The Highest Denomination Banknote Ever Printed
Hungary's 100 million b.-pengő note of 11 July 1946 carries the highest face value ever put into circulation: 100 quintillion pengő, a one followed by twenty zeros. A larger Hungarian note worth one sextillion pengő was printed but never released. Below, the full ranking, why the record is so often misstated, and which of these notes a collector can still hold.
Last updated: July 2026
The highest denomination banknote ever issued is Hungary's 100 million b.-pengő note of 1946, worth 1020 pengő. The highest ever printed is Hungary's 1 milliard b.-pengő note, worth 1021 pengő, which never entered circulation. The highest denomination of the modern era, and the one most people actually mean when they ask, is Zimbabwe's 100 trillion dollar note of 2008, with fourteen zeros. Those three answers are all correct, and they are answers to three different questions. This page separates them and then ranks every serious contender.
Three records, three different answers
"Highest denomination" splits into three distinct claims: highest face value ever issued, highest face value ever printed, and most zeros printed on the note itself. Hungary wins the first two and Zimbabwe wins the third.
| The question | The answer | The note |
|---|---|---|
| Highest face value ever issued | 1020 pengő | Hungary, 100 million b.-pengő, 11 July 1946 P-136 |
| Highest face value ever printed | 1021 pengő | Hungary, 1 milliard b.-pengő, 1946, never released P-137 |
| Most zeros printed on the face | 14 zeros | Zimbabwe, 100 trillion dollars, 2008 P-91 |
The confusion is not anyone's fault. Hungary's record notes did not print their zeros. They used abbreviated units, so the 100 million b.-pengő note reads "SZÁZMILLIÓ B.-PENGŐ" on its face while representing 1020 pengő, because one b.-pengő equalled 1012 pengő. Zimbabwe's note printed all fourteen of its zeros in a row, which is why it became the image everyone recognises even though its face value is a hundred million times smaller than Hungary's.
Guinness World Records lists the Hungarian 100 million b.-pengő note as the highest-denomination banknote ever circulated. Our note-level reference on the 100 quintillion pengő note covers that specific piece in detail, including its designs and dates; this page places it against every other contender.
Every record-setting banknote, ranked by face value
Ranked by the value each note actually represented in its own base currency, Hungary takes the top two places, Zimbabwe and Weimar Germany tie at 1014, and Yugoslavia, Greece and Venezuela follow.
| # | Country and year | Note | Value in base currency | Issued? |
|---|---|---|---|---|
| 1 | Hungary, 1946 | 1 milliard b.-pengő P-137 | 1021 pengő | Printed, never released |
| 2 | Hungary, 1946 | 100 million b.-pengő P-136 | 1020 pengő | Yes, 11 July 1946 |
| 3 | Hungary, 1946 | 10 million b.-pengő P-135 | 1019 pengő | Yes, 8 July 1946 |
| 4 | Zimbabwe, 2008 | 100 trillion dollars P-91 | 1014 dollars | Yes, January 2009 |
| 4= | Germany, 1924 | 100 trillion mark | 1014 mark | Yes |
| 6 | Yugoslavia, 1993 | 500 billion dinara | 5 × 1011 dinara | Yes |
| 7 | Greece, 1944 | 100 billion drachmai | 1011 drachmai | Yes |
| 8 | Venezuela, 2021 | 1,000,000 bolívar soberano | 106 bolívares | Yes |
Ranking by base-currency value is the only comparison that survives scrutiny, because redenominations reset the counter. Zimbabwe and Yugoslavia both lopped zeros off their currencies repeatedly during their crises, so a note's printed figure understates how far the original currency had actually fallen. Hungary never redenominated during the collapse; it kept stacking units instead, which is precisely why its numbers ran so far ahead of everyone else's.
Why Hungary holds the record
Hungary's 1946 collapse was the most extreme hyperinflation ever documented, with prices roughly doubling about every 15 hours at the peak in July 1946 (Hanke-Krus World Hyperinflation Table, Cato Institute), and the Hungarian National Bank kept issuing notes right up to the currency's final days.
The pace at the end is what produced the record. The b.-pengő series opened on 1 July 1946 at 10,000 b.-pengő and closed on 11 July 1946 at 100 million b.-pengő: five denominations, each ten times the last, in eleven days. Then the printers ran ahead of even that. The 1 milliard b.-pengő note was produced and readied but never released, because on 1 August 1946 the forint replaced the pengő and the series simply stopped (Hungarian pengő, Wikipedia, citing Linzmayer, The Banknote Book, 2019). That is why the highest-value banknote in history is one that never legally bought anything.
The whole ladder, with issue dates and catalog numbers for each denomination, is set out in the complete pengő series catalog, and the crisis behind it in the Hungary hyperinflation guide.
