Every Hyperinflation in History, Ranked
The worst hyperinflation ever recorded struck Hungary in July 1946, when prices roughly doubled about every 15 hours. Zimbabwe's 2008 collapse ranks second, with peak inflation near 79.6 billion percent month-on-month in mid-November 2008 (Steve Hanke, Cato Institute). Below is the cross-crisis ranking, drawn from the Hanke-Krus World Hyperinflation Table, alongside the notes each crisis left behind.
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The hyperinflation severity ranking
Ranked by peak inflation rate, six of the most severe hyperinflations in history are Hungary (1946), Zimbabwe (2008), Yugoslavia (1994), Germany (1923), Greece (1944), and Venezuela (2016 to 2019). The Hanke-Krus table documents dozens of episodes; these six left behind the most collected notes. Every one of them printed banknotes so large the numbers stopped meaning anything, and collectors can still hold those notes today.
| # | Country | Peak monthly inflation | Peak date | Highest-denomination note | Currency |
|---|---|---|---|---|---|
| 1 | Hungary | Prices doubled about every 15 hours | July 1946 | 100 quintillion pengő | Pengő |
| 2 | Zimbabwe | ~79.6 billion percent | Mid-November 2008 | 100 trillion dollars P-91 | Zimbabwe dollar |
| 3 | Yugoslavia | Hundreds of millions of percent | January 1994 | 500 billion dinara | Yugoslav dinar |
| 4 | Germany (Weimar) | ~29,500 percent | October 1923 | 100 trillion marks | Papiermark |
| 5 | Greece | Tens of thousands of percent | October/November 1944 | 100 billion drachmai | Drachma |
| 6 | Venezuela | Hundreds of percent | 2018 to 2019 | 1,000,000 bolívares (Soberano) | Bolívar |
Inflation rates and peak dates per the Hanke-Krus World Hyperinflation Table, Cato Institute; highest-denomination notes reflect the documented record for each currency. Rates are order-of-magnitude and dates mark the documented peak. Hungary is shown as a price-doubling interval because its monthly percentage is astronomically large. Zimbabwe's peak figure is attributed to economist Steve Hanke; Venezuela's figures are drawn from Hanke's Cato Institute tracking and IMF estimates.
Hungary, 1946: the most extreme hyperinflation on record
Hungary's 1946 pengő collapse is the worst hyperinflation ever documented, with prices roughly doubling about every 15 hours at its peak (Hanke-Krus, Cato Institute).
In the aftermath of the Second World War, the Hungarian pengő lost value so fast that the government issued notes in denominations no country had printed before or since. The pengő series reached the highest face values of any hyperinflation, including a 100 quintillion pengő note, a figure with twenty zeros. Even larger notes were printed but never released before the currency was replaced by the forint in August 1946. Hungarian pengő notes from this era are enduring artifacts of monetary collapse, and Planet Banknote lists examples in its Hungary banknotes collection and curated hyperinflation sets.
Zimbabwe, 2008: the flagship modern hyperinflation
Zimbabwe's 2008 hyperinflation peaked at approximately 79.6 billion percent month-on-month in mid-November 2008 (Steve Hanke, Cato Institute), the second-worst episode on record and the source of the famous 100 trillion dollar note.
The 100 trillion dollar note (Pick P-91) was dated 2008, released in January 2009, and withdrawn just three months later in April 2009 when Zimbabwe abandoned its dollar for a multi-currency system. It is the highest-denomination banknote of the modern era, carrying fourteen zeros for a face value of 100,000,000,000,000 dollars. The government formally demonetized the currency in June 2015 (Reuters), which fixed the surviving supply and helped turn these notes into sought-after collectibles. At Planet Banknote, a raw uncirculated example retails for $198.17 (Planet Banknote current retail, July 2026, prices change with inventory). Explore the full story in our Zimbabwe hyperinflation collection, the 100 Trillion value guide, or the broader hyperinflation sets.
Yugoslavia, 1994: monthly inflation in the hundreds of millions
Yugoslavia's January 1994 hyperinflation reached monthly inflation on the order of hundreds of millions of percent (Hanke-Krus, Cato Institute), ranking it the third-worst episode ever recorded.
As the former Yugoslavia broke apart in the early 1990s, the dinar spiraled through repeated redenominations. At the peak the central bank issued a 500 billion dinara note, the largest denomination of the crisis, before a new currency stabilized prices in 1994. Yugoslav dinar notes are compact, dramatic evidence of a European hyperinflation within living memory. Planet Banknote stocks examples in its Yugoslavia banknotes section and in its hyperinflation sets.
Germany, 1923: the hyperinflation that defined the term
Weimar Germany's hyperinflation peaked at roughly 29,500 percent monthly in October 1923 (Hanke-Krus, Cato Institute), the crisis most people picture when they hear the word.
