|Mark (in German)|
100 trillion Mark
|Banknotes||1, 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
|Coins||1, 2, 5, 10, 50 Pfennig|
1, 3, 200, 500 Mark
This infobox shows the latest status before this currency was rendered obsolete.
The name Papiermark (
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.
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: ℳ). 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.
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.
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.
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 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 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 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 .
Notgeld refers to money issued by an institution in a time of economic or political crisis. The issuing institution is usually one without official sanction from the central government. This occurs usually when sufficient state-produced money is not available from the central bank. Most notably, notgeld generally refers to money produced in Germany and Austria during World War I and the Interbellum. Issuing institutions could be a town's savings banks, municipality and private or state-owned firms. Nearly all issues contained an expiry date, after which time they were invalid. Issues without dates ordinarily had an expiry announced in a newspaper or at the place of issuance.
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.
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. 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. 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. 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. On 30 Nov 1923 it cost 1 trillion paper mark to buy a single gold mark.
In October 1923, Germany experienced a 29,500% hyperinflation (roughly 21% interest per day).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).
On 15 November 1923 the papiermark was replaced by the rentenmark at 4.2 rentenmark/dollar,or 1 trillion papiermark/rentenmark (exchangeable through July 1925).
During the hyperinflation, ever higher denominations of banknotes were issued by the Reichsbankand other institutions (notably the Reichsbahn railway company). 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.
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.
|Million / Millionen||Million / Millions|
|Millard(e) / Milliarden||Billion / Billions|
|Billion / Billionen||Trillion / Trillions|
|First||10||6 Feb 1920||126 mm × 84 mm (5.0 in × 3.3 in)|
|50||23 Jul 1920||150 mm × 100 mm (5.9 in × 3.9 in)|
|100||1 Nov 1920||Portraits based on the Bamberg riders at Bamberg Cathedral |
162 mm × 108 mm (6.4 in × 4.3 in)
|First||10,000||19 Jan 1922|| Bildnis Eines Jungen Mannes by Albrecht Dürer |
210 mm × 124 mm (8.3 in × 4.9 in)
|Second||500||27 Mar 1922|| Jakob Meyer of the Meyer zum Pfeil family.|
175 mm × 112 mm (6.9 in × 4.4 in)
|500||7 Jul 1922||173 mm × 90 mm (6.8 in × 3.5 in)|
|Third||100||4 Aug 1922||162 mm × 90 mm (6.4 in × 3.5 in)|
|1,000||15 Sep 1922||160 mm × 85 mm (6.3 in × 3.3 in)|
|5,000||16 Sep 1922||Section of Portrait of a Man with a Coin by Hans Memling |
130 mm × 90 mm (5.1 in × 3.5 in)
|5,000||19 Nov 1922||Portrait of Hans Urmiller based on Hans Urmiller und Sohn by Barthel Beham |
198 mm × 107 mm (7.8 in × 4.2 in)
|50,000||19 Nov 1922||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||5,000||2 Dec 1922||Merchant Imhof based on Bildnis eines unbekannten Mannes by Albrecht Dürer |
130 mm × 90 mm (5.1 in × 3.5 in)
|Fifth||1,000||15 Dec 1922||Portrait of Jörg Herz based on Jörg Herz Nürnberger Münzmeister by Georg Pencz |
140 mm × 90 mm (5.5 in × 3.5 in)
|First||100,000||1 Feb 1923||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||10,000||3 Feb 1923||Not issued|
|20,000||20 Feb 1923||160 mm × 95 mm (6.3 in × 3.7 in)|
|1 million||20 Feb 1923||160 mm × 110 mm (6.3 in × 4.3 in)|
|Third||5,000||15 Mar 1923||Portrait of Hans Urmiller based on Hans Urmiller und Sohn by Barthel Beham |
148 mm × 90 mm (5.8 in × 3.5 in)
|500,000||1 May 1923||170 mm × 95 mm (6.7 in × 3.7 in)|
|2 million||23 Jul 1923||Merchant Georg Giese based on Der Kaufmann Georg Gisze by Hans Holbein the Younger |
162 mm × 87 mm (6.4 in × 3.4 in)
