German Hyperinflation Banknotes

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2 Million Mark, 1923
(2,000,000 Mark)

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5 Million Mark, 1923
(5,000,000 Mark)

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10 Milliard (American 10 Billion) Mark, 1923
(10,000,000,000 Mark)

10 Milliard (American 10 billion) mark 1923 uniface

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100 Billion (American 100 Trillion) Mark, 1923
(100,000,000,000,000 Mark)

100 Billion (American 100 Trillion) mark 1923 uniface

Scan courtesy of J. G. Peschke.

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Money to Burn

Germany 1923 - Banknotes were so worthless that it was cheaper to burn them than buying firewood.

Back to Hyperinflation Banknotes

Germany borrowed heavily to wage the war during WWI. After the war, it faced huge loan and reparation payments which far exceeded Germany's gross domestic product or GDP. When Germany could no longer made reparation payments in 1923, French and Belgium troops moved in to occupy the Ruhr, Germany's main industrial area. Without major source of income, the government took to printing money which resulted in hyperinflation.

The highest denomination before 1923 was 50,000 Mark. By early 1924, it reached 100 Billion (American 100 Trillion) Mark.

In the late-1923 currency reform, 1 Rentenmark was exchanged for 1,000 Milliard Mark (American 1 Trillion Mark). In late-1924, Rentenmark was renamed Reichsmark. Reichsmark notes continued in circulation until the end of WWII.

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