German Papiermark

Last updated
German Papiermark
Mark (in German)
GER-140-Reichsbanknote-100 Trillion Mark (1924).jpg
100 trillion Mark
Denominations
Subunit
1/100 Pfennig
Plural Mark
Pfennig Pfennig
Symbol
Pfennig
Banknotes1, 2, 5, 10, 20, 50, 100, 500 Mark
1, 5, 10, 20, 50, 100, 200, 500 thousand Mark
1, 2, 5, 10, 20, 50, 100, 500 million Mark
1, 5, 10, 20, 50, 100, 200, 500 billion Mark
1, 2, 5, 10, 20, 50, 100 trillion Mark
Coins1, 2, 5, 10, 50 Pfennig
1, 3, 200, 500 Mark
Demographics
User(s)Flag of the German Empire.svg  German Empire
Flag of Germany (3-2 aspect ratio).svg Weimar Republic
Flag of Bavaria (striped).svg Free State of Bavaria
Issuance
Central bank Reichsbank
This infobox shows the latest status before this currency was rendered obsolete.

The name Papiermark ( Loudspeaker.svg pronunciation  ; English: "paper mark", officially just Mark, sign: ) is applied to the German currency from 4 August 1914 [1] when the link between the Goldmark and gold was abandoned, due to the outbreak of World War I. In particular, the name is used for the banknotes issued during the hyperinflation in Germany of 1922 and especially 1923.

Germany Federal parliamentary republic in central-western Europe

Germany, officially the Federal Republic of Germany, is a country in Central and Western Europe, lying between the Baltic and North Seas to the north and the Alps, Lake Constance and the High Rhine to the south. It borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, France to the southwest, and Luxembourg, Belgium and the Netherlands to the west.

German gold mark german currency from 1871-1914

Goldmark is the term by which the gold standard-based currency of the German Empire from 1873 to 1914 is ususally referred to. Officially, the currency was just the Mark, sign: ). Papiermark refers to the much devaluated Mark after the gold standard was given up in August 1914, and gold and silver coins ceased to circulate.

Contents

History

From 1914, the value of the Mark fell. The rate of inflation rose following the end of World War I and reached its highest point in October 1923. The currency was 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 (1012) Papiermark = 1 Rentenmark. Later in 1924, the Rentenmark was replaced by the Reichsmark.

German Rentenmark german currency 1923 - 1924

The Rentenmark was a currency issued on 15 November 1923 to stop the hyperinflation of 1922 and 1923 in Weimar Germany, after the previously used "paper" Mark had become almost worthless. The name literally meant "pension mark", in order to signal that pensions were secure. It was subdivided into 100 Rentenpfennig and was expanded in 1924 by the Reichsmark.

In addition to the issues of the government, emergency issues of both tokens and paper money, known as Kriegsgeld (war money) and Notgeld (emergency money), were produced by local authorities.

The Papiermark was also used in the Free City of Danzig until replaced by the Danzig Gulden in late 1923. Several coins and emergency issues in papiermark were issued by the free city.

Coins

5 Million Mark coin would have been worth $714.29 in January 1923, about 1 thousandth of one cent by October 1923. 5milmkbk.jpg
5 Million Mark coin would have been worth $714.29 in January 1923, about 1 thousandth of one cent by October 1923.

During the war, cheaper metals were introduced for coins, including aluminium, zinc and iron, although silver ½ Mark pieces continued in production until 1919. Aluminium 1 Pfennig were produced until 1918 and the 2 Pfennig until 1916. Whilst iron 5 Pfennig, both iron and zinc 10 Pfennig and aluminium 50 Pfennig coins were issued until 1922. Aluminium 3 Mark were issued in 1922 and 1923, and aluminium 200 and 500 Mark were issued in 1923. The quality of many of these coins varied from decent to poor.

