WORLD HISTORY

Detailed explanation-1: -Stresemann also appointed Hjalmar Schacht, a banker, to tackle the issue of hyperinflation. In November 1923, Schacht introduced a new German currency, the Rentenmark, based on land values and foreign loans. One Rentenmark was worth 10, 000, 000, 000, 000 of the old currency.

Detailed explanation-2: -Gustav Stresemann introduced a new currency, the Rentenmark, in 1923 but in limited quantities. It was backed by a mortgage on the entire industrial and agricultural resources of the country.

Detailed explanation-3: -The Rentenmark (German: [ˈʁɛntn̩maʁk] ( listen); RM) was a currency issued on 15 October 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.

Detailed explanation-4: -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.

Detailed explanation-5: -At the beginning of World War I, the official currency of Germany was the “Papiermark.” One mark equaled 100 pfennig. After the war, the name of the currency changed to “Rentenmark” (1923), “Reichsmark” (1924), “Deutsche Mark” (1948), and the “Euro” in 2002. Pfennig coins were in use until Germany adopted the Euro.