Cash Plane Crash In Bolivia Cancels Currency Flight

BOLIVIA CANCELS ENTIRE CLASS OF CASH CURRENCY AFTER PLANE CRASH

The fact that we all use money makes it all the more remarkable that we have very little idea as to how it works. Each currency has varying value with all others, countries print so much at a time for various reasons, and secured money (as in, real and not counterfeit) is always a priority. But secured also means not stolen or lost or, in this case, both. Because that’s exactly what happened when a plane carrying 423 million Bolivianos (Bolivian cash) crashed on February 27th, killing 24 people. The crash scattered the cash all over the surrounding area. Instead of taking the loss, Bolivia simply cancelled the whole flight of cash.

20,000 PEOPLE GRABBED CASH FROM CRASH SITE, GETTING AWAY WITH 30% OF THE NOTES

The scattered cash was Series B Bolivianos, and was freshly printed and was being transported on a military C-130 Hercules plane that crashed close to El Alto’s International Airport. With manna literally raining from heaven, a lot of people came to collect. A lot, in this case, meaning about 20,000 people scrambling to grab loose cash from the plane wreckage. Police responded by firing tear gas to disperse the crowd. But the motivated ghouls made off with about 30% of the crashed cash, equivalent to about $20 million USD. I’m not sure what motivated Bolivia to then simply cancel ALL Series B Bolivianos.

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BUT THAT CLASS OF CASH WAS ALREADY WIDELY IN THE MARKET, AND SUDDENLY WORTHLESS

Has this created a problem in Bolivia? Well, yes, if you consider how millions of Series B Bolivianos were already in the wild, in people’s pockets and legal tender. But suddenly that cash wasn’t accepted at any store anymore. Want to get on a bus? No. Want to buy some groceries, hit the pharmacy? No and no. 48 hours after the cash cancellation, Bolivian officials released an app for vendors to scan the bills’ serial numbers to confirm it wasn’t crashed cash. But many vendors refuse to use the app, and simply refuse all Series B Bolivianos.

If you’re going to Bolivia and need to get some local currency, make sure they’re not Series B Bolivianos.