Rentenmark

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(Redirected from
German Rentenmark
)

Rentenmark
Rentenmark (
short scale
(US) or 1 billion long scale (UK pre-1974, Germany, much of Europe) = 1,000,000,000,000)
This infobox shows the latest status before this currency was rendered obsolete.

The Rentenmark (German:

"paper" Mark had become almost worthless.[1] It was subdivided into 100 Rentenpfennig and was replaced in 1924 by the Reichsmark
.

History

After the Occupation of the Ruhr in early 1923 by French and Belgian troops, referred to as the Ruhrkampf, the German government of Wilhelm Cuno reacted by announcing a policy of passive resistance. This caused the regional economy of the Ruhr, the industrial heartland of Germany, to almost stop. The occupation authorities reacted to strikes and sabotage with arrests and deportations. Those displaced and left without income by the Ruhrkampf and their families fell back on public income support. Tax revenues plunged as economic activity slowed. The government covered its need for funds mainly by printing money. As a result, inflation spiked and the Papiermark went into freefall on the currency market. Foreign currency reserves at the Reichsbank dwindled.[2]

As

Rentenbank was established that same day, 15 October 1923.[3]

The newly created Rentenmark replaced the old Papiermark on 15 November. Because of the economic crisis in Germany after the

Goldmarks, based on the 1913 wealth charge called Wehrbeitrag which had helped fund the German war effort from 1914 to 1918. Notes worth RM 3.2 billion were issued. The Rentenmark was introduced at a rate of one Rentenmark to equal one trillion (1012) old marks, with an exchange rate of one United States dollar to equal 4.2 Rentenmarks.[3]

The Act creating the Rentenmark backed the currency by means of twice yearly payments on property, due in April and October, payable for five years. Although the Rentenmark was not initially

Rentenbank
continued to exist after 1924 and the notes and coins continued to circulate. The last Rentenmark notes were valid until 1948.

Coins

Coins were issued dated 1923, 1924 and 1925 in denominations of 1 Rpf, 2 Rpf, 5 Rpf, 10 Rpf and 50 Rpf. Only small numbers of Rentenpfennig coins were produced in 1925. A few 1 Rpf coins were struck dated 1929. The 1 Rpf and 2 Rpf were minted in

Third Reich
periods.

Banknotes

East German Mark
(1948), was a 1937 Rentenmark with a validation coupon stamp affixed.
30 Januar 1937 - Banknotes of 1 and 2 Rentenmark, serial number with 8 digits

The first issue of banknotes was dated 1 November 1923 and was in denominations of RM 1, RM 2, RM 5, RM 10, RM 50, RM 100, RM 500 and RM 1000. Later issues of notes were RM 10 and RM 50 (1925), RM 5 (1926), RM 50 (1934) and RM 1 and RM 2 (1937).

See also

References

  1. ^ Scriba, Arnulf (6 August 2015). "Die Währungsreform 1923" [The Currency Reform 1923]. Deutsches Historisches Museum (in German). Retrieved 17 November 2023.
  2. ^ a b "Das Kabinett Cuno - Einleitung (German)". Bundesarchiv. Retrieved 6 January 2015.
  3. ^ a b c d "Biografie Hans Luther" (in German). Bayerische Nationalbibliothek. Retrieved 19 January 2015.
Preceded by:
German papiermark

Ratio: 1 Rentenmark = 1,000,000,000,000 Papiermark, and 4.2 Rentenmark = US$1 		Currency of Germany
15 November 1923 – 29 August 1924 		Circulates in Germany
30 August 1924 – 1948
Note:
Reichsmark
was the legal tender 		Succeeded by:
East German mark
Reason: reaction to the changeover in Trizone (later West Germany)
Ratio: 1 Mark = 7 Rentenmark on the first 70 Rentenmark for private individuals, otherwise 1 Kuponmark = 10 Rentenmark
Succeeded by:
Deutsche Mark
Reason: intended to protect West Germany from the second wave of hyperinflation and stop the rampant barter and black market trade
Ratio: 1 Deutsche Mark = 1 Rentenmark for first 600 RM, 1 Deutsche Mark = 10 Rentenmark thereafter, plus each person received 40 Deutsche Mark

External links

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