The pension Mark was spent as cash of in October 1923 the created German annuity bank starting from 15 November 1923 in coins and small lights. The rate of exchange to the paper Mark was determined with 1:1 trillion exact at one time in November 1923 as the foreign exchange rate 4.2 trillion paper Marks = 1 US-$ was, which the Vorkriegs corresponded to the gold dollar.

However thereby 12 zeros were not only painted on the lights, but the pension Mark was again by an equivalent covered, which consisted of bonds over real values of 3.2 billion Goldmark, this was secured by Hypotheken on real estates of the agriculture, industry and trade.

The covering of the pension Marks was a purely fictitious. Only the fact that the people accepted the pension Mark, stabilized the currency. This covering trick was prepared considerably by Hjalmar pit.

The pension Mark was not a legal tender, i.e. there was not an obligation to accept it as currencies. It was accepted however by the population and thus was suddenly stopped the inflation. One spoke of the miracle of the pension Marks.

The pension Mark was replaced by the realm Marks starting from 1924 as new legal tender, it related to value 1: 1 was on an equal footing and to 30 August 1924 was spent. The annuity bank existed however beyond that away and the spent pension Mark remained in the circulation. The last pension Mark lights to 1 - and 2-Rentenmark are dated and to 05.09.1939 were spent and were valid with that 30.01.1937 until 1948.

Since pension Marks and realm Marks had the same abbreviation "“RM"”, also no cause existed to abolish the pension Marks consistently to favour of the realm Marks. One shrank from oneself obviously also to produce renewed unrest with the citizen who remembered the hyperinflation of 1918-23 still all too well.

Note:

A theoretical, never realized forerunner of the pension Marks for stopping the hyperinflation the so-called "“rye Mark"” was, which should have their covering in grain, since Germany had nearly no more gold reserves due to the Versailler of contract. The thought to a "“rye Mark"” was however rejected, from which then finally starting from November 1923 the first physical pension Mark lights and pension Pfennig coins became.

See also

• German currency history

Articles in category "Pension Mark"

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