<Li> Start and End Date: May 1795--Nov. 1796 </Li> <Li> Peak Month and Rate of Inflation: Mid-Aug. 1796, 304% </Li> <P> By November 1922, the value in gold of money in circulation had fallen from £ 300 million before World War I to £ 20 million . The Reichsbank responded by the unlimited printing of notes, thereby accelerating the devaluation of the mark . In his report to London, Lord D'Abernon wrote: "In the whole course of history, no dog has ever run after its own tail with the speed of the Reichsbank ." Germany went through its worst inflation in 1923 . In 1922, the highest denomination was 50,000 Marks . By 1923, the highest denomination was 100,000,000,000,000 (10) Marks . In December 1923 the exchange rate was 4,200,000,000,000 (4.2 × 10) Marks to 1 US dollar . In 1923, the rate of inflation hit 3.25 × 10 percent per month (prices double every two days). Beginning on 20 November 1923, 1,000,000,000,000 old Marks were exchanged for 1 Rentenmark, so that 4.2 Rentenmarks were worth 1 US dollar, exactly the same rate the Mark had in 1914 . </P> <Ul> <Li> (1) Start and End Date: Jan. 1920--Jan. 1920 </Li> <Li> (1) Peak Month and Rate of Inflation: Jan. 1920, 56.9% </Li> <Li> (2) Start and End Date: Aug. 1922--Dec. 1923 </Li> <Li> (2) Peak Month and Rate of Inflation: Nov. 1923, 29,525% </Li> </Ul>

One of the causes of the german hyperinflationary period that occurred after world war i was
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