The currency devaluation has forced a massive shift towards the US Dollar (USD) for daily transactions in Venezuela, with the Bolívar often used only for smaller, local transactions.

The bolívar lost three zeros, replacing the old Bolívar.

The Venezuelan Bolivar has underwent three major redenomination events since 2008 to combat hyperinflation:

The Bolívar fuerte was replaced by the Bolívar soberano, removing five zeros.

The reverse side often showcases the "Mausoleum of the Liberator" Simón Bolívar and the National Pantheon in Caracas, along with the Venezuelan coat of arms.