
Everyone knows Germany's 1923 hyperinflation, but the all-time record belongs to Hungary. In July 1946, Hungarian prices were doubling roughly every 15 hours. Not every year, not every month: every 15 hours. If you wondered over breakfast whether to buy something today or tomorrow, the answer was always today.
The currency, the pengő, died printing numbers the mind cannot hold. A note for one hundred quintillion pengő — a one followed by twenty zeros — entered circulation, the highest face value ever issued anywhere. An even larger one was printed and ready, but never released, because by then it was pointless.
In August 1946, Hungary gave up on the currency and created the forint. The exchange rate says it all: one forint was worth a 4 followed by 29 zeros in pengő. All the pengő in the country, put together, was worth less than a cent.