Why Zimbabwe's note is the famous one
Zimbabwe's 100 trillion dollar note is the highest denomination of the modern era and the most recognisable high-denomination banknote in the world, because it printed all fourteen of its zeros on the face rather than hiding them behind a unit name.
Dated 2008, released in January 2009 and withdrawn in April 2009 when Zimbabwe moved to a multi-currency system, the note came out of the second-worst hyperinflation ever recorded, with peak month-on-month inflation of approximately 79.6 billion percent in mid-November 2008 (Steve Hanke, Cato Institute). It is legible in a way Hungary's records are not: you can count the zeros across a dinner table. For most collectors it is the first hyperinflation note they buy and often the centrepiece of the collection. The Zimbabwe hyperinflation guide covers the crisis, and what a 100 trillion note is worth by grade covers the market.
Zeros printed versus value represented
If you rank by zeros physically printed on the note, Zimbabwe's fourteen leads every note in circulation history; if you rank by value represented, Hungary's twenty and twenty-one lead instead.
| Note | Reads on the face | Actually represents | Zeros printed |
|---|---|---|---|
| Hungary 1 milliard b.-pengő | 1,000,000,000 b.-pengő | 1021 pengő | 9 |
| Hungary 100 million b.-pengő | 100,000,000 b.-pengő | 1020 pengő | 8 |
| Hungary 1 milliard milpengő | 1,000,000,000 milpengő | 1015 pengő | 9 |
| Zimbabwe 100 trillion dollars | 100,000,000,000,000 dollars | 1014 dollars | 14 |
This is the distinction that trips up most published accounts of the record, and it is worth stating plainly whenever the claim comes up. Hungary printed the largest numbers in monetary history; Zimbabwe printed the largest number of zeros. Both statements are true and neither one contradicts the other.
Which record-setting notes can you actually own?
Most of them, and more cheaply than the superlatives suggest. Zimbabwe's 100 trillion note and Hungary's mid-series b.-pengő notes are both readily available in uncirculated condition; only Hungary's two top denominations are genuinely scarce.
The Zimbabwe 100 trillion dollar note retails from $198.17 raw uncirculated at Planet Banknote as of July 2026, with certified examples from $229. Hungary's mid-series notes sit in a similar band: the 1,000,000 b.-pengő runs $179 to $269 depending on grade, and the 10,000,000 b.-pengő runs $389 raw and $612 in PMG 64. The record-setting 100 million b.-pengő is the step up, at $1,145 in PMG 66 EPQ. Prices and availability change with inventory.
A practical route into the category is a curated hyperinflation set, which puts Hungary, Zimbabwe, Venezuela and others side by side so the comparison this page makes in numbers becomes a comparison you can see. Buying individually, the Hungary collection and the Zimbabwe collection hold the two record-setting series. If you are new to the hobby, start with how to start collecting world banknotes, and read how to spot a counterfeit banknote before buying any high-denomination note from an unfamiliar source.
Frequently asked questions
What is the highest denomination banknote ever printed?
Hungary's 1 milliard b.-pengő note of 1946, worth 1021 pengő, is the highest face value ever printed on a government banknote. It was produced but never released into circulation before the forint replaced the pengő on 1 August 1946. The highest denomination actually issued and circulated was Hungary's 100 million b.-pengő note of 11 July 1946, worth 1020 pengő.
Is the Zimbabwe 100 trillion dollar note the highest denomination ever?
It is the highest denomination of the modern era and it prints more zeros on its face, fourteen, than any other circulating banknote in history. It is not the highest face value ever issued. Hungary's 1946 pengő series reached 1020 pengő, a hundred million times larger, using abbreviated units rather than printed zeros.
How many zeros are on the largest banknote?
Zimbabwe's 100 trillion dollar note prints fourteen zeros, more than any other circulating note. Hungary's record notes represent twenty and twenty-one zeros of value but print only eight and nine, because the b.-pengő unit on the face already stands for 1012 pengő.
What was the highest denomination note in Weimar Germany?
The 100 trillion mark note of 1924, worth 1014 mark, which ties Zimbabwe's 100 trillion dollar note for face value in base currency. The 1923 Weimar hyperinflation peaked at monthly inflation near 29,500 percent (Hanke-Krus World Hyperinflation Table, Cato Institute). The Weimar hyperinflation guide covers the series.
Can you still buy the highest denomination banknotes?
Yes. Genuine examples from Hungary's 1946 series and Zimbabwe's 2008 Trillion Series both survive in collectible quantity, and Planet Banknote stocks them individually and in curated hyperinflation sets. The scarcest pieces are Hungary's two top denominations; the mid-series notes and the Zimbabwe 100 trillion are widely available in uncirculated condition. Every note ships with a free Certificate of Authenticity.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.
Hold a record in your hands: browse the Hungary pengő notes, the Zimbabwe collection, or a multi-country hyperinflation set. For the full context, see every hyperinflation ranked and the complete pengő series catalog.