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In monetary economics, redenomination is the process of changing the face value of and in circulation. It may be done because has made the unit so small that only large denominations of the currency are in circulation. In such cases the name of the currency may change or the original name may be used with a temporary qualifier such as "new". Redenomination may be done for other reasons such as changing over to a new currency such as the or during .

Redenomination itself is considered symbolic as it does not have any impact on a country's in relation to other currencies. It may, however, have a psychological impact on the population by suggesting that a period of is over, and is not a reminder of how much inflation has impacted them. The reduction in the number of zeros also improves the image of the country abroad.

Inflation over time is the main cause for the of the monetary unit decreasing; but there are a variety of political reasons for the government not reining in inflation or for not redenominating the currency when its value has depreciated significantly. There are some economic and social benefits of redenominating, including improved efficiency in processing routine transactions. Redenomination typically involves the substitution of new banknotes in place of the old ones, which usually cease being after the end of a short transition period.

Inflation
In general, redenomination is implemented in response to , which progressively increases the nominal prices of products and services, decreasing the real value of the monetary unit in the local market. Over time, prices become excessively large, which can impede routine transactions because of the risk and inconvenience of carrying stacks of bills, or the strain on systems, e.g. automatic teller machines (ATMs), or because human does not handle large numbers well. Authorities may alleviate this problem by redenomination: introducing a new unit that replaces the old unit, with a fixed number of old units being converted to 1 new unit. If inflation is the reason for redenomination, this ratio is much larger than 1, usually a positive integral of 10 like 100, 1000 or 1 million, and the procedure can be referred to as "cutting zeroes". Recent examples of redenominations include:

Argentine peso (ARP)=10 000Argentine peso ley (ARY)1983
Argentine austral (ARA)=1 000Argentine peso (ARP)1985
(ARS)=10 000Argentine austral (ARA)1992
New Polish złoty (PLN)=10 000old Polish złoty (PLZ)1995
New Mozambican metical (MZN)=1 000old metical (MZM)2006
Second Zimbabwean dollar (ZWN)=1 000first dollar (ZWD)2006
Third Zimbabwean dollar (ZWR)=10 000 000 000second dollar (ZWN)2008
Fourth Zimbabwean dollar (ZWL)=1 000 000 000 000third dollar (ZWR)2009
This table is not exhaustive.

Although the ratio is often a positive integral power of 10 (i.e., removing some zeros), sometimes it can be a where a is a single-digit integer and n is a positive integer. Partial examples include:

German Rentenmark=1 000 billion1923
Chinese gold yuan=3 million1948
=500 millionChinese gold yuan1949
New Taiwan dollar=40 000old dollar1949
Azerbaijani new manat=5 000old manat2006
This table is not exhaustive.

Occasionally, the ratio is defined in a way such that the new unit is equal to a . As a result, the ratio may not be based on an integer. Examples include:

=2 750cruzeiros reais=United States dollar1 July 1994
=10~13 million1994 dinara=24 January 1994
2nd Polish złoty=1.8 million=1 April 1924
This table is not exhaustive.

In the case of , the ratio can go as high as millions or billions, to a point where scientific notation is used for clarity or long and short scales are mentioned to disambiguate which kind of billion or trillion is meant.

In the case of chronic inflation which is expected to continue, the authorities have a choice between a large redenomination ratio and a small redenomination ratio. If a small ratio is used, another redenomination may soon be required, which will entail costs in the financial, accounting, and computing industries. However a large ratio may result in inconveniently large or small prices at some point in the cycle.

After a redenomination, the new unit often has the same name as the old unit, with the addition of the word new. The word new may or may not be dropped a few years after the change. Sometimes the new unit is a completely new name, or a "recycled" name from previous redenomination or from ancient times.

Turkish new lira=1 million2005"new" is an official designation and was dropped in 2009.
New Taiwan dollar=40 000old dollars1949"new" is an official designation and is still used in official documents today.
Argentine austral=1 0001985completely new name
=1 million1992 dinara1993no official designation
=2 750cruzeiros reais1994recycled unit of Brazil before 1942
This table is not exhaustive.

