Hyperinflation in Germany, 1914–1923 by Hans F. Sennholz

http://mises.org/story/2347 [This article is excerpted from the book The Age of Inflation.] The German inflation of 1914–1923 had an inconspicuous beginning, a creeping rate of one to two percent. On the first day of the war, the German Reichsbank, like the other central banks of the belligerent powers, suspended redeemability of its notes in order to prevent a run on its gold reserves.