Rentenmark
| Rentenmark Template:De icon | |
|---|---|
| Unit | |
| Plural | Rentenmark |
| Symbol | RM |
| Denominations | |
| Subunit | |
| 1/100 | Rentenpfennig |
| Plural | |
| Rentenpfennig | Rentenpfennig |
| Symbol | |
| Rentenpfennig | Rpf. |
| Banknotes | 1, 2, 5, 10, 50, 100, 500, 1000 Rentenmark |
| Coins | 1, 2, 5, 10, 50 Rentenpfennig 1 Rentenmark |
| Demographics | |
| User(s) |  Germany |
| Issuance | |
| Central bank | Reichsbank |
The Rentenmark (literally, "Debt Security Mark") (RM) was a currency issued on 15 November 1923 to stop the hyperinflation of 1922 and 1923 in Germany. It was subdivided into 100 Rentenpfennig.
History
The Rentenmark replaced the German Deutsche Mark. Due to the economic crises in Germany after the Great War, there was no gold available to back the currency. Therefore the Rentenbank, which issued the Rentenmark, mortgaged land and industrial goods worth 3.2 billion Rentenmark to back the new currency. The Rentenmark was introduced at a rate 1 Rentenmark = 1012 Deutsche Mark, establishing an exchange rate of 1 United States dollar = 4.2 RM.
The Rentenmark was only a temporary currency and was not legal tender. It was, however, accepted by the population and effectively stopped the inflation. The Reichsmark became the new legal tender on 30 August 1924, equal in value to the Rentenmark.
The monetary policy spearheaded by Hjalmar Schacht—the Central Banker—together with the fiscal policy of German Chancellor Gustav Stresemann and Finance Minister Hans Luther brought the inflation in Germany to an end.
The 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, 2, 5, 10 and 50 Rentenpfennig. Only small numbers of Rentenpfennig coins were produced in 1925. A few 1 Rentenpfennig coins were struck dated 1929. The 1 and 2 Rentenpfennig were minted in bronze, with the remaining coins in aluminium-bronze.
Banknotes
The first issue of banknotes was dated November 1, 1923, and was in denominations of 1, 2, 5, 10, 50, 100, 500 and 1000 Rentenmark. Later issues of notes were 10 and 50 Rentenmark (1925), 5 Rentenmark (1926), 50 Rentenmark (1934) and 1 and 2 Rentenmark and dated 1937.
See also
References
- Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
- GermanNotes.com (2005). German Paper Money 1871-1999. eBook from germannotes.com
Currencies of Germany
| 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 change over 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 |