Decimalisation
All countries that previously had currencies based on pounds-shillings-pence (£sd) system (£1 = 20 = 240 ) have now adopted decimal currencies (currencies related by powers of 10), with several changing the name of the main currency unit at the same time. As of 2020, only two currencies are non-decimal, being the Mauritanian ouguiya and , with one of each divided into five subdivisory units.

Currency union
When countries form a currency union, redenomination may be required. The conversion ratio is often not a round number, and may be less than 1.

=0.51873Scandinavian Monetary Union
Gulden österreichischer Währung=20/21Gulden Conventions-Münze1858Wiener Münzvertrag between the states of the and the
This table is not exhaustive.

List of Euro redenominations
The most notable currency union today is the . In 2002, euros in cash form were introduced.

Belgium40.33991999
LuxembourgLuxembourgish franc40.33991999
Germany1.955831999
Andorra, Spain166.3861999
Andorra, France, Monaco6.559571999
Ireland0.7875641999
Italy, San Marino, Vatican City1936.271999
Netherlands2.203711999
AustriaAustrian schilling13.76031999
PortugalPortuguese escudo200.4821999
Finland5.945731999
Greece340.752001
Slovenia239.642007
Cyprus0.5852742008
Malta0.42932008
Slovakia30.1262009
Estonia15.64662011
Latvia0.7028042014
Lithuania3.45282015
Croatia7.53452023

List of currency redenominations
This table lists various currency redenominations that have occurred, including currency renaming where the conversion rate is 1:1, but excluding decimalisation and joining the Eurozone, already listed on the table above.

