Since 2008, the southern African country of Zimbabwe has cycled through five different currencies — and after a years-long battle with hyperinflation and the issuance of a $10T banknote, the country is hoping a sixth currency will fix its economic woes. Today, Zimbabwe put the ZiG into circulation — a shiny new replacement, unlike anything the world has seen in two decades.

• The ZiG, short for Zimbabwe Gold, is backed by the country’s gold reserves — making it the world’s first gold-backed currency since Switzerland abandoned the gold standard in 1999.
• According to the government, the currency will be supported by some foreign exchange reserves and other precious metals, with an initial exchange rate set at 13.56 ZiG per US dollar.

Nobody will miss the dollar… The Zimbabwe one, at least. According to Financial Times, the Zimbabwean dollar traded at Z$36K to the US dollar, which has become the country’s preferred form of legal tender. However, the introduction of the ZiG offers hope for stability in a nation  plagued by decades of fiscal mismanagement and monetary instability.

Read: Dive deeper into the fascinating world of gold and its global impact on the economy.