|5 million||1 Jun 1923||170 mm × 95 mm (6.7 in × 3.7 in)|
|Fourth||100,000||25 Jul 1923||110 mm × 80 mm (4.3 in × 3.1 in)|
|500,000||25 Jul 1923||175 mm × 80 mm (6.9 in × 3.1 in)|
|1 million||25 Jul 1923||160 mm × 95 mm (6.3 in × 3.7 in)|
|1 million||25 Jul 1923||185 mm × 80 mm (7.3 in × 3.1 in)|
|5 million||25 Jul 1923||190 mm × 80 mm (7.5 in × 3.1 in)|
|10 million||25 Jul 1923||195 mm × 80 mm (7.7 in × 3.1 in)|
|20 million||25 Jul 1923||195 mm × 83 mm (7.7 in × 3.3 in)|
|50 million||25 Jul 1923||195 mm × 86 mm (7.7 in × 3.4 in)|
|Fifth||50,000||9 Aug 1923||105 mm × 70 mm (4.1 in × 2.8 in)|
|200,000||9 Aug 1923||115 mm × 70 mm (4.5 in × 2.8 in)|
|1 million||9 Aug 1923||120 mm × 80 mm (4.7 in × 3.1 in)|
|2 million||9 Aug 1923||125 mm × 80 mm (4.9 in × 3.1 in)|
|5 million||20 Aug 1923||128 mm × 80 mm (5.0 in × 3.1 in)|
|10 million||22 Aug 1923||125 mm × 80 mm (4.9 in × 3.1 in)|
|100 million||22 Aug 1923||150 mm × 85 mm (5.9 in × 3.3 in)|
|Sixth||20 million||1 Sep 1923||125 mm × 82 mm (4.9 in × 3.2 in)|
|50 million||1 Sep 1923||124 mm × 84 mm (4.9 in × 3.3 in)|
|500 million||1 Sep 1923||155 mm × 85 mm (6.1 in × 3.3 in)|
|500 billion||1 Sep 1923||Specimen only|
|1 trillion||1 Sep 1923||Specimen only|
|Seventh||1 billion||5 Sep 1923||Overprinted on 15 Dec 1922 note|
140 mm × 90 mm (5.5 in × 3.5 in)
|1 billion||5 Sep 1923||160 mm × 86 mm (6.3 in × 3.4 in)|
|5 billion||10 Sep 1923||165 mm × 85 mm (6.5 in × 3.3 in)|
|10 billion||15 Sep 1923|
|10 billion||1 Oct 1923||160 mm × 105 mm (6.3 in × 4.1 in)|
|20 billion||1 Oct 1923||140 mm × 90 mm (5.5 in × 3.5 in)|
|50 billion||10 Oct 1923||176 mm × 86 mm (6.9 in × 3.4 in)|
|200 billion||15 Oct 1923||140 mm × 80 mm (5.5 in × 3.1 in)|
|Eighth||1 billion||20 Oct 1923||127 mm × 61 mm (5.0 in × 2.4 in)|
|5 billion||20 Oct 1923||130 mm × 64 mm (5.1 in × 2.5 in)|
|500 billion||20 Oct 1923||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||50 billion||26 Oct 1923||135 mm × 65 mm (5.3 in × 2.6 in)|
|100 billion||26 Oct 1923||135 mm × 65 mm (5.3 in × 2.6 in)|
|500 billion||26 Oct 1923||137 mm × 65 mm (5.4 in × 2.6 in)|
|100 billion||26 Oct 1923||174 mm × 86 mm (6.9 in × 3.4 in)|
|Tenth||1 trillion||1 Nov 1923||137 mm × 65 mm (5.4 in × 2.6 in)|
|5 trillion||1 Nov 1923||168 mm × 86 mm (6.6 in × 3.4 in)|
|10 trillion||1 Nov 1923||171 mm × 86 mm (6.7 in × 3.4 in)|
|10 trillion||1 Nov 1923||120 mm × 82 mm (4.7 in × 3.2 in)|
|Eleventh||100 billion||5 Nov 1923||135 mm × 65 mm (5.3 in × 2.6 in)|
|1 trillion||5 Nov 1923||143 mm × 86 mm (5.6 in × 3.4 in)|
|2 trillion||5 Nov 1923||120 mm × 71 mm (4.7 in × 2.8 in)|
|5 trillion||7 Nov 1923||165 mm × 86 mm (6.5 in × 3.4 in)|
|First||10 trillion||1 Feb 1924||140 mm × 72 mm (5.5 in × 2.8 in)|
|20 trillion||5 Feb 1924||Portrait of a woman based on Bildnis einer jungen Venezianerin by Albrecht Dürer |
160 mm × 95 mm (6.3 in × 3.7 in)
|50 trillion||10 Feb 1924|| Jakob Muffel based on Portrait of Jakob Muffel by Albrecht Dürer |
175 mm × 95 mm (6.9 in × 3.7 in)
|100 trillion||15 Feb 1924||Portrait of Willibald Pirckheimer based on a painting by Albrecht Dürer |
180 mm × 95 mm (7.1 in × 3.7 in)
|Second||5 trillion||15 Mar 1924||120 mm × 72 mm (4.7 in × 2.8 in)|
The Danziger Privat Actien-Bank (opened 1856) was the first bank established in Danzig.They issued two series of notes denominated in thalers (1857 and 1862–73) prior to issuing the mark (1875, 1882, 1887). These mark issues are extremely rare. 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.
The German papiermark was issued by Danzig from 1914 to 1923.Five series were issued during World War I by the City Council (1914, 1916, 1918 first and second issue, and 1919). Denominations ranged from 10 pfennig to 20 mark. 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). The 1922 issue (31 October 1922) was denominated in 100, 500, and 1000 mark notes. The denominations for the 1923 issue were 1000 (15 March 1923), and 10000 and 50000 mark notes (20 March 1923). 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. 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). The Danzig mark was replaced by the Danzig gulden, first issued by the Danzig Central Finance Department on 22 October 1923.
In German, Milliarde is 1,000,000,000, or one thousand million, while Billion is 1,000,000,000,000, or one million million.
