the new rate going to be? Oanda, XE and other exchange rate sites are still showing me 9.98 Bolivares per 1.00 USD. Curious how much a 20,000 note will be officially worth (not "street").

 

Depends; Venezuela has two official USD-VEF rates (see here). The DIPRO exchange rate applies to certain "vital" products and services, and is 9.975 (buy) or 10.0 (sell). The DICOM rate is used for other purposes, and is at 600-something these days, I think. A little closer to the "street" price of more than $1,000 ...

So maybe the government had that DICOM rate in mind when it had these new notes issued. Who knows.

Christian