Which Currency Is Worth The Least? Here's The 2023 Ranking

When you think about the world’s most powerful currencies, the U.S. dollar always tops the conversation—it’s the most traded globally and serves as the benchmark for comparing virtually all other currencies. But what about the flip side? Which currency is worth the least in today’s markets?

The answer might surprise you: some nations’ currencies are worth mere fractions of a penny. You might need tens of thousands of units just to equal a single dollar. Let’s dive into the 10 least valuable currencies on the planet and understand what’s driving their collapse.

Understanding How Currency Values Work

Before we break down which currency is worth the least, it’s worth understanding how exchange rates actually function. The world’s currency markets operate on a pairing system—you trade one currency for another, which determines their relative value. Most currencies “float,” meaning their value shifts based on supply and demand. Others are “pegged,” maintaining a fixed rate against another currency like the dollar.

When a currency weakens against the dollar, the math gets brutal. A stronger dollar means American tourists get more local currency for their money, but it becomes exponentially more expensive for locals to travel to the U.S. For investors, these fluctuations create trading opportunities in the foreign exchange markets.

The 10 Currencies Worth The Least

Based on exchange rates as of May 2023, here are the global rankings for which currency is worth the least, starting from the absolute bottom:

1. Iranian Rial – The World’s Most Worthless Currency

The Iranian rial holds the unfortunate distinction of being worth the least among all global currencies. At the May 2023 rate, you’d need 42,300 rials just to buy one dollar—meaning a single rial was worth just $0.000024.

The culprit? Decades of U.S. and European economic sanctions have crippled Iran’s economy. Couple that with annual inflation rates exceeding 40% and political turbulence, and you’ve got a recipe for currency catastrophe. The World Bank warns that risks to Iran’s economic future remain substantial.

2. Vietnamese Dong – Asia’s Weakest Link

Coming in second for which currency is worth the least globally, the Vietnamese dong trades at roughly 23,485 to the dollar. Vietnam’s real estate collapse, foreign investment restrictions, and slowing exports have all contributed to the dong’s deterioration.

Yet there’s a silver lining: the World Bank credits Vietnam with transforming itself into one of Asia’s most dynamic emerging economies, rising from poverty to lower-middle-income status.

3-4. Laotian Kip and Sierra Leonean Leone – Regional Struggles

Moving into worth-the-least territory, Laos’s kip requires 17,692 units per dollar, while Sierra Leone’s leone sits at 17,665 per dollar. Both nations wrestle with sluggish growth, foreign debt burdens, and inflation spirals—conditions that keep pushing their currencies further down the valuation ladder.

Sierra Leone faces the additional weight of its Ebola legacy, civil war aftereffects, and widespread corruption. Laos struggles with a government that’s been ineffective at controlling inflation, debt, and currency depreciation.

5. Lebanese Pound – Economic Freefall

The Lebanese pound, worth the least in the Middle East, plummeted to record lows in March 2023. The rate hit 15,012 pounds per dollar amid a banking crisis, unemployment catastrophe, and mind-bending inflation that saw prices rise 171% in 2022 alone.

The International Monetary Fund declared Lebanon is at a “dangerous crossroads” and warned that without immediate reforms, the country faces an endless economic crisis.

6. Indonesian Rupiah – Size Doesn’t Matter

Despite Indonesia being the world’s fourth most populous nation, the rupiah ranks among the least valuable currencies globally at 14,985 per dollar. Even a country’s size and resources can’t protect it from currency weakness when economic fundamentals crumble. The IMF cautioned in 2023 that global economic slowdown could trigger further rupiah depreciation.

7. Uzbekistani Som – Post-Soviet Challenges

Central Asia’s Uzbekistani som (11,420 per dollar) shows that even post-Soviet economic reforms have their limits. The country battles slowing growth, high inflation, unemployment, and corruption that keep the currency pinned to the bottom of global rankings.

8. Guinean Franc – Resource Curse

Guinea possesses enormous gold and diamond wealth, yet the Guinean franc remains among the world’s least valuable at 8,650 per dollar. High inflation, military political instability, and refugee pressures from neighboring countries have neutralized the country’s natural resource advantages.

9. Paraguayan Guarani – The Hydropower Paradox

Paraguay leads South America in hydroelectric generation, but that hasn’t translated to currency strength. The guarani trades at 7,241 per dollar, weighed down by double-digit inflation, drug smuggling, and money laundering that destabilize the economy.

10. Ugandan Shilling – Resource-Rich, Currency-Poor

Rounding out the least valuable currencies is the Ugandan shilling at 3,741 per dollar. Despite sitting on oil, gold, and coffee reserves, Uganda’s unstable growth, substantial debt, and political uncertainty have kept its currency weak. Recent refugee influxes from Sudan have compounded the pressure.

What This Means For Traders and Investors

Understanding which currency is worth the least isn’t just academic—it’s crucial for forex traders and international investors. These valuations reflect deep economic problems: hyperinflation, sanctions, political instability, and structural weakness. While the exchange rates tell one story, the underlying fundamentals reveal whether a currency might stabilize or continue declining.

For anyone considering exposure to foreign exchange markets, these 10 currencies represent the extreme end of the spectrum where volatility reigns and risk runs high.