Germany experienced the 1923 hyperinflation that made a wheelbarrow of banknotes a famous symbol.
The crisis occurred in the Weimar Republic after World War I. Germany faced reparations obligations, fiscal strain, and a shortage of foreign currency. In January 1923, French and Belgian troops occupied the Ruhr after Germany fell behind on payments. The German government encouraged passive resistance and financed much of the resulting cost by issuing money.
The mark’s value collapsed. Prices changed rapidly, savings were destroyed, and people rushed to spend wages before they lost purchasing power. Images of banknotes being carried in bundles or wheelbarrows became enduring symbols of hyperinflation.
Stabilization arrived late in 1923 with the Rentenmark, followed by fiscal and monetary reforms. The episode is often confused with Hungary’s 1946 hyperinflation, which produced the highest known monthly inflation rate in recorded history.