Papiermark

The Papiermark ({{#invoke:IPA|main}}; Template:Lit 'paper mark') was a derisive term for the Mark (sign: ℳ︁) after it went off the gold standard, and most specifically with the era of hyperinflation in Germany of 1922 and 1923. Formally, the same German mark was used from 1871 to 1923. Like many countries, Germany departed the gold standard due to the outbreak of World War I, and stopped issuing gold coins backed in marks in August 1914. Precious metals rapidly disappeared from circulation, and inflation occurred as paper money was used to cover war debts in 1914 to 1918. Still, the papiermark is more associated with the early Weimar Republic era, when inflation grew out of control. By the time the mark was retired from circulation and renominated in December 1923, banknotes had amounts in the billions and trillions of marks by face value.<ref name="George Friedrich Knapp 1924 xvi">Template:Citation</ref><ref>Template:Cite book</ref><ref>Template:Cite book</ref>

History

Template:Further From 1914, the value of the mark fell.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The rate of inflation rose following the end of World War I and reached its highest point in October 1923. 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 (10¹²)-ℳ︁ to RM1. On 30 August 1924 the Rentenmark was replaced by the Reichsmark.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref name=":0">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

The Papiermark was also used in the Free City of Danzig until it was replaced by the Danzig Gulden in late 1923. Several coins and emergency issues in Papiermark were issued by the free city.<ref name="NYT-1923-07-20">Template:Cite news</ref>

Coins

File:5milmkbk.jpg

A 5-million-ℳ︁ coin would have been worth US$714.29 in January 1923, but only 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 Template:Fracℳ︁ pieces continued in production until 1919. Aluminium 1₰ were produced until 1918 and the 2₰ until 1916.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Whilst iron 5₰, both iron and zinc 10₰, and aluminium 50₰ coins were issued until 1922.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Aluminium 3ℳ︁ were issued in 1922 and 1923,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and aluminium 200ℳ︁ and 500ℳ︁ were issued in 1923.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The quality of many of these coins varied from decent to poor.

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.<ref name=":0" /> Some of the most memorable of these to be issued during this period came from Westphalia and featured the highest face value denominations on a coin ever, eventually reaching 1-billion-ℳ︁.<ref>1 Billion Mark - Westfalen at Numista.com. Accessed on 13 August 2020.</ref>

First World War issues

In 1914, the State Loan Office began issuing paper money known as Darlehnskassenschein (loan fund notes). These circulated alongside the issues of the Reichsbank. Most were 1ℳ︁ and 2ℳ︁ notes but there were also 5ℳ︁, 20ℳ︁, 50ℳ︁ and 100ℳ︁ notes.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Post-war issues

Between 1914 and the end of 1923 the Papiermark's rate of exchange against the U.S. dollar plummeted from 4.2ℳ︁ = US$1 to 4.2-trillionℳ︁ = US$1.Template:Sfn The price of one gold mark ({{#expr:(1000000/2790) round 0}} mg of pure gold) in German paper currency at the end of 1918 was 2ℳ︁, but by the end of 1919 a gold mark cost 10ℳ︁.Template:Sfn This inflation worsened between 1920 and 1922, and the cost of a gold mark (or conversely the devaluation of the paper mark) rose from 15ℳ︁ to 1,282ℳ︁.Template:Sfn 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.Template:Sfn On 30 Nov 1923 it cost 1-trillion-ℳ︁ to buy a single gold mark.Template:Sfn

In October 1923, Germany experienced a 29,500% hyperinflation (roughly 21% interest per day).<ref name=":1">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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).<ref name=":1" /><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On 15 November 1923 the Papiermark was replaced by the Rentenmark at RM4.2 Rentenmark = US$1,Template:Sfn or 1 trillion-ℳ︁ = RM1 (exchangeable through July 1925).Template:Sfn

During the hyperinflation, ever higher denominations of banknotes were issued by the ReichsbankTemplate:Sfn and other institutions (notably the Reichsbahn railway company).Template:Sfn The Papiermark was produced and circulated in enormously large quantities. Before the war, the highest denomination was 1,000ℳ︁, equivalent to approximately £stg48.9 or US$238.09. In early 1922, 10,000ℳ︁ notes were introduced, followed by 100,000ℳ︁ and 1-million-ℳ︁ notes in February 1923. July 1923 saw notes up to 50-million-ℳ︁, with 10-milliard (10¹⁰)-ℳ︁ notes introduced in September. The hyperinflation peaked in October 1923 and banknote denominations rose to 100-trillion (10¹⁴)-ℳ︁. At the end of the hyperinflation, these notes were worth approximately £stg5.2 or US$23.81.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Weimar Republic (1920–24)

