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V11 2008 INDEX
E-SYLUM ARCHIVE
ZIMBABWE'S INFLATION YET TO SURPASS HUNGARY'S
Alan Luedeking writes:Here's an interesting article in The Economist
concerning banknotes issued in hyperinflation. Zimbabwe is still far from
breaking Hungary's record of a 1 Quintillion Pengo note in 1946!
Tom Fort also forwarded a link to this one. Great graphic!
-Editor
Hyperinflation requires a good head for figures and a sturdy
wallet to hold wads of low-value paper money. Governments have attempted
to keep pace with hyperinflation by issuing ever-higher denomination
banknotes to replace worthless notes that might as well serve as
wallpaper. Last week Zimbabwe's central bank unveiled a 100 billion dollar
banknote to cope with inflation running at 2.2m%. On Sunday July 27th the
bank changed tack and announced it would be lopping off a string of zeroes
on replacement notes, in what passes for economic reform in stricken
Zimbabwe. But Robert Mugabe has some way to go before he can claim for his
country the accolade of printing the highest-denomination banknote. A note
issued in post-war Hungary came with a mind-boggling 19 digits.
To read the complete article, see: Hey big spender: The world's highest-denomination banknotes (http://www.economist.com/daily/news/displaystory.cfm?story_id=11819514&fsrc=nwl)
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.
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