When Money Fails: Post WWII Hungarian Hyperinflation
January 22, 2026, 12pm MT

As the Allies celebrated the end of the Second World War, some countries, such as Hungary, continued to suffer. Hungary was not only conquered by the Soviet Red Army, but they were thrust into economic turmoil and hyperinflation. The Hungarian Hyperinflation from 1945-1947 generated the highest denominations in history at that time, and the efforts to curb it were fought with creative administrative tactics. In the 2nd segment of the When Money Fails series, we will learn the economic and numismatic history that plagued Hungary.

Alexander Blough started collecting in 1998, has been an adult member of the ANA since 2013, and pursued his Master's in European History with a focus on Numismatics where he wrote his Master's Thesis on The Socioeconomic Impacts and Importance of Inflation and Hyperinflation in Europe During The Early 20th Century.