15-20 November 1923: Hyperinflation peaked (15 November) with a ratio of 4,210,500,000,000:1 German Mark (ℳ) to United States dollar ($); the Rentenmark (RM) was introduced (20 November), backed by mortgages of agricultural & industrial land, with an exchange rate of 4.2:1, RM to $; the Rentenmark restored confidence, was accepted as legal tender & hyperinflation ceased overnight.
No comments:
Post a Comment