{
 "id": "austria-1921-1922",
 "country": "Austria",
 "currency": "Krone",
 "periodStart": "1921",
 "periodEnd": "1922",
 "peakInflation": "129%",
 "peakMonthlyPct": 129,
 "peakMonth": "August 1922",
 "doubling": "25.5 days",
 "hkEpisode": "Oct 1921 – Sep 1922",
 "currencyReform": "1 schilling = 10,000 kronen",
 "cause": "Post-war collapse, a deficit paid with new money",
 "resolution": "League of Nations loan (Oct 1922) with budget control; schilling (1924)",
 "url": "https://hyperinflation.rogzy.org/austria-1921-1922/",
 "summary": "After 1918, Austria was a small country left with the capital of a large empire, cut off from the farmland and coal it used to rely on, and it ran its budget on the printing press. Inflation passed 50 % a month from October 1921. It peaked in August 1922 at 129 % in the month, with prices doubling every 25.5 days (H&K). By then, consumer prices were 14,000 times their pre-war level. A League of Nations loan in October 1922, conditional on budget control, stopped it within weeks.",
 "timeline": [
  {
   "date": "12 Mar 1919",
   "event": "The notes are stamped \"Deutschösterreich\"."
  },
  {
   "date": "1920–1921",
   "event": "The money supply goes from 12 billion to about 147 billion kronen."
  },
  {
   "date": "Oct 1921",
   "event": "Monthly inflation passes 50 % (H&K start)."
  },
  {
   "date": "Aug 1922",
   "event": "The peak: 129 % (H&K). Prices are 14,000 times their pre-war level."
  },
  {
   "date": "4 Oct 1922",
   "event": "The Geneva Protocols are signed. The League of Nations lends 650 million gold kronen, a League commissioner controls the budget, and an independent central bank is created."
  },
  {
   "date": "20 Dec 1924",
   "event": "The schilling is adopted (10,000 K = 1 S) and enters circulation in 1925."
  }
 ],
 "banknotes": [
  {
   "label": "10,000 kronen (1918), overprinted \"Deutschösterreich\"",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/10000_Kronen.jpg"
  },
  {
   "label": "1,000 kronen (1902), overprinted \"Deutschösterreich\"",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/1000_Kronen.jpg"
  }
 ],
 "exchangeRates": {
  "unit": "Kronen per 1 USD",
  "approximate": true,
  "notes": "Peak monthly inflation 129% in August 1922 (Hanke & Krus); prices were then 14,000 times their pre-war level. A League of Nations loan (Oct 1922) stabilised the krone at 14,400 paper kronen per gold krone; the schilling (10,000 kronen) followed. Approximate series, kept for its shape; individual points are not sourced one by one.",
  "sources": [
   "Oesterreichische Nationalbank",
   "ECAEF - Austrian Hyperinflation After WWI"
  ],
  "points": [
   {
    "date": "1919-01",
    "rate": 16
   },
   {
    "date": "1919-06",
    "rate": 30
   },
   {
    "date": "1919-12",
    "rate": 105
   },
   {
    "date": "1920-01",
    "rate": 140
   },
   {
    "date": "1920-06",
    "rate": 180
   },
   {
    "date": "1920-12",
    "rate": 280
   },
   {
    "date": "1921-01",
    "rate": 310
   },
   {
    "date": "1921-06",
    "rate": 595
   },
   {
    "date": "1921-08",
    "rate": 1240
   },
   {
    "date": "1921-10",
    "rate": 3300
   },
   {
    "date": "1921-12",
    "rate": 5275
   },
   {
    "date": "1922-01",
    "rate": 6100
   },
   {
    "date": "1922-03",
    "rate": 8500
   },
   {
    "date": "1922-05",
    "rate": 14500
   },
   {
    "date": "1922-06",
    "rate": 22500
   },
   {
    "date": "1922-07",
    "rate": 39000
   },
   {
    "date": "1922-08",
    "rate": 77500
   },
   {
    "date": "1922-09",
    "rate": 74000
   },
   {
    "date": "1922-10",
    "rate": 71000
   },
   {
    "date": "1923-05",
    "rate": 70800
   }
  ]
 },
 "sources": [
  "Hanke & Krus (2012) — episode, peak, doubling time.",
  "Wikipedia, \"Austro-Hungarian krone\" (read 2026-10-05): https://en.wikipedia.org/wiki/Austro-Hungarian_krone",
  "Fergusson, A. (1975), When Money Dies — Vienna chapters.",
  "Sargent, T. J."
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}