Aluminium Chemical element with atomic number 13

Aluminium is a chemical element with the symbol Al and atomic number 13. It is a silvery-white, soft, non-magnetic and ductile metal in the boron group. By mass, aluminium makes up about 8% of the Earth's crust; it is the third most abundant element after oxygen and silicon and the most abundant metal in the crust, though it is less common in the mantle below. The chief ore of aluminium is bauxite. Aluminium metal is so chemically reactive that native specimens are rare and limited to extreme reducing environments. Instead, it is found combined in over 270 different minerals.

Zinc Chemical element with atomic number 30

Zinc is a chemical element with the symbol Zn and atomic number 30. Zinc is a slightly brittle metal at room temperature and has a blue-silvery appearance when oxidation is removed. It is the first element in group 12 of the periodic table. In some respects zinc is chemically similar to magnesium: both elements exhibit only one normal oxidation state (+2), and the Zn2+ and Mg2+ ions are of similar size. Zinc is the 24th most abundant element in Earth's crust and has five stable isotopes. The most common zinc ore is sphalerite (zinc blende), a zinc sulfide mineral. The largest workable lodes are in Australia, Asia, and the United States. Zinc is refined by froth flotation of the ore, roasting, and final extraction using electricity (electrowinning).

Iron Chemical element with atomic number 26

Iron is a chemical element with symbol Fe and atomic number 26. It is a metal, that belongs to the first transition series and group 8 of the periodic table. It is by mass the most common element on Earth, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust.

During this period, many provinces and cities also had their own corresponding coin and note issues, referred to as Notgeld currency. This came about often due to a shortage of exchangeable tender in one region or another during the war and hyperinflation periods. Some of the most memorable of these to be issued during this period came from Westfalen and featured the highest face value denominations on a coin ever, eventually reaching 1,000,000,000,000 Mark .

Banknotes

First World War issues

In 1914, the State Loan Office began issuing paper money known as Darlehnskassenscheine (loan fund notes). These circulated alongside the issues of the Reichsbank. Most were 1- and 2-Mark notes but there were also 5-, 20-, 50- and 100-Mark notes.

Reichsbank bank

The Reichsbank  was the central bank of Germany from 1876 until 1945.

Post War issues

The victor nations in World War I decided to assess Germany for their costs of conducting the war against Germany. With no means of paying in gold or currency backed by reserves, Germany ran the presses, causing the value of the Mark to collapse.[ disputed ] Between 1914 and the end of 1923 the German papiermark’s rate of exchange against the U.S. dollar plummeted from 4.2 mark/dollar to 4.2 trillion mark/dollar. [2] The price of one gold mark (0.35842g gold weight) in German paper currency at the end of 1918 was two paper mark, but by the end of 1919 a gold mark cost 10 paper mark. [3] This inflation worsened between 1920 and 1922, and the cost of a gold mark (or conversely the devaluation of the paper mark) rose from 15 to 1,282 paper mark. [3] In 1923 the value of the paper mark had its worst decline. By July, the cost of a gold mark had risen to 101,112 paper mark, and in September was already at 13 million. [3] On 30 Nov 1923 it cost 1 trillion paper mark to buy a single gold mark. [3]

In October 1923, Germany experienced a 29,500% hyperinflation (roughly 21% interest per day). [4] Historically, this one-month inflation rate has only been exceeded three times: Yugoslavia, 313,000,000% (64.6% per day, January 1994); Zimbabwe, 79.6 billion% (98% per day, November 2008); and Hungary, 41.9 quadrillion% (207% per day, July 1946). [4]

On 15 November 1923 the papiermark was replaced by the rentenmark at 4.2 rentenmark/dollar, [2] or 1 trillion papiermark/rentenmark (exchangeable through July 1925). [5]

During the hyperinflation, ever higher denominations of banknotes were issued by the Reichsbank [6] and other institutions (notably the Reichsbahn railway company). [7] The Papiermark was produced and circulated in enormously large quantities. Before the war, the highest denomination was 1000-Mark, equivalent to approximately 50 British pounds or 238 US dollars. In early 1922, 10,000-Mark notes were introduced, followed by 100,000- and 1 million-Mark notes in February 1923. July 1923 saw notes up to 50 million-Mark, with 10 milliard (1010)-Mark notes introduced in September. The hyperinflation peaked in October 1923 and banknote denominations rose to 100 trillion (1014)-Mark. At the end of the hyperinflation, these notes were worth approximately £5 sterling or US$24.

