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In 1923 the value of the paper mark had its worst decline. By July, the cost of a gold mark had risen to 101,112ℳ︁, and in September was already at 13-million-ℳ︁. [18] On 30 Nov 1923 it cost 1-trillion-ℳ︁ to buy a single gold mark. [18] In October 1923, Germany experienced a 29,500% hyperinflation (roughly 21% interest per day). [19]
Hyperinflation affected the German Papiermark, the currency of the Weimar Republic, between 1921 and 1923, primarily in 1923. The German currency had seen significant inflation during the First World War due to the way in which the German government funded its war effort through borrowing, with debts of 156 billion marks by 1918.
The first banknote of the East German Mark (1948), was a 1937 Rentenmark with a validation coupon stamp affixed. 30 Januar 1937 – Banknotes of 1 and 2 Rentenmark, serial number with 8 digits The first issue of banknotes was dated 1 November 1923 and was in denominations of RM 1, RM 2, RM 5, RM 10, RM 50, RM 100, RM 500 and RM 1000.
In Germany between the two world wars, inflation rose to such a point in the early '20s that a loaf of bread cost a million or more marks. Cities and townships printed their own money in a ...
15 November – The value of the German Papiermark falls to 4.2 × 10 12 mark to the United States dollar causing the German government to issue the Rentenmark as a replacement for the Papiermark to alleviate the hyperinflation in the Weimar Republic.
The remaining convertible mark of Bosnia and Herzegovina is a currency that officially replaced the German mark as de facto currency of the ruptured economy and hyper-inflation of local divided currencies after the Bosnian war, pegged to the German mark 1:1 at the time, and further pegged to Euro at the rate at which German mark was replaced, i ...
By late 1923, the Weimar Republic of Germany was issuing two-trillion mark banknotes and postage stamps with a face value of fifty billion marks. The highest value banknote issued by the Weimar government's Reichsbank had a face value of 100 trillion marks (10 14; 100,000,000,000,000; 100 million million).
This was necessary due to the 1920s German inflation which had reached its peak in 1923. ... Value per 10 ℛ︁ℳ︁ ... East German Mark Reason: ...