When Galloping Inflation Hits Lightspeed
To a child, it’s an obvious answer: if you don’t have enough money, just print some more! Although the perils of such a simplistic solution – hyperinflation and economic implosion – were long known in theory, it hasn’t stopped some governments from doing it, most famously Weimar Germany. The consequences for ordinary people were catastrophic: life savings wiped out in a week, wages collected in suitcases, the price of a coffee going up between the time it was ordered and the arrival of the bill, stoves being lit with banknotes…the examples are startling.
Naturally, the banknotes of the period tell their own story. Previously inconceivable denominations were printed (and in some cases overprinted!). The highest amount from the Weimar period is the 100 trillion mark note (pictured) but much more recently, Zimbabwe printed its own 100 trillion dollar version. Most sobering of all is just how much these notes are worth to collectors today. The Zimbabwean note can be had for around £40 while Weimar-era currency often change hands for as little as a few pounds.