Papiermark

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Papiermark
Mark (in German)
GER-140-Reichsbanknote-100 Trillion Mark (1924).jpg
100 trillion-ℳ (short scale (US) or 100 billion-ℳ long scale (UK pre-1974, Germany, much of Europe)
Denominations
Subunit
 1/100Pfennig
PluralMark
PfennigPfennig
Symbol
Pfennig
Banknotes1ℳ, 2ℳ, 5ℳ, 10ℳ, 20ℳ, 50ℳ, 100ℳ, 500ℳ
1,000ℳ, 5,000ℳ, 10,000ℳ, 20,000ℳ, 50,000ℳ, 100,000ℳ, 200,000ℳ, 500,000ℳ
1-million-ℳ, 2-million-ℳ, 5-million-ℳ, 10-million-ℳ, 20-million-ℳ, 50-million-ℳ, 100-million-ℳ, 500-million-ℳ
1-billion-ℳ, 5-billion-ℳ, 10-billion-ℳ, 20-billion-ℳ, 50-billion-ℳ, 100-billion-ℳ, 200-billion-ℳ, 500-billion-ℳ
1-trillion-ℳ, 2-trillion-ℳ, 5-trillion-ℳ, 10-trillion-ℳ, 20-trillion-ℳ, 50-trillion-ℳ, 100-trillion-ℳ
Coins1₰, 2₰, 5₰, 10₰, 50₰ (½ℳ)
1ℳ, 3ℳ, 200ℳ, 500ℳ
Demographics
User(s) German Empire
Germany Weimar Republic
Flag of the Free City of Danzig.svg Free City of Danzig
Issuance
Central bankReichsbank
Valuation
Pegged withUnited States dollar = 4.2-trillion-ℳ = RM4.20 (1 trillion 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 Papiermark (About this soundpronunciation ; English: "paper mark", officially just Mark, sign: ) was 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 Papiermarks was the currency issued during the hyperinflation in Germany of 1922 and 1923.

History[edit]

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 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)-ℳ to RM1. On 30 August 1924 the Rentenmark was replaced by the Reichsmark.[2]

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[edit]

A 5-million-ℳ 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 ½ℳ pieces continued in production until 1919. Aluminium 1 were produced until 1918 and the 2 until 1916. Whilst iron 5, both iron and zinc 10 and aluminium 50 coins were issued until 1922. Aluminium 3ℳ were issued in 1922 and 1923, and aluminium 200ℳ and 500ℳ were issued in 1923. 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. 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 1,000,000,000,000ℳ.[3]

Banknotes[edit]

First World War issues[edit]

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 1ℳ and 2ℳ notes but there were also 5ℳ, 20ℳ, 50ℳ and 100ℳ notes.

Post War issues[edit]

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 Papiermark's rate of exchange against the U.S. dollar plummeted from 4.2ℳ = US$1 to 4.2 trillionℳ = US$1.[4] The price of one gold mark (0.35842g gold weight) in German paper currency at the end of 1918 was 2ℳ, but by the end of 1919 a gold mark cost 10ℳ.[5] This inflation worsened between 1920 and 1922, and the cost of a gold mark (or conversely the devaluation of the paper mark) rose from 15ℳ to 1,282ℳ.[5] In 1923 the value of the paper mark had its worst decline. By July, the cost of a gold mark had risen to 101,112ℳ, and in September was already at 13 million-ℳ.[5] On 30 Nov 1923 it cost 1 trillion-ℳ to buy a single gold mark.[5]

In October 1923, Germany experienced a 29,500% hyperinflation (roughly 21% interest per day).[6] 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).[6]

On 15 November 1923 the Papiermark was replaced by the rentenmark at RM4.2 rentenmark = US$1,[4] or 1 trillion-ℳ = RM1 (exchangeable through July 1925).[7]