Hungarian pengő1946HyperinflationThis is a theoretical conversion rate, using pengő = 1 adópengő. The total value of all circulating pengő notes was less than of a forint or of a fillér.
Rentenmark Papiermark1923Hyperinflation
Zimbabwean dollar (4th) Zimbabwean dollar (3rd)2009HyperinflationSubsequently abandoned and replaced with Zimbabwean bond notes and the in February 2019 after a period of time in which numerous foreign currencies were used
(2nd) (1st)1944Hyperinflation
Zimbabwean dollar (3rd) Zimbabwean dollar (2nd)2008ZimbabweHyperinflation
Yugoslav 1994 dinar 1993 dinara1994HyperinflationLasted for 23 days.
3rd 2nd 1994Republic of Serbian KrajinaHyperinflation
Chinese "silver" yuan "gold" yuan1949Hyperinflation
Hungarian adópengő1946HungaryHyperinflation
1994 dinara1994YugoslaviaHyperinflationAnchor currency:
Nicaraguan córdoba (oro, 3rd) Nicaraguan córdoba (2nd)1991NicaraguaInflation
(old) yuan1948China (Republic of China)Inflation
Nouveau zaïre 1993Democratic Republic of the CongoInflation
Polish złoty (2nd) 1924PolandHyperinflationAnchor currencies: (equal in value, but not pegged) and United States dollar (pegged $1 = 5.18 zł)
To limit production costs of coins, only banknotes were printed until November 1924. To further limit such costs, 500,000-mark and 10,000,000-mark notes were cut in two and overprinted 1 GROSZ and 5 GROSZY in red.
Boliviano 1985BoliviaInflation
Peruvian nuevo sol 1991PeruHyperinflationThe "nuevo" designation lasted until 2015.
Yugoslav 1993 dinar 1992 dinara1993YugoslaviaHyperinflationno official designation
2nd 1st 1993Republic of Serbian KrajinaHyperinflation
1995GeorgiaHyperinflation
Second Kwanza reajustado1999AngolaInflation
Transnistrian ruble (3rd) Transnistrian ruble (2nd)2001Hyperinflation
Turkish new lira 2005TurkeyInflationThe "new" designation lasted until 2009.
Venezuelan bolívar (4th) Venezuelan bolívar (3rd)2021VenezuelaHyperinflation
Hryvnia 3rd Ukrainian karbovanets1996UkraineInflation
Second Nouveau zaïre1998Democratic Republic of the CongoInflation
Bolívar Soberano 2018VenezuelaHyperinflation
4th Soviet ruble 3rd Soviet ruble1924Soviet UnionHyperinflationTo stop hyperinflation, the new currency was .
New Taiwan dollar Taiwan dollars1949Taiwan (Republic of China)Inflation"new" is an official designation and is still used in official documents
United States dollar 2000EcuadorInflationFull for banknotes. Ecuador also issues centavo coins.
Hungarian pengő 1927HungaryInflation
2nd Soviet ruble 1st Soviet ruble1922Soviet UnionHyperinflationA superunit, called a (червонец) was also introduced that year. It was worth 10 rubles.
Austrian schilling 1925AustriaInflation
First Renminbi yuan1955China (People's Republic of China)Inflation
1983ArgentinaInflation
Yugoslav 1990 dinar 1966 dinara1990YugoslaviaInflation
Peso (convertible) Austral1992ArgentinaInflation
4th Polish złoty 3rd Polish złoty1995PolandInflationFor 2 years after the redenomination, the old currency coexisted with the new one, so prices had to be denominated in both currencies.
(4th) (3rd)2005Inflation
New Cedi2007GhanaInflation
Third Second 2016BelarusInflation
United States dollar Indonesian rupiah1999United Nations Transitional Administration in East TimorStart of UN administration
Azerbaijani new manat Second Azerbaijani manat2006AzerbaijanInflation
Turkmenistani new manat (old) manat2009TurkmenistanInflation
Cruzeiro real1994BrazilInflationAnchor currency: United States dollar
Cruzeiro (antigo) Real (old)1942BrazilInflationThe cruzeiro was an alternative name for one mil réis.
(3rd) (2nd)1954GreeceInflation
First Chilean peso1960ChileInflation
First boliviano1963BoliviaInflation
Rupiah (new) 1965IndonesiaMonetary unification
Cruzeiro (novo) Cruzeiro (antigo)1967BrazilInflation
First First congolese franc1967Democratic Republic of the CongoInflation
Nuevo peso Peso moneda nacional1973UruguayInflation
1975ChileInflation
Argentine austral Argentine peso (1983)1985ArgentinaInflation
Peruvian sol (1863)1985PeruInflation
Cruzado Cruzeiro (novo)1986BrazilInflation
New Shekel Shekel1986Inflation
Nicaraguan córdoba (2nd) Nicaraguan córdoba (1st)1988Nicaragua
Cruzado Novo Cruzado1989BrazilInflation
Cruzeiro real Cruzeiro (third)1993BrazilInflation
Nuevo 1993MexicoInflation"nuevo" was a temporary designation dropped in 1996
1993MoldovaInflation
Nuevo peso1993UruguayInflation
1994Croatia
2nd 1st 1994UzbekistanInflation
Kwanza reajustado Novo kwanza1995AngolaInflation
Second First 1998RussiaInflation
1999BulgariaInflationAnchor currency:
Tajikistani somoni Tajikistani ruble2000TajikistanInflation
Surinamese dollar Surinamese guilder2004SurinameInflationOld coins denominated in cents were declared to be worth their face value in the new cents.
New Mozambican metical (old) meticais2006MozambiqueInflation
Zimbabwean dollar (2nd) Zimbabwean dollar (1st)2006ZimbabweInflation
Second First 2007SudanInflationCurrency unification (peace treaty)
(old) Bolivar2008VenezuelaInflation
(old) Kwacha2013ZambiaInflation
São Tomé and Príncipe dobra (2nd) São Tomé and Príncipe dobra (1st)2018São Tomé and PríncipeInflation
Sierra Leonean leone (old) Sierra Leonean leone2021 Sierra LeoneInflation