Denomination Translations

There is a confusion that frequently arises when translating German to English with regard to denominations, as the exact same words, in some cases, exist in both languages but represent different denominations, as is the case with the word "Billion". So to alleviate that confusion, a simple chart of translations.

GERMANENGLISH
Million / MillionenMillion / Millions
Millard(e) / MilliardenBillion / Billions
Billion / BillionenTrillion / Trillions

Weimar Republic (1920–24)

Republic Treasury Notes, Weimar Republic Reichsbanknote
YearIssueValue [nb 1] Date [nb 2] ImageComments
1920
First [8] 6 Feb 1920
GER-67-Reichsbanknote-10 Mark (1920).jpg
126 mm × 84 mm (5.0 in × 3.3 in)
23 Jul 1920
GER-68-Reichsbanknote-50 Mark (1920).jpg
150 mm × 100 mm (5.9 in × 3.9 in)
1 Nov 1920
GER-69b-Reichsbanknote-100 Mark (1920).jpg
Portraits based on the Bamberg riders at Bamberg Cathedral
162 mm × 108 mm (6.4 in × 4.3 in)
1922
First [9] 19 Jan 1922
GER-71-Reichsbanknote-10000 Mark (1922).jpg
Bildnis Eines Jungen Mannes by Albrecht Dürer
210 mm × 124 mm (8.3 in × 4.9 in)
Second [10] 27 Mar 1922
GER-73-Reichsbanknote-500 Mark (1922).jpg
Jakob Meyer of the Meyer zum Pfeil family.
175 mm × 112 mm (6.9 in × 4.4 in)
7 Jul 1922
GER-74c-Reichsbanknote-500 Mark (1922).jpg
173 mm × 90 mm (6.8 in × 3.5 in)
Third [10] 4 Aug 1922
GER-75-Reichsbanknote-100 Mark (1922).jpg
162 mm × 90 mm (6.4 in × 3.5 in)
15 Sep 1922
GER-76-Reichsbanknote-1000 Mark (1922).jpg
160 mm × 85 mm (6.3 in × 3.3 in)
16 Sep 1922
GER-77-Reichsbanknote-5000 Mark (1922).jpg
Section of Portrait of a Man with a Coin by Hans Memling
130 mm × 90 mm (5.1 in × 3.5 in)
19 Nov 1922
GER-78-Reichsbanknote-5000 Mark (1922).jpg
Portrait of Hans Urmiller based on Hans Urmiller und Sohn by Barthel Beham
198 mm × 107 mm (7.8 in × 4.2 in)
19 Nov 1922
GER-80-Reichsbanknote-50000 Mark (1922).jpg
Bürgermeister Arnold von Brauweiler based on Burgomaster Arnold von Brauweiler by Barthel Bruyn the Elder
190 mm × 110 mm (7.5 in × 4.3 in)
Fourth [10] 2 Dec 1922
GER-81-Reichsbanknote-5000 Mark (1922).jpg
Merchant Imhof based on Bildnis eines unbekannten Mannes by Albrecht Dürer
130 mm × 90 mm (5.1 in × 3.5 in)
Fifth [11] 15 Dec 1922
GER-82a-Reichsbanknote-1000 Mark (1922).jpg
Portrait of Jörg Herz based on Jörg Herz Nürnberger Münzmeister by Georg Pencz
140 mm × 90 mm (5.5 in × 3.5 in)
1923
First [11] 1 Feb 1923
GER-83-Reichsbanknote-100000 Mark (1923).jpg
Merchant Georg Giese based on Der Kaufmann Georg Gisze by Hans Holbein the Younger
190 mm × 115 mm (7.5 in × 4.5 in)
Second [11] 3 Feb 1923Not issued
20 Feb 1923
GER-85-Reichsbanknote-20000 Mark (1923).jpg
160 mm × 95 mm (6.3 in × 3.7 in)
