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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.