Most currencies recorded in a new Bank for International Settlements working paper no longer circulate, offering historical context for the debate over whether crypto can challenge government money.
The researchers document 568 currencies across six continents between 1850 and 2026, with many disappearing through monetary reforms, political changes or entry into currency unions.
Only 163 remained in circulation as of October 2026, while the median observed lifespan stood at 33 years.
Around 70% of Recorded Currencies Have Disappeared
The paper, written by Iñaki Aldasoro, Jon Frost, Rudraksh Kansato circulateriaccounting foracks when currencies emerged, when they disappeared and the reasons behind those changes.
Of the 568 currencies documented, 405 had ceased circulating, equivalent to approximately 71%.
Name or unit changes accounted for 35% of discontinuations, making them the largest category.
Inflation explained around 20%, while war or conflict and the dissolution of jurisdictions each accounted for about 14%.
The study complicates the claim that discontinued currencies necessarily failed.
For example, the database treats Britain’s 1971 decimalization as the end of the pre-decimal pound’s recorded lifespan.
The 33-Year Median Is Not an Expiration Date
The headline lifespan figure warrants more scrutiny, as currencies still in circulation have not yet completed their lifespans.
The paper measures those currencies up to October 2026, with their median age at 55 years, compared with a median completed lifespan of 21 years for currencies already discontinued.
A separate survival analysis, which accounts for currencies still circulating, estimates that half are discontinued within 44 years of issuance.
Just over one-third survive beyond 75 years, while approximately 13% reach 150 years.
The researchers find that vulnerability is highest during the first decade after issuance and declines substantially once currencies survive that initial period.
Regional differences are also significant.
North American currencies had a median observed lifespan of 57 years, compared with 29.5 years in Europe and 31 years in Asia.
Crypto’s Replacement Case Remains Unproven
The authors acknowledge that cryptoassets challenge the longstanding dominance of state-issued currencies and have renewed debate about the fundamentals of money.
However, the research explicitly excludes Bitcoin, Ether, stablecoins, and central bank digital currencies.
The paper instead emphasizes why currencies remain useful, citing widespread acceptance, confidenc,e and the ability to measure economic value across transactions.
Governments reinforce those networks through legal-tender rules and tax-payment requirements.
For crypto, this implication highlights how technological persistence alone can not establish monetary dominance.
A replacement would need broad acceptance as a unit for pricing goods, settling obligations and conducting everyday commerce.