Liberation đồng Đồng1975Fall of Saigon
Turkmenistani manat 7th Soviet ruble1993Break-up of the Soviet Union
Kazakhstani tenge 7th Soviet ruble1993Break-up of the Soviet Union
3rd 2nd 1872
2nd 2nd 1993Recycling old currency
7th Soviet ruble1993Break-up of the Soviet Union
7th Soviet ruble1993Break-up of the Soviet Union
3rd Soviet ruble 2nd Soviet ruble1923Soviet UnionHyperinflation
3rd Polish złoty 2nd Polish złoty1949Poland All bank assets were revalued at a ratio of .
South Korean hwan first South Korean won1954Republic of KoreaInflation after (1950–1953) and independence from Japan (1945)
New French Franc1960FranceInflation"New" was a temporary designation dropped in 1963
New Finnish markka1963FinlandInflation
Yugoslav 1966 dinar 1944 dinara1966YugoslaviaInflation
Peso moneda nacional1970ArgentinaInflation
Icelandic króna Icelandic króna1981IcelandHyperinflation
Second First 1987UgandaInflation
Talonas1993LithuaniaInflation
Second First 1993
Tajikistani ruble First 1995TajikistanBreak-up of the Soviet Union
Second 2007SudanInflationCurrency unification (peace treaty)
North Korean won (2nd) North Korean won (1st)2009North KoreaInflationRedenomination by state
Guinea-Bissau peso1997Guinea-Bissaumonetary unionWest African CFA franc
Guatemalan quetzal 1925Guatemala
1st 1st 1922LatviaApproval of "Regulations on Money"
Yugoslav 1944 dinar Independent State of Croatia kuna1944Yugoslavia Reconstituted Yugoslav Federation dinar replacing currency in use in its constituents
Peso moneda nacional Peso moneda corriente1881ArgentinaInflation
Yugoslav 1944 dinar 1944Yugoslavia Reconstituted Yugoslav Federation dinar replacing currency in use in its constituents
Nicaraguan córdoba (1st) 1912Nicaragua
2nd 1st 1870
5th Soviet ruble 4th Soviet ruble1947Soviet UnionInflation
6th Soviet ruble 5th Soviet ruble1961Soviet UnionMonetary reform
South Korean won (2nd) South Korean hwan1963Republic of KoreaInflation
Guinean franc (1st)1971Guinea
Israeli shekel (1st) 1980Inflation
Talonas 7th Soviet ruble1991LithuaniaIndependence (from the Soviet Union)No coins denominated in talonas were issued.
7th Soviet ruble1992EstoniaBreak-up of the Soviet Union
Azerbaijani manat (2nd) 7th Soviet ruble1992AzerbaijanBreak-up of the Soviet Union
First 1992SudanInflationApplied only to North Sudan
Yugoslav 1992 dinar 1990 dinara1992YugoslaviaInflation
First 7th Soviet ruble1994BelarusBreak-up of the Soviet UnionWhen Soviet rubles were still in use in Belarus, Belarusian ruble denominations were implied to be ten times more than Soviet rubles.
Second Mauritanian ouguiya First Mauritanian ouguiya2018MauritaniaInflationThe redenomination was an opportunity for the central bank to introduce more secure polymer banknotes.
United States dollar Colón2001El Salvadordollarization
1st 1813 8 livres and 5 sous. 1 sou was equal to of a livre.
Peso moneda corriente 1826Argentina
Ouguiya 1973Mauritania
2005Madagascar From 1961, banknotes were issued denominated in both francs and ariary.
Ekwele1985Equatorial Guineamonetary unionCentral African CFA franc
1984Malimonetary unionWest African CFA franc
Old cedi1967GhanaDecimalisation, change of governmentThis was an opportunity to remove from every denomination.
Austro-Hungarian krone1919HungaryBreak-up of Austria-Hungary
Austro-Hungarian krone1920AustriaBreak-up of Austria-Hungary
Mongolian tögrög 4th Soviet ruble1925Mongolia
First Guinean franc 1959GuineaIndependence
1962MaliIndependence
First East African shilling1966UgandaIndependence
Peseta guineana 1969Equatorial GuineaIndependence
First Kwanza Second 1975AngolaIndependence
Ekwele Peseta guineana1975Equatorial Guinea
Guinea-Bissau peso Portuguese Guinean escudo1975Guinea-BissauIndependence
1985Guinea
Novo kwanza First Kwanza1990Angolaseizure of money supply by governmentAngolans could only exchange 5% of all old notes for new ones; they had to exchange the rest for government securities
Cruzeiro (third) Cruzado Novo1990Brazilrenaming
7th Soviet ruble 6th Soviet ruble1991Soviet UnionMonetary reform, money seizure50-ruble and 100-ruble notes were withdrawn from circulation.
1991CroatiaBreak-up of Yugoslavia
1991Break-up of Yugoslavia
2nd 7th Soviet rouble1992LatviaLack of money supplyWhile Soviet roubles were still used in Latvia, it had to introduce its own currency to make its monetary policy independent.
7th Soviet ruble1992Break-up of the Soviet UnionThe cupon was a temporary currency, no coins were issued.
1st Yugoslav 1992 dinar1992Republic of Serbian KrajinaBreak-up of Yugoslavia
1st 7th Soviet ruble1992RussiaBreak-up of the Soviet Union
First Yugoslav 1990 dinar1992Break-up of YugoslaviaThe first denar was a temporary currency, no coins were issued
3rd Ukrainian karbovanets 7th Soviet ruble1992UkraineBreak-up of the Soviet Union
7th Soviet ruble1993GeorgiaBreak-up of the Soviet UnionOnly banknotes were issued.
1st 7th Soviet ruble1993UzbekistanBreak-up of the Soviet Union
Đồng (unified) Liberation đồng1978Unification
Austro-Hungarian krone Austro-Hungarian florin1892Austria-Hungarymonetary unionMoving from silver to gold standard
1932IranMonetary reform