During the hyperinflation, ever higher denominations of banknotes were issued by the Reichsbank[8] and other institutions (notably the Reichsbahn railway company).[9] The Papiermark was produced and circulated in enormously large quantities. Before the war, the highest denomination was 1,000ℳ, equivalent to approximately £50Stg or US$238. In early 1922, 10,000ℳ notes were introduced, followed by 100,000ℳ and 1 million-ℳ notes in February 1923. July 1923 saw notes up to 50 million-ℳ, with 10 milliard (1010)-ℳ notes introduced in September. The hyperinflation peaked in October 1923 and banknote denominations rose to 100 trillion (1014)-ℳ. At the end of the hyperinflation, these notes were worth approximately £5Stg or US$24.

Denomination Translations[edit]

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.

GERMAN ENGLISH
Million / Millionen Million / Million
Millard(e) / Milliarden Billion / Billions
Billion / Billionen Trillion / Trillions

Weimar Republic (1920–24)[edit]

Republic Treasury Notes, Weimar Republic Reichsbanknote
Year Issue Value[nb 1] Date[nb 2] Image Comments
1920
First[10] 10ℳ 6 Feb 1920
GER-67-Reichsbanknote-10 Mark (1920).jpg
126 mm × 84 mm (5.0 in × 3.3 in)
50ℳ 23 Jul 1920
GER-68-Reichsbanknote-50 Mark (1920).jpg
150 mm × 100 mm (5.9 in × 3.9 in)
100ℳ 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[11] 10,000ℳ 19 Jan 1922
GER-71-Reichsbanknote-10000 Mark (1922).jpg
Portrait of a young Man by Albrecht Dürer
210 mm × 124 mm (8.3 in × 4.9 in)
Second[12] 500ℳ 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)
500ℳ 7 Jul 1922
GER-74c-Reichsbanknote-500 Mark (1922).jpg
173 mm × 90 mm (6.8 in × 3.5 in)
Third[12] 100ℳ 4 Aug 1922
GER-75-Reichsbanknote-100 Mark (1922).jpg
162 mm × 90 mm (6.4 in × 3.5 in)
1,000ℳ 15 Sep 1922
GER-76-Reichsbanknote-1000 Mark (1922).jpg
160 mm × 85 mm (6.3 in × 3.3 in)
5,000ℳ 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)
5,000ℳ 19 Nov 1922
GER-78-Reichsbanknote-5000 Mark (1922).jpg
Portrait of Hans Urmiller based on Portrait of Hans Urmiller and his Son by Barthel Beham
198 mm × 107 mm (7.8 in × 4.2 in)
50,000ℳ 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[12] 5,000ℳ 2 Dec 1922
GER-81-Reichsbanknote-5000 Mark (1922).jpg
Merchant Imhof based on Portrait of a Man by Albrecht Dürer
130 mm × 90 mm (5.1 in × 3.5 in)
Fifth[13] 1,000ℳ 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[13] 100,000ℳ 1 Feb 1923
GER-83-Reichsbanknote-100000 Mark (1923).jpg
Merchant Georg Giese based on Portrait of Georg Giese by Hans Holbein the Younger
190 mm × 115 mm (7.5 in × 4.5 in)
Second[13] 10,000ℳ 3 Feb 1923 Not issued
20,000ℳ 20 Feb 1923
GER-85-Reichsbanknote-20000 Mark (1923).jpg
160 mm × 95 mm (6.3 in × 3.7 in)
1,000,000ℳ 20 Feb 1923
GER-86-Reichsbanknote-1 Million Mark (1923).jpg
160 mm × 110 mm (6.3 in × 4.3 in)
Third[14] 5,000ℳ 15 Mar 1923
GER-87-Reichsbanknote-5000 Mark (1923).jpg
