#0144 · 💰 Money Is Weird
The highest-denomination banknote in history had twenty-one zeros
Postwar Hungary printed a banknote worth 100 quintillion pengő — the highest denomination ever to enter legal circulation.
After World War II, Hungary went through the most violent hyperinflation ever documented — prices could double every few hours, and the government had to keep printing higher and higher denominations just to keep up with money's collapsing value.
The twist: in 1946, a banknote worth 100,000,000,000,000,000,000 pengő (one hundred quintillion) entered circulation — the highest denomination of legally issued paper money in world history.
Interestingly, an even higher denomination was printed — a billion trillion pengő — but it never actually entered circulation, because before it could be introduced, the whole currency was swapped out for a new one anyway.
The stakes: the entire episode of inflation lasted barely over a year — showing just how fast trust in money can collapse once a state loses control of its supply, and how absurd the numbers a central bank ends up having to print in that situation.
Sources
- General knowledge / encyclopedic sources
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Krulicza Nora
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