Yugoslavia: The Highest currency denomination ever.

Yugoslavia went through a period of hyperinflation and currency reforms to combat this during the late 80s and early 90s (roughly over the period from 89 to 94). This note, issued in September of 1993 ceased to be used when the currency was revalued in January of the next year. All in all Yugoslavia during its period of disintergration went through a currency reform in 1990 (1 new dinar exchanged for 10,000 old dinar), 1992 (1 new dinar exchanged for 10 old dinar) 1993 (1 new dinar exchanged for 1 million old dinars) and 1994 (1 new dinar exchanged for 1,000,000,000 old dinar) the another a month after the first (1 novi dinar exchange for 10.5 million dinar).

The government attempt to curb the inflation (which used to run at around 15% to 25% under Tito) by requiring sellers to file paper work for price rises. This effort only led to the price rises becoming more punctuated. (They used to file larger price rises to avoid refilling in the forms more regularly.)

The note shown below is the 500,000,000,000 dinar note, the largest nominal currency value ever printed. The portrait is of Jovan Jovanović Zmaj (Јован Јовановић) a Serbian poet.

Front:










Back:

Annual Rates of Inflation (CPI) in Yugoslavia, 1980-90 (in S)
	80	81	82	83	84	85	86	87	88	89	90
Aver.	31	39	31	40	54	72	90	120	194	1240	588

Source: Inflation and Stabilization in Yugoslavia, World Bank Working Paper by Roberto de Rezende Rocha. Table 1.
Ref: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/1991/08/01/000009265_3961001213920/Rendered/PDF/multi0page.pdf