Portrait of Hans Urmiller based on Portrait of Hans Urmiller and his Son by Barthel Beham
148 mm × 90 mm (5.8 in × 3.5 in)
500,000ℳ 1 May 1923
GER-88-Reichsbanknote-500000 Mark (1923).jpg
170 mm × 95 mm (6.7 in × 3.7 in)
2,000,000ℳ 23 Jul 1923
GER-89-Reichsbanknote-2 Million Mark (1923).jpg
Merchant Georg Giese based on Portrait of Georg Giese by Hans Holbein the Younger
162 mm × 87 mm (6.4 in × 3.4 in)
5,000,000ℳ 1 Jun 1923
GER-90-Reichsbanknote-5 Million Mark (1923).jpg
170 mm × 95 mm (6.7 in × 3.7 in)
Fourth[15] 100,000ℳ 25 Jul 1923
GER-91-Reichsbanknote-100000 Mark (1923).jpg
110 mm × 80 mm (4.3 in × 3.1 in)
500,000ℳ 25 Jul 1923
GER-92-Reichsbanknote-500000 Mark (1923).jpg
175 mm × 80 mm (6.9 in × 3.1 in)
1,000,000ℳ 25 Jul 1923
GER-93-Reichsbanknote-1 Million Mark (1923).jpg
160 mm × 95 mm (6.3 in × 3.7 in)
1,000,000ℳ 25 Jul 1923
GER-94-Reichsbanknote-1 Million Mark (1923).jpg
185 mm × 80 mm (7.3 in × 3.1 in)
5,000,000ℳ 25 Jul 1923
GER-95-Reichsbanknote-5 Million Mark (1923).jpg
190 mm × 80 mm (7.5 in × 3.1 in)
10,000,000ℳ 25 Jul 1923
GER-96-Reichsbanknote-10 Million Mark (1923).jpg
195 mm × 80 mm (7.7 in × 3.1 in)
20,000,000ℳ 25 Jul 1923
GER-97b-Reichsbanknote-20 Million Mark (1923).jpg
195 mm × 83 mm (7.7 in × 3.3 in)
50,000,000ℳ 25 Jul 1923
GER-98a-Reichsbanknote-50 Million Mark (1923).jpg
195 mm × 86 mm (7.7 in × 3.4 in)
Fifth[16] 50,000ℳ 9 Aug 1923
GER-99-Reichsbanknote-50000 Mark (1923).jpg
105 mm × 70 mm (4.1 in × 2.8 in)
200,000ℳ 9 Aug 1923
GER-100-Reichsbanknote-200000 Mark (1923).jpg
115 mm × 70 mm (4.5 in × 2.8 in)
1,000,000ℳ 9 Aug 1923
GER-101-Reichsbanknote-1 Million Mark (1923).jpg
120 mm × 80 mm (4.7 in × 3.1 in)
2,000,000ℳ 9 Aug 1923
GER-103-Reichsbanknote-2 Million Mark (1923).jpg
125 mm × 80 mm (4.9 in × 3.1 in)
5,000,000ℳ 20 Aug 1923
GER-105-Reichsbanknote-5 Million Mark (1923).jpg
128 mm × 80 mm (5.0 in × 3.1 in)
10,000,000ℳ 22 Aug 1923
GER-106-Reichsbanknote-10 Million Mark (1923).jpg
125 mm × 80 mm (4.9 in × 3.1 in)
100,000,000ℳ 22 Aug 1923
GER-107-Reichsbanknote-100 Million Mark (1923).jpg
150 mm × 85 mm (5.9 in × 3.3 in)
Sixth[17] 20,000,000ℳ 1 Sep 1923
GER-108-Reichsbanknote-20 Million Mark (1923).jpg
125 mm × 82 mm (4.9 in × 3.2 in)
50,000,000ℳ 1 Sep 1923
GER-109-Reichsbanknote-50 Million Mark (1923).jpg
124 mm × 84 mm (4.9 in × 3.3 in)
500,000,000ℳ 1 Sep 1923
GER-110-Reichsbanknote-500 Million Mark (1923).jpg
155 mm × 85 mm (6.1 in × 3.3 in)
500,000,000,000ℳ 1 Sep 1923 Specimen only
1,000,000,000,000ℳ 1 Sep 1923 Specimen only
Seventh[17] 1,000,000,000ℳ 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)
1,000,000,000ℳ 5 Sep 1923
GER-114-Reichsbanknote-1 Billion Mark (1923).jpg
160 mm × 86 mm (6.3 in × 3.4 in)
5,000,000,000ℳ 10 Sep 1923
GER-115-Reichsbanknote-5 Billion Mark (1923).jpg
165 mm × 85 mm (6.5 in × 3.3 in)
10,000,000,000ℳ 15 Sep 1923
GER-116-Reichsbanknote-10 Billion Mark (1923).jpg
10,000,000,000ℳ 1 Oct 1923