In economics, hyperinflation is very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies, often the US Dollar. Prices typically remain stable in terms of other relatively stable currencies.
The Deutsche Mark, abbreviated "DM" or
The mark was a currency or unit of account in many nations. It is named for the mark unit of weight. The word mark comes from a merging of three Teutonic/Germanic words, Latinised in 9th-century post-classical Latin as marca, marcha, marha or marcus. It was a measure of weight mainly for gold and silver, commonly used throughout Western Europe and often equivalent to eight ounces. Considerable variations, however, occurred throughout the Middle Ages.
The rupee is the currency of Sri Lanka, divided into 100 cents. It is issued by the Central Bank of Sri Lanka. The abbreviation is generally Rs., but "LKR" is occasionally used to distinguish it from other currencies also called rupee.
The pfennig or penny is a former German coin or note, which was official currency from the 9th century until the introduction of the euro in 2002. While a valuable coin during the Middle Ages, it lost its value through the years and was the minor coin of the Mark currencies in the German Reich, West and East Germany, and the reunified Germany until the introduction of the euro. Pfennig was also the name of the subunit of the Danzig mark (1922–1923) and the Danzig gulden (1923–1939) in the Free City of Danzig.
The Reichsmark was the currency in Germany from 1924 until 20 June 1948 in West Germany, where it was replaced with the Deutsche Mark, and until 23 June in East Germany when it was replaced by the East German mark. The Reichsmark was subdivided into 100 Reichspfennig. The Mark is an ancient Germanic weight measure, traditionally a half pound, later used for several coins; whereas Reich, that is realm in English, comes from the official name for the German nation state from 1871 to 1945, Deutsches Reich.
The Krone or korona was the official currency of the Austro-Hungarian Empire from 1892 until the dissolution of the empire in 1918. The subunit was one hundredth of the main unit, and was called a Heller in the Austrian and a fillér in the Hungarian part of the Empire.
The Iranian toman is a superunit of the official currency of Iran, the rial. One toman is equivalent to ten rials. Although the rial is the official currency, Iranians use the toman in everyday life.
The marka was the currency of the Kingdom of Poland and of the Republic of Poland between 1917 and 1924. It was subdivided into 100 fenigs, much like its German original after which it was modeled.
The pengő was the currency of Hungary between 1 January 1927, when it replaced the korona, and 31 July 1946, when it was replaced by the forint. The pengő was subdivided into 100 fillér. Although the introduction of the pengő was part of a post-World War I stabilisation program, the currency survived for only 20 years and experienced the most serious case of hyperinflation ever recorded.
The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia, the Socialist Federal Republic of Yugoslavia, and the Federal Republic of Yugoslavia between 1918 and 2006. The dinar was subdivided into 100 para. In the early 1990s, economic mismanagement made the government bankrupt and forced it to take money from the savings of the country's citizens. This caused severe and prolonged hyperinflation, which has been described as the worst in history. Large amounts of money were printed, with coins becoming redundant and inflation rates reaching over one billion per cent per year. This hyperinflation caused five revaluations between 1990 and 1994; in total there were eight distinct dinari. Six of the eight have been given distinguishing names and separate ISO 4217 codes. The highest denomination banknote was 500 billion dinars, which became worthless a fortnight after it was printed.
The real was the unit of currency of Portugal from around 1430 until 1911. It replaced the dinheiro at the rate of 1 real = 840 dinheiros and was itself replaced by the escudo at a rate of 1 escudo = 1000 réis. The escudo was further replaced by the euro at a rate of 1 euro = 200.482 escudos in 2002.
The Gulden was the currency of the Free City of Danzig between 1923 and 1939. It was divided into 100 Pfennige.
Ostmark is the name given to a currency denominated in Mark which was issued by Germany in 1918 for use in a part of the eastern areas under German control at that time, the Ober Ost area. The currency consisted of paper money issued on 4 April 1918 by the Darlehnskasse in Kowno (Kaunas) and was equal to the German Papiermark. The Ostmark circulated alongside the Russian ruble and the Ostruble, with two Ostmark equal to one Ostruble.
The rigsdaler was the unit of currency used in Norway until 1816 and in Denmark until 1873. The similarly named Reichsthaler, riksdaler and rijksdaalder were used in Germany and Austria-Hungary, Sweden and the Netherlands, respectively.
Banknotes were issued by the Swakopmund Bookshop between 1916 and 1918 as an emergency currency. They issued 10, 25, 50 Pfennig, and 1, 2, and 3 mark notes. Although these were issued under South African administration, these notes are denominated in Pfennig and Mark, which was the South West African mark as opposed to the German South-West African Mark. Despite this, these are genuine British Empire and Commonwealth issues.
Hyperinflation affected the German Papiermark, the currency of the Weimar Republic, between 1921 and 1923. It caused considerable internal political instability in the country, the occupation of the Ruhr by France and Belgium as well as misery for the general populace.
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.
|Currency of Germany |
1914 – 1923
Ratio: 1 Rentenmark = 1,000,000,000 Papiermark, and 4.2 Rentenmark = US$1