The German Hyperinflation - 1920 to 1923

This is what happens when you run a welfare state for nearly fifty years, and then lose a world war. The note on the right is what the famous "wheelbarrows" were full of in late 1923. The paper was worth more than the note.

1920: A 50 Mark Note:
(a reasonable denomination)
1923: A 20 BILLION Mark Note:
("Milliarden" means a thousand million)

50 Mark Note - 1920 20 TRILLION Mark Note - November 1923


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