GER-117-Reichsbanknote-10 Billion Mark (1923).jpg
160 mm × 105 mm (6.3 in × 4.1 in)
20,000,000,000ℳ 1 Oct 1923
GER-118-Reichsbanknote-20 Billion Mark (1923).jpg
140 mm × 90 mm (5.5 in × 3.5 in)
50,000,000,000ℳ 10 Oct 1923
GER-119c-Reichsbanknote-50 Billion Mark (1923).jpg
176 mm × 86 mm (6.9 in × 3.4 in)
200,000,000,000ℳ 15 Oct 1923
GER-121-Reichsbanknote-200 Billion Mark (1923).jpg
140 mm × 80 mm (5.5 in × 3.1 in)
Eighth[18] 1,000,000,000ℳ 20 Oct 1923
GER-122-Reichsbanknote-1 Billion Mark (1923).jpg
127 mm × 61 mm (5.0 in × 2.4 in)
5,000,000,000ℳ 20 Oct 1923
GER-123a-Reichsbanknote-5 Billion Mark (1923).jpg
130 mm × 64 mm (5.1 in × 2.5 in)
500,000,000,000ℳ 20 Oct 1923
GER-124a-Reichsbanknote-500 Billion Mark (1923).jpg
Overprinted on 15 Mar 1923 note
Portrait of Hans Urmiller based on Portrait of Hans Urmiller and his Son by Barthel Beham
145 mm × 90 mm (5.7 in × 3.5 in)
Ninth[18] 50,000,000,000ℳ 26 Oct 1923
GER-125-Reichsbanknote-50 Billion Mark (1923).jpg
135 mm × 65 mm (5.3 in × 2.6 in)
100,000,000,000ℳ 26 Oct 1923
GER-126-Reichsbanknote-100 Billion Mark (1923).jpg
135 mm × 65 mm (5.3 in × 2.6 in)
500,000,000,000ℳ 26 Oct 1923
GER-127a-Reichsbanknote-500 Billion Mark (1923).jpg
137 mm × 65 mm (5.4 in × 2.6 in)
100,000,000,000ℳ 26 Oct 1923 174 mm × 86 mm (6.9 in × 3.4 in)
Tenth[19] 1,000,000,000,000ℳ 1 Nov 1923
GER-129-Reichsbanknote-1 Trillion Mark (1923).jpg
137 mm × 65 mm (5.4 in × 2.6 in)
5,000,000,000,000ℳ 1 Nov 1923
GER-130-Reichsbanknote-5 Trillion Mark (1923).jpg
168 mm × 86 mm (6.6 in × 3.4 in)
10,000,000,000,000ℳ 1 Nov 1923
GER-131-Reichsbanknote-10 Trillion Mark (1923).jpg
171 mm × 86 mm (6.7 in × 3.4 in)
10,000,000,000,000ℳ 1 Nov 1923
GER-132-Reichsbanknote-10 Trillion Mark (1923).jpg
120 mm × 82 mm (4.7 in × 3.2 in)
Eleventh[20] 100,000,000,000ℳ 5 Nov 1923
GER-133-Reichsbanknote-100 Billion Mark (1923).jpg
135 mm × 65 mm (5.3 in × 2.6 in)
1,000,000,000,000ℳ 5 Nov 1923
GER-134-Reichsbanknote-1 Trillion Mark (1923).jpg
143 mm × 86 mm (5.6 in × 3.4 in)
2,000,000,000,000ℳ 5 Nov 1923
GER-135-Reichsbanknote-2 Trillion Mark (1923).jpg
120 mm × 71 mm (4.7 in × 2.8 in)
5,000,000,000,000ℳ 7 Nov 1923
GER-136-Reichsbanknote-5 Trillion Mark (1923).jpg
165 mm × 86 mm (6.5 in × 3.4 in)
1924
First[20] 10,000,000,000,000ℳ 1 Feb 1924
GER-137-Reichsbanknote-10 Trillion Mark (1924).jpg
140 mm × 72 mm (5.5 in × 2.8 in)
20,000,000,000,000ℳ 5 Feb 1924
GER-138-Reichsbanknote-20 Trillion Mark (1924).jpg
Portrait of a woman based on Portrait of a young Venetian woman by Albrecht Dürer
160 mm × 95 mm (6.3 in × 3.7 in)
50,000,000,000,000ℳ 10 Feb 1924
50 Billionen Mark 1924-02-10.jpg
Jakob Muffel based on Portrait of Jakob Muffel by Albrecht Dürer
175 mm × 95 mm (6.9 in × 3.7 in)
100,000,000,000,000ℳ 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[21] 5,000,000,000,000ℳ 15 Mar 1924
GER-141-Reichsbanknote-5 Trillion Mark (1924).jpg
120 mm × 72 mm (4.7 in × 2.8 in)

