Papiermark


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Papiermark

The currency of Germany between in 1914 and 1923. Technically, the papiermark was the same currency as the goldmark. However, the German government broke the mark's peg to gold in 1914, making it a fiat currency in order to finance its activities in World War I. The peg to gold was not resumed after the war ended and the papiermark suffered from intense hyperinflation due to the post-war government's decision to print banknotes to pay Germany's war debts. It was replaced by the rentenmark at a ratio of 1 trillion to one.
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Norman Johnson, now 97, swam to a boat with a snap of Joyce, 95, wrapped in a 100,000 papiermark note.
It was equal to the German papiermark at a 1:1 ratio.
These bankers were entrepreneurs, short-selling the crisis they created during the window of opportunity before the government converted the Papiermark to Rentenmarks.