Yugoslavia hyper inflation money
YUGOSLAVIA - YUGO137(C) - 500000000000 DINARA
OBVERSE: POET J. ZMAJ AT LEFT, DENOMINATION AT CENTER
REVERSE: NATIONAL LIBRARY AT CENTER RIGHT
ACTUAL SIZE: 151MM x 72MM
This banknote is a genuine 500 Billion-Dinar banknote from the republic of Yugoslavia. It was issued on December 23, 1993, at the height of a runaway inflation rate that exceeded 313 million percent per month at its peak. This rare and unique note has the most zeros of any banknote ever issued anywhere in the world.
Belgrade, Yugoslavia Yugoslavias central bank introduced a 500 billion-dinar bank note yesterday, marking another milestone in the countrys descent into economic chaos and poverty.
The brightly colored bill was worth approximately $6 yesterday morning when used to pay the thousands of retirees who lined up outside post offices across the country to collect their monthly pensions. But by the time most of them had hurried to the markets it was worth only $5. By evening its value had dropped to less than $3.
If they were lucky enough to find food on the shelf, the elderly were faced with difficult choices. For most retirees the new bill, adorned with the visage of the childrens poet Jovan Jovanovich Amaj, is their only income for the coming month. With it they can buy 10 loaves of bread, or less than four ounces of poor quality pork, or a gallon of milk, or two dozen eggs.
More and more of them are forced to take advantage of the bread lines that have sprung up across the country in recent months. Last Saturday more than 30,000 people waited up to 10 hours in Belgrade for a meal provided by labor unions and a charity set up by opposition political parties. They waited on sidewalks littered with bank notes that a week or two before would have represented a months salary. Saturday they werent worth picking up, even for the most emaciated pensioners combing garbage cans for food.
The 500 billion-dinar notes appeared only a week after the first 50 billion-dinar bill and 10 days after the 5 billion Dinar denomination. The release coincided with the announcement of government plans to trim nine zeroes from the currency on Jan. 1. It comes only three months after the central bank had slashed six zeroes off the Dinar in a cosmetic attempt to control the countrys exploding hyper-inflation, which topped 600,000 percent last month.
Inflation in Yugoslavia is so great it is difficult to comprehend and nearly impossible to accurately calculate. In comparison with the United States, where concern mounts when the inflation rate hits 3 percent a year, in Belgrade; yesterday the rate of inflation was more than 3 percent an hour. One year ago, one US dollar was valued at 1,000 Dinar. Today it would take 180 trillion of the same 1,000 Dinar notes fr=factoring in the missing zeroes to equal one dollar.