20 Feb 1923
GER-86-Reichsbanknote-1 Million Mark (1923).jpg
160 mm × 110 mm (6.3 in × 4.3 in)
Third [12] 15 Mar 1923
GER-87-Reichsbanknote-5000 Mark (1923).jpg
Portrait of Hans Urmiller based on Hans Urmiller und Sohn by Barthel Beham
148 mm × 90 mm (5.8 in × 3.5 in)
1 May 1923
GER-88-Reichsbanknote-500000 Mark (1923).jpg
170 mm × 95 mm (6.7 in × 3.7 in)
23 Jul 1923
GER-89-Reichsbanknote-2 Million Mark (1923).jpg
Merchant Georg Giese based on Der Kaufmann Georg Gisze by Hans Holbein the Younger
162 mm × 87 mm (6.4 in × 3.4 in)
1 Jun 1923
GER-90-Reichsbanknote-5 Million Mark (1923).jpg
170 mm × 95 mm (6.7 in × 3.7 in)
Fourth [13] 25 Jul 1923
GER-91-Reichsbanknote-100000 Mark (1923).jpg
110 mm × 80 mm (4.3 in × 3.1 in)
25 Jul 1923
GER-92-Reichsbanknote-500000 Mark (1923).jpg
175 mm × 80 mm (6.9 in × 3.1 in)
25 Jul 1923
GER-93-Reichsbanknote-1 Million Mark (1923).jpg
160 mm × 95 mm (6.3 in × 3.7 in)
25 Jul 1923
GER-94-Reichsbanknote-1 Million Mark (1923).jpg
185 mm × 80 mm (7.3 in × 3.1 in)
25 Jul 1923
GER-95-Reichsbanknote-5 Million Mark (1923).jpg
190 mm × 80 mm (7.5 in × 3.1 in)
25 Jul 1923
GER-96-Reichsbanknote-10 Million Mark (1923).jpg
195 mm × 80 mm (7.7 in × 3.1 in)
25 Jul 1923
GER-97b-Reichsbanknote-20 Million Mark (1923).jpg
195 mm × 83 mm (7.7 in × 3.3 in)
25 Jul 1923
GER-98a-Reichsbanknote-50 Million Mark (1923).jpg
195 mm × 86 mm (7.7 in × 3.4 in)
Fifth [14] 9 Aug 1923
GER-99-Reichsbanknote-50000 Mark (1923).jpg
105 mm × 70 mm (4.1 in × 2.8 in)
9 Aug 1923
GER-100-Reichsbanknote-200000 Mark (1923).jpg
115 mm × 70 mm (4.5 in × 2.8 in)
9 Aug 1923
GER-101-Reichsbanknote-1 Million Mark (1923).jpg
120 mm × 80 mm (4.7 in × 3.1 in)
9 Aug 1923
GER-103-Reichsbanknote-2 Million Mark (1923).jpg
125 mm × 80 mm (4.9 in × 3.1 in)
20 Aug 1923
GER-105-Reichsbanknote-5 Million Mark (1923).jpg
128 mm × 80 mm (5.0 in × 3.1 in)
22 Aug 1923
GER-106-Reichsbanknote-10 Million Mark (1923).jpg
125 mm × 80 mm (4.9 in × 3.1 in)
22 Aug 1923
GER-107-Reichsbanknote-100 Million Mark (1923).jpg
150 mm × 85 mm (5.9 in × 3.3 in)
Sixth [15] 1 Sep 1923
GER-108-Reichsbanknote-20 Million Mark (1923).jpg
125 mm × 82 mm (4.9 in × 3.2 in)
1 Sep 1923
GER-109-Reichsbanknote-50 Million Mark (1923).jpg
124 mm × 84 mm (4.9 in × 3.3 in)
1 Sep 1923
GER-110-Reichsbanknote-500 Million Mark (1923).jpg
155 mm × 85 mm (6.1 in × 3.3 in)
1 Sep 1923Specimen only
1 Sep 1923Specimen only
Seventh [15] 5 Sep 1923
GER-113-Reichsbanknote-1 Billion Mark (1923).jpg
Overprinted on 15 Dec 1922 note
140 mm × 90 mm (5.5 in × 3.5 in)
5 Sep 1923
GER-114-Reichsbanknote-1 Billion Mark (1923).jpg
160 mm × 86 mm (6.3 in × 3.4 in)
10 Sep 1923
GER-115-Reichsbanknote-5 Billion Mark (1923).jpg
