Why was Rentenmark replaced?
Why was Rentenmark replaced?
The Rentenmark was a new currency issued by the Rentenbank (created by Stresemann). The aim of the Rentenmark was to replace the old Reichsmark which had become worthless due to hyperinflation. When the Reichsbank renamed the Rentenmark to the Reichsmark, the issuing of a new currency marked the end of hyperinflation.
What came first Rentenmark or Reichsmark?
| Reichsmark | |
|---|---|
| Date of introduction | 1924 |
| Replaced | German Rentenmark |
| Date of withdrawal | June 20, 1948 (West Germany) July 28, 1948 (East Germany) |
| Replaced by | AM-Mark Deutsche Mark (West Germany) East German mark (East Germany) |
Why was the Rentenmark used in Weimar Germany?
The Rentenmark ( [ˈʁɛntn̩ˌmaʁk] pronunciation (help·info); RM) was a currency issued on 15 November 1923 to stop the hyperinflation of 1922 and 1923 in Weimar Germany, after the previously used “paper” Mark had become almost worthless. It was subdivided into 100 Rentenpfennig and was replaced in 1924 by the Reichsmark .
When was the first East German Rentenmark made?
These coins had the same design features and motifs as coins of the Reichsmark from the Weimar and early Third Reich periods. The first banknote of the East German Mark (1948), was a 1937 Rentenmark with a validation coupon stamp affixed.
Why did Martin Luther create the German Rentenmark?
Because of the economic crisis in Germany after the First World War, there was no gold available to back the currency. Luther thus used Helfferich’s idea of a currency backed by real goods. The new currency was backed by the land used for agriculture and business.
Who was the creator of the Rentenmark currency?
The Rentenmark was a new currency issued by the Rentenbank (created by Stresemann).