Danzig[edit]

The Danziger Privat Actien-Bank (opened 1856) was the first bank established in Danzig.[22] They issued two series of notes denominated in thalers (1857 and 1862–73) prior to issuing the mark (1875, 1882, 1887).[23] These mark issues are extremely rare.[23] 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.[24]

Issuance of the Danzig Papiermark[edit]

The Papiermark was issued by Danzig from 1914 to 1923.[25] Five series were issued during World War I by the City Council (1914, 1916, 1918 first and second issue, and 1919).[26] Denominations ranged from 10₰ to 20ℳ.[26] 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).[27] The 1922 issue (31 October 1922) was denominated in 100ℳ, 500ℳ, and 1,000ℳ notes.[28] The denominations for the 1923 issue were 1,000ℳ (15 March 1923), and 10,000ℳ and 50,000ℳ notes (20 March 1923).[29] The 1923 provisional issue reused earlier notes with a large red stamp indicating the new (and higher) denominations of 1 million-ℳ (8 August 1923) and 5 million-ℳ (15 October 1923) mark.[30] The last series of Danzig mark was the 1923 inflation issue of 1 million-ℳ (8 August 1923), 10 million-ℳ (31 August 1923), 100 million-ℳ (22 September 1923), 500 million-ℳ (26 September 1923), 5 billion-ℳ and 10 billion-ℳ notes (11 October 1923).[31] The Danzig mark was replaced by the Danzig gulden, first issued by the Danzig Central Finance Department on 22 October 1923.[31]