Images of Germans carting wheelbarrows of banknotes to buy bread come from this period, when the Papiermark collapsed under war reparations and money printing. Denominations climbed into the trillions, culminating in notes such as the 100 trillion mark before the Rentenmark restored order in late 1923. Weimar notes are among the most collected hyperinflation issues in the world for exactly this reason. Browse Planet Banknote's Germany banknotes and hyperinflation sets to hold a piece of the era.
Greece, 1944: wartime collapse of the drachma
Greece's hyperinflation during the 1944 Axis occupation reached monthly inflation in the tens of thousands of percent (Hanke-Krus, Cato Institute), ranking fifth among the great hyperinflations.
Occupation, blockade, and the costs of war destroyed the Greek drachma, which was reissued in ever-larger denominations that culminated in a 100 billion drachmai note in 1944. A new drachma replaced the old at a staggering conversion rate that November. Greek notes from this period are historically rich yet often overlooked. Find examples in Planet Banknote's Greece banknotes collection and its hyperinflation sets.
Venezuela, 2016 to 2019: the most recent great hyperinflation
Venezuela's hyperinflation from 2016 to 2019 saw peak monthly inflation reach the hundreds of percent (Steve Hanke, Cato Institute), the most recent crisis on this ranking. Its cumulative annual inflation ran into the millions of percent at the peak (IMF estimates).
Venezuela worked through three currencies during the collapse: the bolívar fuerte, then the bolívar soberano, and finally the 2021 digital reform that removed six more zeros. At the peak the central bank issued a 1,000,000 bolívar note. Because the crisis is so recent, its notes are affordable and widely available, making them an accessible entry point into hyperinflation collecting. Planet Banknote carries them in its Venezuela hyperinflation collection, the full Venezuela category, the Bolivar Digitale million series, and the curated hyperinflation sets.
Where does this data come from?
The rankings and inflation figures on this page come from the Hanke-Krus World Hyperinflation Table, compiled by economists Steve Hanke and Nicholas Krus and published by the Cato Institute.
No dealer had previously published a single cross-crisis comparison of the world's hyperinflations next to the notes they produced, so we built one. The inflation rates are presented as order-of-magnitude figures because the exact numbers reach a scale where added digits stop being meaningful. Zimbabwe's peak of approximately 79.6 billion percent is attributed specifically to Steve Hanke (Cato Institute). Venezuela's figures draw on Hanke's Cato Institute tracking and IMF estimates. Where we cite a denomination or a date, it reflects the documented record for that currency. We do not invent numbers, and any external figure carries its source inline.
Related resources
- Hyperinflation Sets: curated crisis-currency collections spanning Zimbabwe, Venezuela, Germany, Yugoslavia, Hungary, and Greece.
- Zimbabwe Hyperinflation: the full Trillion Series and the story behind the 100 trillion dollar note.
- Venezuela Hyperinflation: the bolívar fuerte, soberano, and digital series in one place.
- Most Valuable World Banknotes 2026: how hyperinflation notes compare to the rarest paper money.
- Planet Banknote Encyclopedia: plain-English definitions of every term used above.
Frequently asked questions
What was the worst hyperinflation in history?
Hungary in July 1946 is the worst hyperinflation ever documented. At its peak prices roughly doubled about every 15 hours, according to the Hanke-Krus World Hyperinflation Table published by the Cato Institute. Zimbabwe in 2008 ranks second, and Yugoslavia in 1994 ranks third.
How does Zimbabwe's hyperinflation compare to Germany's Weimar crisis?
Zimbabwe's 2008 hyperinflation was far more severe. Zimbabwe peaked near 79.6 billion percent month-on-month in mid-November 2008 (Steve Hanke, Cato Institute), while Weimar Germany peaked at roughly 29,500 percent monthly in October 1923 (Hanke-Krus). Weimar is more famous, but Zimbabwe's numbers were orders of magnitude larger.
Which hyperinflation produced the highest-denomination banknote?
Hungary's 1946 pengő series reached the highest face values of any hyperinflation, including a 100 quintillion pengő note. Zimbabwe's 100 trillion dollar note (Pick P-91) is the highest-denomination banknote of the modern era, with fourteen zeros, but Hungary's pengő notes carried larger face values.
Can I still buy banknotes from these hyperinflations?
Yes. Planet Banknote stocks genuine notes from Zimbabwe, Venezuela, Germany, Yugoslavia, Hungary, and Greece. Every note is inspected through our Planet Banknote Verified process and ships with a free Certificate of Authenticity. Start with our curated hyperinflation sets to hold several crises side by side.
Where do the hyperinflation figures on this page come from?
The rankings and inflation rates come from the Hanke-Krus World Hyperinflation Table, compiled by economists Steve Hanke and Nicholas Krus and published by the Cato Institute. Figures are presented as order-of-magnitude values, and Venezuela's data also draws on IMF estimates.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.