Republic Treasury Notes, Weimar Republic Reichsbanknote

Year	Issue	Value<ref group="nb">All values are in Reichsbank Mark. </ref>	Date<ref group="nb">Series date printed on the banknote. </ref>	Image	Comments
1920 {{safesubst:#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Center with unknown parameter "_VALUE_"|ignoreblank=y| 1 | style }}	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts10ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts50ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts100ℳ︁	Template:Dts	Template:Css Image Crop	Portraits based on the Bamberg riders at Bamberg Cathedral Template:Convert
1922 {{safesubst:#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Center with unknown parameter "_VALUE_"|ignoreblank=y| 1 | style }}	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts10,000ℳ︁	Template:Dts	Template:Css Image Crop	Portrait of a young Man by Albrecht Dürer Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts500ℳ︁	Template:Dts	Template:Css Image Crop	Jakob Meyer of the Meyer zum Pfeil family Template:Convert
		Template:NtshTemplate:Dts500ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts100ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts1,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts5,000ℳ︁	Template:Dts	Template:Css Image Crop	Section of Portrait of a Man with a Coin by Hans Memling Template:Convert
		Template:NtshTemplate:Dts5,000ℳ︁	Template:Dts	Template:Css Image Crop	Portrait of Hans Urmiller based on Portrait of Hans Urmiller and his Son by Barthel Beham Template:Convert
		Template:NtshTemplate:Dts50,000ℳ︁	Template:Dts	Template:Css Image Crop	Bürgermeister Arnold von Brauweiler based on Burgomaster Arnold von Brauweiler by Barthel Bruyn the Elder Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts5,000ℳ︁	Template:Dts	Template:Css Image Crop	Merchant Imhof based on Portrait of a Man by Albrecht Dürer Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts1,000ℳ︁	Template:Dts	Template:Css Image Crop	Portrait of Jörg Herz based on Jörg Herz Nürnberger Münzmeister by Georg Pencz Template:Convert
1923 {{safesubst:#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Center with unknown parameter "_VALUE_"|ignoreblank=y| 1 | style }}	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts100,000ℳ︁	Template:Dts	Template:Css Image Crop	Merchant Georg Giese based on Portrait of Georg Giese by Hans Holbein the Younger Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts10,000ℳ︁	Template:Dts		Not issued
		Template:NtshTemplate:Dts20,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts1,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts5,000ℳ︁	Template:Dts	Template:Css Image Crop	Portrait of Hans Urmiller based on Portrait of Hans Urmiller and his Son by Barthel Beham Template:Convert
		Template:NtshTemplate:Dts500,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts2,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Merchant Georg Giese based on Portrait of Georg Giese by Hans Holbein the Younger Template:Convert
		Template:NtshTemplate:Dts5,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts100,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts500,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts1,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts1,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts5,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts10,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts20,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts50,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts50,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts200,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts1,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts3,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts5,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts10,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts100,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts20,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts50,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts500,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts500,000,000,000ℳ︁	Template:Dts		Specimen only
		Template:NtshTemplate:Dts1,000,000,000,000ℳ︁	Template:Dts		Specimen only
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts1,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Overprinted on 15 Dec 1922 note Template:Convert
		Template:NtshTemplate:Dts1,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts5,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts10,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop
		Template:NtshTemplate:Dts10,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts20,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts50,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts200,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts1,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts5,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts500,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Overprinted on 15 Mar 1923 note Portrait of Hans Urmiller based on Portrait of Hans Urmiller and his Son by Barthel Beham Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts50,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts100,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts500,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts100,000,000,000ℳ︁	Template:Dts		Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts1,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts5,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts10,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts10,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts100,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts1,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts2,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts5,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
1924 {{safesubst:#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Center with unknown parameter "_VALUE_"|ignoreblank=y| 1 | style }}	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts10,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert
		Template:NtshTemplate:Dts20,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Portrait of a woman based on Portrait of a young Venetian woman by Albrecht Dürer Template:Convert
		Template:NtshTemplate:Dts50,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Jakob Muffel based on Portrait of Jakob Muffel by Albrecht Dürer Template:Convert
		Template:NtshTemplate:Dts100,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Portrait of Willibald Pirckheimer based on a painting by Albrecht Dürer Template:Convert
	Template:SortTemplate:Sfn	Template:NtshTemplate:Dts5,000,000,000,000ℳ︁	Template:Dts	Template:Css Image Crop	Template:Convert

