Austria Hyperinflation Banknotes

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500,000 Kronen 1922

This note is not in my collection. Scans courtesy of Johann Kodnar.

Austria became a republic when the Austria-Hungarian empire was dissolved after World War I. It was hit by the same post-war hyperinflation that was rampaging in neighboring Germany. The highest denomination before 1918 was 10 Kronen. By 1922, it was 5,000,000 Kronen. In the 1924 currency reform, 1 Shilling was exchanged for 10,000 Kronen.

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