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The Rentenmark (German: [ˈʁɛntn̩ˌmaʁk] ⓘ; RM) was a currency issued on 15 November 1923 to stop the hyperinflation of 1922 and 1923 in Weimar Germany, after the previously used Papiermark had become almost worthless. [1]
The currency stabilized in November 1923 after the announcement of the creation of the Rentenmark, although the Rentenmark did not come into circulation until 1924. When it did, it replaced the Papiermark at the rate of 1-trillion (10 12)-ℳ︁ to RM1. On 30 August 1924 the Rentenmark was replaced by the Reichsmark. [5]
Two Rentenmark note, issued in line with the Decree of 15 October 1923. After 12 November 1923, when Hjalmar Schacht became currency commissioner, Germany's central bank (the Reichsbank) was not allowed to discount any further government Treasury bills, which meant the corresponding issue of paper marks also ceased. [22]
Rentenmark Reason: hyperinflation Ratio: 1 Rentenmark = 1,000,000,000,000 Papiermark, and 4.2 Rentenmark = US$1: Currency of Germany (Weimar Republic borders) 1924 – 1948 Note: In parallel with Rentenmark: Succeeded by: East German Mark Reason: reaction to the changeover in Trizone (later West Germany and West Berlin)
The Deutsche Rentenbank was a bank established in Germany by a regulation of 15 October 1923 as a state-owned monetary authority authorised to issue Rentenmark currency notes following the collapse of the private Reichsbank's Papiermark currency. The Rentenbank reserves consisted of mortgages against leading industrial properties and the German ...
The two previously valid means of payment, the Reichsmark and the Rentenmark of equivalent value (both abbreviated as "RM"), were removed from circulation and replaced by the Deutschmark. The currency reform of 1948 is one of the most significant economic policy measures in post-war German history.
From 1944 the Allies printed occupation marks (also called military marks), decreeing that these were to be accepted at par with the Rentenmark and the Reichsmark. Banknotes worth 15 to 18 bn military marks were issued for purchases by the occupying forces in Germany, and for soldiers' wages. In June 1948, military marks were demonetised as ...
Germany entered into a brief period where it had two separate currencies: the Reichsmark managed by Rudolf Havenstein, President of the Reichsbank, and the newly created Rentenmark managed by Schacht. Havenstein died on 20 November 1923.