165 mm × 85 mm (6.5 in × 3.3 in)
15 Sep 1923
GER-116-Reichsbanknote-10 Billion Mark (1923).jpg
1 Oct 1923
GER-117-Reichsbanknote-10 Billion Mark (1923).jpg
160 mm × 105 mm (6.3 in × 4.1 in)
1 Oct 1923
GER-118-Reichsbanknote-20 Billion Mark (1923).jpg
140 mm × 90 mm (5.5 in × 3.5 in)
10 Oct 1923
GER-119c-Reichsbanknote-50 Billion Mark (1923).jpg
176 mm × 86 mm (6.9 in × 3.4 in)
15 Oct 1923
GER-121-Reichsbanknote-200 Billion Mark (1923).jpg
140 mm × 80 mm (5.5 in × 3.1 in)
Eighth [16] 20 Oct 1923
GER-122-Reichsbanknote-1 Billion Mark (1923).jpg
127 mm × 61 mm (5.0 in × 2.4 in)
20 Oct 1923
GER-123a-Reichsbanknote-5 Billion Mark (1923).jpg
130 mm × 64 mm (5.1 in × 2.5 in)
20 Oct 1923
GER-124a-Reichsbanknote-500 Billion Mark (1923).jpg
Overprinted on 15 Mar 1923 note
Portrait of Hans Urmiller based on Hans Urmiller und Sohn by Barthel Beham
145 mm × 90 mm (5.7 in × 3.5 in)
Ninth [16] 26 Oct 1923
GER-125-Reichsbanknote-50 Billion Mark (1923).jpg
135 mm × 65 mm (5.3 in × 2.6 in)
26 Oct 1923
GER-126-Reichsbanknote-100 Billion Mark (1923).jpg
135 mm × 65 mm (5.3 in × 2.6 in)
26 Oct 1923
GER-127a-Reichsbanknote-500 Billion Mark (1923).jpg
137 mm × 65 mm (5.4 in × 2.6 in)
26 Oct 1923174 mm × 86 mm (6.9 in × 3.4 in)
Tenth [17] 1 Nov 1923
GER-129-Reichsbanknote-1 Trillion Mark (1923).jpg
137 mm × 65 mm (5.4 in × 2.6 in)
1 Nov 1923
GER-130-Reichsbanknote-5 Trillion Mark (1923).jpg
168 mm × 86 mm (6.6 in × 3.4 in)
1 Nov 1923
GER-131-Reichsbanknote-10 Trillion Mark (1923).jpg
171 mm × 86 mm (6.7 in × 3.4 in)
1 Nov 1923
GER-132-Reichsbanknote-10 Trillion Mark (1923).jpg
120 mm × 82 mm (4.7 in × 3.2 in)
Eleventh [18] 5 Nov 1923
GER-133-Reichsbanknote-100 Billion Mark (1923).jpg
135 mm × 65 mm (5.3 in × 2.6 in)
5 Nov 1923
GER-134-Reichsbanknote-1 Trillion Mark (1923).jpg
143 mm × 86 mm (5.6 in × 3.4 in)
5 Nov 1923
GER-135-Reichsbanknote-2 Trillion Mark (1923).jpg
120 mm × 71 mm (4.7 in × 2.8 in)
7 Nov 1923
GER-136-Reichsbanknote-5 Trillion Mark (1923).jpg
165 mm × 86 mm (6.5 in × 3.4 in)
1924
First [18] 1 Feb 1924
GER-137-Reichsbanknote-10 Trillion Mark (1924).jpg
140 mm × 72 mm (5.5 in × 2.8 in)
5 Feb 1924
GER-138-Reichsbanknote-20 Trillion Mark (1924).jpg
Portrait of a woman based on Bildnis einer jungen Venezianerin by Albrecht Dürer
160 mm × 95 mm (6.3 in × 3.7 in)
10 Feb 1924 Jakob Muffel based on Portrait of Jakob Muffel by Albrecht Dürer
175 mm × 95 mm (6.9 in × 3.7 in)
15 Feb 1924
GER-140-Reichsbanknote-100 Trillion Mark (1924).jpg
Portrait of Willibald Pirckheimer based on a painting by Albrecht Dürer
180 mm × 95 mm (7.1 in × 3.7 in)
Second [19] 15 Mar 1924
GER-141-Reichsbanknote-5 Trillion Mark (1924).jpg
120 mm × 72 mm (4.7 in × 2.8 in)