Papiermark of Danzig
Issue Value Image
1914 Emergency 50₰
DAN-1-Danzig City Council-50 Pfennig (1914).jpg
1ℳ
DAN-2-Danzig City Council-1 Mark (1914).jpg
2ℳ
DAN-3-Danzig City Council-2 Mark (1914).jpg
3ℳ
DAN-4-Danzig City Council-3 Mark (1914).jpg
1916 10₰
DAN-5-Danzig City Council-10 Pfennig (1916).jpg
50₰
DAN-6-Danzig City Council-50 Pfennig (1916).jpg
1918 First 5ℳ
DAN-7-Danzig City Council-5 Mark (1918).jpg
20ℳ
DAN-8-Danzig City Council-20 Mark (1918).jpg
1918 Second 50₰
DAN-9-Danzig City Council-50 Pfennig (1918).jpg
20ℳ
1919
50₰
DAN-11-Danzig City Council-50 Pfennig (1919).jpg
1922 100ℳ
DAN-13-Danzig-100 Mark (1922).jpg
500ℳ
DAN-14-Danzig-500 Mark (1922).jpg
1,000ℳ
DAN-15-Danzig-1000 Mark (1922).jpg
1923 First 1,000ℳ
10,000ℳ
DAN-17-Danzig-10000 Mark (1923).jpg
10,000ℳ
DAN-18-Danzig-10000 Mark (1923).jpg
50,000ℳ
DAN-19-Danzig-50000 Mark (1923).jpg
1923 Provisional 1,000,000ℳ
DAN-21-Danzig-1MIL Mark (1923).jpg
5,000,000ℳ
DAN-23-Danzig-5MIL Mark (1923).jpg
1923 Inflation 1,000,000ℳ
DAN-24-Danzig-1MIL Mark (1923).jpg
10,000,000ℳ
DAN-25-Danzig-10MIL Mark (1923).jpg
100,000,000ℳ
DAN-27-Danzig-100MIL Mark (1923).jpg
500,000,000ℳ
DAN-28a-Danzig-500MIL Mark (1923).jpg
5,000,000,000ℳ
DAN-30-Danzig-5BIL Mark (1923).jpg
10,000,000,000ℳ
DAN-31-Danzig-10BIL Mark (1923).jpg

Note on numeration[edit]

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[edit]

Notes[edit]

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

Citations[edit]

  1. ^ Knapp, George Friedrich (1924), The State Theory of Money, Macmillan and Company, pp. vxi
  2. ^ "Biografie Hans Luther" (in German). Bayerische Nationalbibliothek. Retrieved 15 August 2020.
  3. ^ 1 Billion Mark - Westfalen at Numista.com. Accessed on 13 August 2020.
  4. ^ a b Barisheff 2013, p. 32.
  5. ^ a b c d Fischer 2010, p. 85.
  6. ^ a b Fischer 2010, p. 91.
  7. ^ Widdig 2001, p. 48.
  8. ^ Cuhaj 2010, pp. 555–64.
  9. ^ Cuhaj 2009, pp. 629–36.
  10. ^ Cuhaj 2010, pp. 555–56.
  11. ^ Cuhaj 2010, pp. 556.
  12. ^ a b c Cuhaj 2010, pp. 557.
  13. ^ a b c Cuhaj 2010, pp. 558.
  14. ^ Cuhaj 2010, pp. 558–59.
  15. ^ Cuhaj 2010, pp. 559.
  16. ^ Cuhaj 2010, pp. 560–61.
  17. ^ a b Cuhaj 2010, pp. 561–62.
  18. ^ a b Cuhaj 2010, pp. 562.
  19. ^ Cuhaj 2010, pp. 562–63.
  20. ^ a b Cuhaj 2010, pp. 563.
  21. ^ Cuhaj 2010, pp. 563–64.
  22. ^ Kelly 1920, p. 30.
  23. ^ a b Cuhaj 2009, p. 613.
  24. ^ Rand McNally 1911, p. 972.
  25. ^ Cuhaj 2010, pp. 427–30.
  26. ^ a b Cuhaj 2010, pp. 427–28.
  27. ^ Cuhaj 2010, pp. 428–30.
  28. ^ Cuhaj 2010, pp. 428.
  29. ^ Cuhaj 2010, pp. 429.
  30. ^ Cuhaj 2010, pp. 429–30.
  31. ^ a b Cuhaj 2010, pp. 430.

References[edit]

External links[edit]

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