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The Reichsmark (German: [ˈʁaɪçsˌmaʁk] ⓘ; sign: ℛ︁ℳ︁; abbreviation: RM) was the currency of Germany from 1924 until the fall of Nazi Germany in 1945, and in the American, British and French occupied zones of Germany, until 20 June 1948.
The Nazi Party wanted to achieve two-thirds majority to pass the Enabling Act and desired to raise three million Reichsmark to fund the campaign. According to records, 2,071,000 Reichsmarks (equivalent to €9,600,103 in 2021) were contributed at the meeting, although Goebbels also claimed that a full 3 million were received. [ 1 ]
The zinc 5 Reichspfennig coin was minted by Nazi Germany between 1940 and 1944 during World War II, replacing the bronze-aluminium version, which had a distinct golden color. It was worth 1/20 or .05 of a Reichsmark, the same ratio of a modern-day five-cent piece (nickel) to one USD
The zinc 1 Reichspfennig coin was minted by Nazi Germany between 1940 and 1945 during World War II, replacing the bronze version.It was worth 1 ⁄ 100 Reichsmark.Made entirely of zinc, the 1 Reichspfennig is an emergency issue type, similar to the zinc 5 and 10 Reichspfennigs, and the aluminium 50 Reichspfennig coins from the same period.
Various measures were introduced by German authorities to address this, including a new currency called the Rentenmark, backed by mortgage bonds, later itself replaced by the Reichsmark, and the blocking of the national bank from printing further paper currency.
The Berghof, Hitler's private retreat, was renovated at a massive cost, all of it paid for with Nazi Party donations. While hyperinflation of the Weimar Republic had crippled the German economy and plunged millions of German workers into unemployment, Hitler and his party received lavish donations from wealthy benefactors at home and abroad. [18]
The Reichsbank was established by legislation of the Reichstag of 14 March 1875, and assumed its new role on 1 January 1876 when it succeeded the Bank of Prussia. Meanwhile, between 1873 and 1875 the Bank of Prussia assumed all the assets and liabilities of the Hamburger Bank, which was a major monetary anchor in Northern Germany.
On February 11, 1940, Germany and the Soviet Union entered into the German-Soviet Commercial Agreement, an intricate trade pact in which the Soviet Union would send Germany 650 million Reichsmark in raw materials in exchange for 650 million Reichsmark in machinery, manufactured goods and technology.