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1923

Weimar

The paper mark stops working. The Rentenmark of November restores a usable unit.

Colorized 1923 photograph of a man in a dark suit standing among floor-to-ceiling stacks of bundled paper marks in a Berlin bank.
“In a Berlin Bank” — stacks of paper marks during the German inflation crisis; colorized.Colorized from public-domain original — Library of Congress (LCCN 2014716642); no known restrictions.

In 1923 the German mark lost practical use as a unit. War finance, the Ruhr, and a Reichsbank that created marks against Treasury bills drove the spiral.

Mid-November the Rentenmark stopped it: one trillion paper marks equaled one Rentenmark, and the press stopped financing the Treasury as before.

Weimar hyperinflation →