Danzig

The Danziger Privat Actien-Bank (opened 1856) was the first bank established in Danzig. [20] They issued two series of notes denominated in thalers (1857 and 1862–73) prior to issuing the mark (1875, 1882, 1887). [21] These mark issues are extremely rare. [21] The Ostbank fur Handel and Gewerbe opened 16 March 1857, and by 1911 two additional banks (the Imperial Bank of Germany and the Norddeutsche Credit-Anstalt) were in operation. [22]

Issuance of the Danzig papiermark

The German papiermark was issued by Danzig from 1914 to 1923. [23] Five series were issued during World War I by the City Council (1914, 1916, 1918 first and second issue, and 1919). [24] Denominations ranged from 10 pfennig to 20 mark. [24] The Free City of Danzig municipal senate issued an additional four post-World War I series of notes (1922, 1923 First issue, 1923 Provisional issue, and 1923 Inflation issue). [25] The 1922 issue (31 October 1922) was denominated in 100, 500, and 1000 mark notes. [26] The denominations for the 1923 issue were 1000 (15 March 1923), and 10000 and 50000 mark notes (20 March 1923). [27] The 1923 provisional issue reused earlier notes with a large red stamp indicating the new (and higher) denominations of 1 million (8 August 1923) and 5 million (15 October 1923) mark. [28] The last series of Danzig mark was the 1923 inflation issue of 1 million (8 August 1923), 10 million (31 August 1923), 100 million (22 September 1923), 500 million (26 September 1923), and 5 billion mark notes (11 October 1923). [29] The Danzig mark was replaced by the Danzig gulden, first issued by the Danzig Central Finance Department on 22 October 1923. [29]

Papiermark of Danzig
IssueValueImage
1914 Emergency
50 Pfennig
DAN-1-Danzig City Council-50 Pfennig (1914).jpg
1 Mark
DAN-2-Danzig City Council-1 Mark (1914).jpg
2 Mark
DAN-3-Danzig City Council-2 Mark (1914).jpg
3 Mark
DAN-4-Danzig City Council-3 Mark (1914).jpg
1916
10 Pfennig
DAN-5-Danzig City Council-10 Pfennig (1916).jpg
50 Pfennig
DAN-6-Danzig City Council-50 Pfennig (1916).jpg
1918 First
5 Mark
DAN-7-Danzig City Council-5 Mark (1918).jpg
20 Mark
DAN-8-Danzig City Council-20 Mark (1918).jpg
1918 Second
50 Pfennig
DAN-9-Danzig City Council-50 Pfennig (1918).jpg
20 Mark
1919
50 Pfennig
DAN-11-Danzig City Council-50 Pfennig (1919).jpg
1922
100
DAN-13-Danzig-100 Mark (1922).jpg
500
DAN-14-Danzig-500 Mark (1922).jpg
1,000
DAN-15-Danzig-1000 Mark (1922).jpg
1923 First
1,000
10,000
DAN-18-Danzig-10000 Mark (1923).jpg
50,000
DAN-19-Danzig-50000 Mark (1923).jpg
1923 Provisional
1 million
DAN-21-Danzig-1MIL Mark (1923).jpg
5 million
DAN-23-Danzig-5MIL Mark (1923).jpg
1923 Inflation
1 million
DAN-24-Danzig-1MIL Mark (1923).jpg
10 million
DAN-25-Danzig-10MIL Mark (1923).jpg
100 million
DAN-27-Danzig-100MIL Mark (1923).jpg
500 million
DAN-28a-Danzig-500MIL Mark (1923).jpg
5 billion
DAN-30-Danzig-5BIL Mark (1923).jpg
10 billion
DAN-31-Danzig-10BIL Mark (1923).jpg