Danzig

The Danziger Privat Actien-Bank (opened 1856) was the first bank established in Danzig.Template:Sfn They issued two series of notes denominated in thalers (1857 and 1862–73) prior to issuing the mark (1875, 1882, 1887).Template:Sfn These mark issues are extremely rare.Template:Sfn 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.Template:Sfn

Issuance of the Danzig Papiermark

The Papiermark was issued by Danzig from 1914 to 1923.Template:Sfn Five series were issued during World War I by the City Council (1914, 1916, 1918 first and second issue, and 1919).Template:Sfn Denominations ranged from 10₰ to 20ℳ︁.Template:Sfn 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).Template:Sfn The 1922 issue (31 October 1922) was denominated in 100ℳ︁, 500ℳ︁, and 1,000ℳ︁ notes.Template:Sfn The denominations for the 1923 issue were 1,000ℳ︁ (15 March 1923), and 10,000ℳ︁ and 50,000ℳ︁ notes (20 March 1923).Template:Sfn The 1923 provisional issue reused earlier notes with a large red stamp indicating the new (and higher) denominations of 1 million-ℳ︁ (8 August 1923) and 5 million-ℳ︁ (15 October 1923) mark.Template:Sfn The last series of Danzig mark was the 1923 inflation issue of 1 million-ℳ︁ (8 August 1923), 10 million-ℳ︁ (31 August 1923), 100 million-ℳ︁ (22 September 1923), 500 million-ℳ︁ (26 September 1923), 5 billion-ℳ︁ and 10 billion-ℳ︁ notes (11 October 1923).Template:Sfn The Danzig mark was replaced by the Danzig gulden, first issued by the Danzig Central Finance Department on 22 October 1923.Template:Sfn

Papiermark of Danzig

Issue	Value	Image
1914 Emergency	50₰	Template:Css Image Crop
	1ℳ︁	Template:Css Image Crop
	2ℳ︁	Template:Css Image Crop
	3ℳ︁	Template:Css Image Crop
1916	10₰	Template:Css Image Crop
	50₰	Template:Css Image Crop
1918 First	5ℳ︁	Template:Css Image Crop
	20ℳ︁	Template:Css Image Crop
1918 Second	50₰	Template:Css Image Crop
	20ℳ︁
check|unknown=|preview=Page using Template:Center with unknown parameter "_VALUE_"|ignoreblank=y| 1 | style }}	50₰	Template:Css Image Crop
1922	100ℳ︁	Template:Css Image Crop
	500ℳ︁	Template:Css Image Crop
	1,000ℳ︁	Template:Css Image Crop
1923 First	1,000ℳ︁
	10,000ℳ︁	Template:Css Image Crop
	10,000ℳ︁	Template:Css Image Crop
	50,000ℳ︁	Template:Css Image Crop
1923 Provisional	1,000,000ℳ︁	Template:Css Image Crop
	5,000,000ℳ︁	Template:Css Image Crop
1923 Inflation	1,000,000ℳ︁	Template:Css Image Crop
	10,000,000ℳ︁	Template:Css Image Crop
	100,000,000ℳ︁	Template:Css Image Crop
	500,000,000ℳ︁	Template:Css Image Crop
	5,000,000,000ℳ︁	Template:Css Image Crop
	10,000,000,000ℳ︁	Template:Css Image Crop

Note on numeration

Template:See also 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

• 1922 in Germany
• 1923 in Germany
• Hyperinflation
• Hyperinflation in Zimbabwe
• Inflation hedge

References

• Template:Cite book
• Template:Cite book
• Template:Cite bookTemplate:Dead link
• Template:Cite book
• GermanNotes.com (2005). German Paper Money 1871-1999. eBook from germannotes.com
• Template:Cite journal
• Template:Numis cite SCWC
• Template:Numis cite SCWPM
• Template:Cite journal
• Template:Cite book

External links

• Exchange rates

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