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
De facto currency De facto currency A de facto currency is a unit of money that is not legal tender in a country but is treated as such by most of the populace. The United States dollar and the European Union euro are the most common de facto currencies. Andorra used the euro unofficially prior to June 2013, at which point the euro became its official currency. The euro remains the de facto currency in Kosovo and Montenegro. Countries using the United States dollar as their de facto currency include Aruba and Cambodia, where most hotels, restaurants, and transportation are priced in dollars;