Note on numeration

In German, Milliarde is 1,000,000,000, or one thousand million, while Billion is 1,000,000,000,000, or one million million.

See also

Notes

  1. All values are in Reichsbank Mark.
  2. Series date printed on the banknote.

    Citations

    1. Knapp, George Friedrich (1924), The State Theory of Money, Macmillan and Company, pp. vxi
    2. 1 2 Barisheff 2013, p. 32.
    3. 1 2 3 4 Fischer 2010, p. 85.
    4. 1 2 Fischer 2010, p. 91.
    5. Widdig 2001, p. 48.
    6. Cuhaj 2010, pp. 555–64.
    7. Cuhaj 2009, pp. 629–36.
    8. Cuhaj 2010, pp. 555–56.
    9. Cuhaj 2010, pp. 556.
    10. 1 2 3 Cuhaj 2010, pp. 557.
    11. 1 2 3 Cuhaj 2010, pp. 558.
    12. Cuhaj 2010, pp. 558-59.
    13. Cuhaj 2010, pp. 559.
    14. Cuhaj 2010, pp. 560-61.
    15. 1 2 Cuhaj 2010, pp. 561-62.
    16. 1 2 Cuhaj 2010, pp. 562.
    17. Cuhaj 2010, pp. 562-63.
    18. 1 2 Cuhaj 2010, pp. 563.
    19. Cuhaj 2010, pp. 563-64.
    20. Kelly 1920, p. 30.
    21. 1 2 Cuhaj 2009, p. 613.
    22. Rand McNally 1911, p. 972.
    23. Cuhaj 2010, pp. 427–30.
    24. 1 2 Cuhaj 2010, pp. 427–28.
    25. Cuhaj 2010, pp. 428–30.
    26. Cuhaj 2010, pp. 428.
    27. Cuhaj 2010, pp. 429.
    28. Cuhaj 2010, pp. 429–30.
    29. 1 2 Cuhaj 2010, pp. 430.

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    Reichsmark Former currency of Germany

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    Austro-Hungarian krone currency of Austria-Hungary between 1892 and 1918

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    Iranian toman superunit of Iranian currency

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    Polish marka former currency

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    Hungarian pengő former currency of Hungary, used 1927–1946

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    Yugoslav dinar currency of the three Yugoslav states between 1918 and 2003

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    Portuguese real

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    Danzig gulden currency of the Free City of Danzig between 1923 and 1939

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    German ostmark

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    Norwegian rigsdaler

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    Banknotes of the Swakopmund Bookshop

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    Hyperinflation in the Weimar Republic occurance of hyperinflation in early 20th century Germany

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    Banknotes of Zimbabwe Official currency of Zimbabwe

    The paper money of Zimbabwe were physical forms of Zimbabwe's four incarnations of the dollar from 1980 to 2009. The banknotes of the first dollar replaced those of the Rhodesian dollar at par in 1980 following the proclamation of independence. The Reserve Bank of Zimbabwe issued most of the banknotes and other types of currency notes in its history, including the Bearer cheques and Agro cheques that circulated between 15 September 2003 and 31 December 2008: the Standard Chartered Bank also issued their own emergency cheques from 2003 to 2004.

    References

    Preceded by:
    Goldmark
    Currency of Germany
    1914 1923
    Succeeded by:
    Rentenmark
    Reason: inflation
    Ratio: 1 Rentenmark = 1,000,000,000 Papiermark, and 4.2 Rentenmark = US$1