The famous German hyperinflation period, to which we are often warned we are about to return, was now nearly 100 years ago. That this was a period before monetary theory and strong central banks. That nearly one hundred years have gone by without hyperinflation occurring in any major country hardly seems to matter when it comes time for hard money people trying to scare us. We have an interesting lot in our March auction that should help keep things in perspective. It is a collection of pristine mint Germany 1923 inflation period, over 50 sheets of 100 as collected from the Post Office, with a total face value of over 50 Billion (with a B) marks. These sheets were demonetized in 1924 and the auction estimate is $250. I try to think of these sheets every time I see that gas has gone up another dime a gallon.
