Hyperinflationary banknotes

Hyperinflation banknotes are the most extreme notes ever printed: money from countries where prices rose so fast that zeros were added faster than new notes could be designed. The collection is led by Hungary's pengő, milpengő and B.-pengő of 1945–1946, the worst hyperinflation in recorded history, with notes from Greece, Yugoslavia, Germany, Zimbabwe and more.

We are based in Hungary, so you will find deep stock of every Hungarian hyperinflation note, as singles, bundles and PMG-graded examples.

History and frequently asked questions below ↓

About hyperinflation banknotes

War and economic collapse

The Second World War left Hungary's economy in ruins, and the National Bank was soon printing pengő notes up to 1 milliárd (1,000,000,000). As prices kept rising it introduced the milpengő, one million pengő, and then the B.-pengő ("billió pengő"), one million million pengő. The 100 million B.-pengő, worth 100,000,000,000,000,000,000 pengő, is the highest denomination ever to circulate anywhere. In July 1946 prices doubled about every 15 hours, until the forint replaced the pengő on 1 August 1946 at 400,000 quadrillion pengő to one forint.

Other great hyperinflations

Germany printed notes of up to 100 trillion marks in 1923; Greece reached 100 billion drachmai in 1944; Yugoslavia issued a 500 billion dinara note in 1993; and Zimbabwe printed a 100 trillion dollar note in 2009. Each left behind notes that are now prized for the story they tell.

A collector's dream, a cautionary tale

These banknotes are more than just high numbers. They capture the moment when money lost all meaning. Yet even in the chaos, Hungarian notes were issued in carefully designed series, with colour variations, changing security features and evolving paper quality, a rich field for study and comparison.

See also: pengő, Hungary, Zimbabwe, Yugoslavia and Germany.

Collector's guide: Pengő vs milpengő vs B.-pengő – every 1946 Hungarian hyperinflation note explained.

Frequently asked questions

What is hyperinflation?

Extremely fast inflation, usually defined as prices rising by more than 50% in a single month. At its worst, money loses value by the hour.

Which country had the worst hyperinflation ever?

Hungary in 1945–1946. In July 1946 prices doubled roughly every 15 hours, the highest inflation rate ever recorded.

What is the highest denomination banknote ever issued?

The Hungarian 100 million B.-pengő of 1946, worth 1020 pengő.