2002 Zimbabwe 2 Dollars Struck In Brass-Plated Steel For Independence Day

That's a cool coin!

By 2002, the hyperinflation - which made Zimbabwe famous in later years when they issued a 100 trillion dollar note - had just begun. Annual inflation for 2002 was reported at 120%. Zimbabwe's central bank noted in a report in November 2002 that all of their coins except for the newly introduced $5 coin were "in negative seigniorage" - meaning that they cost more to produce than their face value was worth. At the time, the smallest denomination being issued was 10 cents, which cost them Z$1.64 to make. This $2 coin cost them Z$2.48 to make, despite switching from solid brass to brass-plated-steel. Costs of course were added to by the fact that Zimbabwe had no mint and their coins had to be made in South Africa and imported, adding to the production cost. At the time, the official exchange rate value of the Zimbabwean dollar had collapsed to just a few US cents, with the black market street value even worse.

2002 was the last issue for this coin to be released for general circulation. Some coins were produced in 2003 but apparently few were actually issued.