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A loaf of bread in Berlin that cost around 160 marks at the end of 1922 cost 200,000,000,000 or 200 billion (2×10 11) marks by late 1923. [14] By November 1923, one US dollar was worth 4,210,500,000,000 or 4.2 trillion (4.2105×10 12) German marks. [16]
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]
22 April – Gero Wecker, German film producer (died 1974) 23 April – Reinhart Koselleck, German historian (died 2006) 23 May – Walter Wolfrum, German World War II Luftwaffe fighter ace (died 2010) 26 May – Horst Tappert, German actor (died 2008) 27 May – Henry Kissinger, German-born United States presidential advisor (died 2023)
5 million marks would have been worth $714.29 in January 1923, but was only worth about one-thousandth of one cent by October 1923. By November 1922, the value in gold of money in circulation had fallen from £300 million before World War I to £20 million. The Reichsbank responded by the unlimited printing of notes, thereby accelerating the ...
In 1923 Germany's currency, the Papiermark, fell from 17,000 to the US dollar at the beginning of the year to 4.2 trillion at the end. [3] For German society, the result was disastrous. People rushed to make purchases before their money lost its value, and those who had savings saw them evaporate almost overnight. [4]
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] It was subdivided into 100 Rentenpfennig and was replaced in 1924 by the Reichsmark.
With the currency reform of 1923, a new currency, the Rentenmark, was created which was based on material assets that had been measured in gold marks (corresponding to 1/2790 kg of gold) according to Section 6. [5]
From 1914 to 1923, Danzig used the German Papiermark and issued several local 'emergency notes'. Inflation during 1922–23 averaged roughly 2,440% per month. [1] In July 1923 it was announced that a new and independent currency (the gulden) was being established with the approval of the League of Nations finance committee to replace the German mark. [2]