"THE NEWS SPREAD LIKE WILDFIRE"

TEMPORARY RENTENMARK ISSUE SETS OFF EXTRAORDINARY SCENES AT THE REICHSBANK 

Berlin, Germany (JFK+50) On November 18, 1923, the Associated Press reports "extraordinary scenes" were observed yesterday at the head offices of the Reichsbank here in Berlin "when it became known that a limited quantity of the new Rentenmark* notes was to be issued to the public."

The AP also reports that "the news spread like wildfire."

The new currency commissioner, Dr. Hjalmar Schacht**, describes the Rentenmark as a "temporary bridge" from depreciated paper currency to future gold mark issues.

*Rentenmark was currency issued Nov 1923 to stop the hyperinflation of the Weimer Republic of Germany as the paper Mark had become almost worthless.  It was replaced in 1924 by the Reichsmark.

**Hjalmar Schacht (1877-1970) was co-founder of the German Democratic Party & served as president of the Reichsbank & the Central Bank of Nazi Germany (1933-1939). 

SOURCE

"Wild Rush In Berlin For New Currency," The Sunday Star, Washington, D.C., November 18, 1923, Chronicling America, Library of Congress, www.loc.gov/

 

 

One Rentenmark Note

by Drrcs

www.wikimedia.org/

"REICHSBANK WILL NOT SURRENDER HER GOLD"

GERMANY WILL NOT PAY BILLION DOLLAR REPARATIONS DEMAND

Berlin, Germany (JFK+50) On March 23, 1921, the New York Tribune reported that Germany's unofficial response to the Entente's demand of payment of one billion marks in gold "to apply on reparations obligations" would be "in the negative."

It was further reported that the Reichsbank* would consider this demand as "a violation of the (Versailles) treaty and in contradiction to "observed practice."

The Reichsbank stated that it would not surrender her gold voluntarily, a reserve of 1,091,000,000 marks**.

*The Reichsbank was the central bank of Germany 1876-1945 with headquarters in Berlin.

**In 1921, one U.S. $ = 330 German marks, in 1922 one U.S. $ = 800 German marks.  By Nov 1923 one U.S. $ = 4,210,500,000,000 marks. As the first reparation payments were made, the value of the German mark sank drastically causing internal political instability and misery for the populace.

SOURCE

"Germany Will Refuse to Pay Billion Marks," The New York Tribune, March 23, 1921, Chronicling America, Library of Congress, www.loc.gov/

   

 

Reichsmark Notes

1922

PD-Abbieines 

Albrecht Durer-Portraits

(junger Mann)