Everyone wants a mulligan, a reset, a reboot, to start over, a chance to do it better, and why not? We all deserve second chances, right?
So do Fiat Currencies. Over 750 fiat currencies have failed since 1500. Guess what? It's not getting better; it's getting worse. Over 600 failures have occurred in the past 124 years, about Five Currencies per Year.
This number comes from academic and economic research, including data compiled by Monetary Historian Mike Maloney, organizations like the DollarDaze project, Wikipedia’s list of historical currencies, and studies cited by economists like Steve Hanke.
Most failed currencies were in circulation for less than 50 years before becoming worthless due to:
Hyperinflation (Counterfeiting)
War (Counterfeiting)
Loss of confidence (Counterfeiting)
Government collapse (Counterfeiting)
Currency redenomination or union (e.g., Euro adoption) (Magic)
Notable Examples:
German Papiermark (1920s) – destroyed by hyperinflation.
Zimbabwe Dollar (2000s) – reissued multiple times; ultimately abandoned.
Venezuelan Bolívar – still technically active but has undergone several redenominations due to hyperinflation.
French Assignat (1790s) – failed during the French Revolution.
Soviet Ruble – dissolved with the USSR.
Conclusion:
Fiat currencies, being unbacked by commodities and dependent on government trust and monetary discipline, have a long history of collapse. Historically, the average lifespan of a fiat currency is about 27 years.
Era and Approximate Number of Failures:
1500–1799 30–50
1800–1899 100–150
1900–2024 600+
