The Zimbabwe dollar (Z$) is the legal tender currency of Zimbabwe. It was formerly known as the Rhodesian dollar (R$), which was adopted in 1970 following decimalisation and the replacement of the Pound Sterling as the currency. At the time of independence in 1980, one Zimbabwe dollar (of 100 cents) was approximately the same value as one Pound Sterling, but rampant inflation and the collapse of the economy has made the currency worthless, with many organisations using the US dollar instead. Presently (22 February 2005) the currency is worth Z$6,049.30 TO US$1.