diff --git a/InvenTree/InvenTree/settings.py b/InvenTree/InvenTree/settings.py
index 0632f78245..ef4d6f558a 100644
--- a/InvenTree/InvenTree/settings.py
+++ b/InvenTree/InvenTree/settings.py
@@ -764,6 +764,11 @@ CURRENCIES = get_setting(
     typecast=list,
 )
 
+# Ensure that at least one currency value is available
+if len(CURRENCIES) == 0:  # pragma: no cover
+    logger.warning("No currencies selected: Defaulting to USD")
+    CURRENCIES = ['USD']
+
 # Maximum number of decimal places for currency rendering
 CURRENCY_DECIMAL_PLACES = 6
 
diff --git a/InvenTree/common/migrations/0010_migrate_currency_setting.py b/InvenTree/common/migrations/0010_migrate_currency_setting.py
index 0604e93008..09b0100db4 100644
--- a/InvenTree/common/migrations/0010_migrate_currency_setting.py
+++ b/InvenTree/common/migrations/0010_migrate_currency_setting.py
@@ -8,6 +8,16 @@ def set_default_currency(apps, schema_editor):
     """ migrate the currency setting from config.yml to db """
     # get value from settings-file
     base_currency = get_setting('INVENTREE_BASE_CURRENCY', 'base_currency', 'USD')
+
+    from common.settings import currency_codes
+
+    # check if value is valid
+    if base_currency not in currency_codes():
+        if len (currency_codes()) > 0:
+            base_currency = currency_codes()[0]
+        else:
+            base_currency = 'USD'
+
     # write to database
     InvenTreeSetting.set_setting('INVENTREE_DEFAULT_CURRENCY', base_currency, None, create=True)