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This article proposes a reconstitution of Nogaro’s approach to monetary phenomena, and highlights its contribution to explaining hyperinflationary phenomena. To do this, we present his methodological approach and his conception of money: the historical method and monetary nominalism. These led him to propose an original interpretation of the hyperinflationary crises that emerged in the aftermath of the two world wars. He emphasizes the importance of the exchange rate and monetary practices in the dynamics of hyperinflationary phenomena: elements of analysis that are later found among francophone monetary institutionalists and post-Keynesian authors. Nogaro also sought to propose international monetary reform to remedy exchange rate instability. JEL classification codes: B2, F31, E31, N14