The biggest currency in the world in terms of the difference in value against the global reserve currency (USD), is the Kuwaiti dinar.
We’ll explore the Kuwaiti dinar and also discuss the other currencies that currently have a value higher than the United States dollar below.
This article is part of our free series on navigating money challenges abroad and opening accounts to hold foreign currency.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- “Biggest” Currency in the World in Terms of Value
- List of the “Biggest” Currencies
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
“Biggest” Currency in the World in Terms of Value?
The “biggest” currency in the world in comparison to other currencies is the Kuwaiti dinar. The Kuwaiti dinar has the currency symbol د. ك, and ISO 4217 Code KWD. At present, the Kuwaiti dinar trades at 1 KWD to 3.25 USD.
The Kuwaiti dinar was first introduced in 1961, as a replacement for the Gulf rupee. The dinar continued to be the currency of Kuwait until Iraq invaded and declared it invalid, forcing a 1:1 exchange for Iraqi banknotes.
During the invasion and occupation, large quantities of banknotes were stolen from Kuwait. Not surprisingly, following liberation, the Central Bank of Kuwait issued a new series of Kuwaiti dinar banknotes, demonetizing the old currency and any currency that was stolen.
List of the “Biggest” Currencies
Kuwaiti Dinar
The Kuwaiti dinar is the official currency of the State of Kuwait. It was first introduced in 1961. The KWD currently has the biggest difference against the value of the United States dollar. The current conversion of the Kuwaiti dinar to the United States dollar is 1 KWD to 3.25 USD.
Bahraini Dinar
The Bahraini dinar is the official currency of the Kingdom of Bahrain. It was first introduced in 1965. The BHD currently has the second biggest difference against the value of the United States dollar. The current conversion of the Bahraini dinar to the United States dollar is 1 KWD to 2.65 USD.
Omani Rial
The Omani Rial is the official currency of the Sultanate of Oman. It was first introduced in 1970. The OMR currently has the third biggest difference against the value of the United States dollar. The current conversion of the Omani Rial to the United States dollar is 1 OMR to 2.59 USD.
Jordanian Dinar
The Jordanian dinar is the official currency of the Hashemite Kingdom of Jordan. It was first introduced in 1950. The JOD currently has the fourth biggest difference against the value of the United States dollar. The current conversion of the Jordanian dinar to the United States dollar is 1 JOD to 1.41 USD.
British Pound
The British pound is the official currency of the United Kingdom of Great Britain and Northern Ireland. It was first introduced in 1489. The GBP currently has the fifth biggest difference against the value of the United States dollar. The current conversion of the British pound to the United States dollar is 1 GBP to 1.28 USD.
Gibraltar Pound
The Gibraltar pound is the official currency of the British Overseas Territory of Gibraltar. It was first introduced in 1898. The GIP is currently tied with the British pound for the fifth biggest difference against the value of the United States dollar. Though this difference is due to the fact that the GIP is pegged at a rate of 1:1 to the GBP.
Cayman Islands Dollar
The Cayman Islands dollar is the official currency of the Cayman Islands. It was first introduced in 1972. The KYD currently has the sixth biggest difference against the value of the United States dollar. The current conversion of the Cayman Islands dollar to the United States dollar is 1 KYD to 1.21 USD.
Swiss Franc
The Swiss franc is the official currency of the Swiss Confederation and the Principality of Liechtenstein. It was first introduced in 1850 in Switzerland and later adopted in Liechtenstein in 1924. The CHF currently has the seventh biggest difference against the value of the United States dollar. The current conversion of the Swiss franc to the United States dollar is 1 CHF to 1.19 USD.
Note on Additional GBP Linked Currencies
There are other currencies issued in territories that are in a currency union with the United Kingdom or that are pegged to the value of GBP. These currencies are therefore also greater in value than the United States dollar.
These currencies include the Alderney pound (N/A), Falkland pound (FKP), Guernsey pound (GGP), Jersey pound (JEP), Manx pound (IMP), and St. Helena pound (SHP), which therefore holds an equal value of GBP to USD.
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the biggest currency in the world. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Is the Canadian Dollar a Strong Currency?
Yes, the Canadian dollar is considered a relatively strong currency when compared to the 180 currencies available in the world. In fact, the Canadian dollar is one of the eight (8) global currencies that are commonly held in foreign currency reserves by sovereign nations, along with USD, EUR, JPY, GBP, CNY, AUD, and CHF.
What Are the Most Expensive Currencies?
The most expensive currencies in the world are those that trade at a premium to the global reserve currency, the United States dollar. At present, this includes KWD, BHD, OMR, JOD, GBP, KYD, CHF, and EUR. Additionally, there are a number of currencies pegged or in a currency union with GBP that are also more expensive than USD.
Which Currency Is the Highest in the World?
The highest currency in the world is KWD (Kuwaiti dinar). The Kuwaiti dinar was first introduced in 1961 as a replacement for the Gulf rupee. After a short period during the Iraqi invasion of Kuwait, the dinar was demonetized and reissued. Since then it has become the highest-valued currency in the world.
What Are the Top 5 Highest Currencies?
The top five highest currencies in terms of price when compared to other currencies are KWD (Kuwaiti dinar), BHD (Bahraini dinar), OMR (Omani Rial), JOD (Jordanian dinar), GBP (British pound), KYD (Cayman Islands dollar), and CHF (Swiss franc).
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