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Hungary went through its worst inflation in modern history in 1945-46. Before 1945, the highest denomination was 1,000 pengő. By the end of 1945, it was 10,000,000 pengő. The highest denomination in mid-1946 was 100,000,000,000,000,000,000 pengő.
The rate of inflation was 4.19 quintillion (4.19 x 1018) percent.
A special currency the adópengő—or tax pengő—was created for tax and postal payments [2]. The value of the adópengő was adjusted each day, by radio announcement. On January 1, 1946 one adópengő equaled one pengő. By late July, one adópengő equaled 2,000,000,000,000,000,000,000 or 2×1021pengő.
When the pengo was replaced in August 1946 by the forint, the total value of all Hungarian banknotes in circulation amounted to one-thousandth of one US cent. It is the most severe known incident of inflation recorded, peaking at 4.19 × 1016 percent per month (prices double every 15 hours).
The overall impact of hyperinflation: On the 1st of August, 1946 400,000,000,000,000,000,000,000,000,000 or 4×1029 (four hundred octillion [ short scale ] ) pengő became 1 forint.
The rate of inflation was 4.19 quintillion (4.19 x 1018) percent.
A special currency the adópengő—or tax pengő—was created for tax and postal payments [2]. The value of the adópengő was adjusted each day, by radio announcement. On January 1, 1946 one adópengő equaled one pengő. By late July, one adópengő equaled 2,000,000,000,000,000,000,000 or 2×1021pengő.
When the pengo was replaced in August 1946 by the forint, the total value of all Hungarian banknotes in circulation amounted to one-thousandth of one US cent. It is the most severe known incident of inflation recorded, peaking at 4.19 × 1016 percent per month (prices double every 15 hours).
The overall impact of hyperinflation: On the 1st of August, 1946 400,000,000,000,000,000,000,000,000,000 or 4×1029 (four hundred octillion [ short scale ] ) pengő became 1 forint.
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