Lao kip of the Soviet collapse in 1991 and the persistence of chronic inflation, there are no coins currently in circulation in Laos. In 1979, banknotes were introduced in denominations of 1, 5, 10, 20, 50 and 100 kip. 500 kip notes were added in 1988, followed by 1000 kip in 1992, 2000 and 5000 kip in 1997, 10,000 and 20,000 kip in 2002 and 50,000 kip on January 17, 2006 (although dated 2004). On November 15, 2010 a 100,000 kip banknote was issued to commemorate the 450th anniversary of the founding of the capital, Vientiane, and the 35th anniversary of the
Kelly Kip had knee problems and was not "the soundest of horses". At Laurel Park Racecourse in July, Kelly Kip was a last minute entry for the De Francis Memorial Dash, the second most valuable sprint of the season. He won from Affirmed Success in a time of 1:08.2, beating the race record set in 1991 by Housebuster. The trainer of the runner up described the winner as "probably the best sprinter in the country right now". In August Kelly Kip was sent to Saratoga to contest the Grade II A Phenomenon Handicap, a race which later became the Grade I Alfred