Typically, the government that caused the hyperinflation supplants the hyperinflated currency with a new currency.
The problem with destroying part of the existing money supply is that what causes prices to hyperinflate is a collapse of the demand to hold money. Once in a hyperinflation, people begin to use other media of exchange or revert to barter.
Here is Han Sennholz on the German hyperinflation of the 1920s:
http://mises.org/daily/2347