Proposed
Colombia
Since 2018, there have been legislative efforts for redenomination.

Indonesia
A long-running proposal to redenominate the rupiah has yet to receive formal legislative consideration. Since 2010, Bank Indonesia, as the monetary authority of Indonesia, In 2015, the government submitted a rupiah redenomination bill to the House of Representatives, but it has not yet been deliberated. In 2017, Bank Indonesia Governor Agus Martowardojo reiterated the call, saying that if redenomination started immediately, the process could be complete by 2024 or 2025. It is time for rupiah redenomination, central bank says , Jakarta Post, 30 May 2017

Iran
This proposal was approved by the Iranian parliament in May 2020. The changeover is likely to be phased over a period of up to two years.

Japan
Numerous proposals have been made since the 1990s to redenominate the yen by introducing a new unit or new yen, equal to 100 yen, and nearly worth one U.S. dollar. This has not happened to date, since the yen remains trusted globally despite its low unit value, and due to the huge costs of reissuing new currency and updating currency-reading hardware. The negative impact of postponing upgrades to various computer software until redenomination occurs, in particular, was also cited.

Lebanon
Due to Lebanese liquidity crisis, the Lebanese Pound Has Collapsed to nearly 90 000 for one dollar.

Nigeria
Due to inflation Nigerian coins are all essentially worthless now, so there are propositions to redenominate.

South Korea
There have been recurring proposals in the South Korean National Assembly to redenominate the won by introducing a new won or new unit, equal to 1,000 old won, and worth nearly one U.S. dollar. While proponents cite a more valuable currency unit better projects the strength of the nation's economy, a majority remain opposed to the idea. Reasons cited are: economic harm if done immediately, no issues on public confidence in the won and its inflation rate, limited cost savings, and the presence of more urgent economic issues.

Vietnam
In response to increasing pressure on the as a result of high inflation in the US Dollar, different proposals to redenominate

Alternatives
Japanese invasion money suffered from heavy inflation. At the end of World War II governments of liberated countries and territories opted to simply declare them worthless.

In 2016, the was rated at around 3,000 per U.S. dollar, with banknotes up to 50,000 pesos. Instead of redenominating the currency, a new banknote design was introduced, with the last three zeroes replaced by the word "mil" (thousand), making the values easier to read.

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