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10 Reichsmark Konversionskasse
| Issuer | |
|---|---|
| Year | 1933 |
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| Reference(s) | P#200 |
| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | Schuldschein der Konversionskasse für deutsche Auslandsschulden zu Berlin, aus gegeben auf Grund des § 4 ihrer Satzung. Zehn Reichsmark schuldet die Konversionskasse für deutsche Auslandsschulden dem Inhaber dieses Schuldscheins. Die Einlösung erfolgt nach § 4 der Satzung der Konversionskasse. Berlin, den 28 August 1933 Konversionskasse für deutsche Auslandsschulden (Translation: Promissory note from the Conversion Fund for German Foreign Debts in Berlin issued on the basis of § 4 of their statutes. Ten Reichsmarks owed by the Conversion Fund for German Foreign Debts to the owner of this promissory note. Redemption is executed according to § 4 of the statutes of the Conversion Fund. Berlin, August 28, 1933 Conversion Fund for German Foreign Debts) |
| Reverse description | Log in to see details |
| Reverse lettering | Die Konversionskasse für deutsche Auslandsschulden ist durch § 2 des Gesetzes über Zahlungsverbindlichkeiten gegenüber dem Ausland vom 9. Juni 1933 gegründet. § 4 ihrer Satzung lautet: „Die Kasse darf über die bei ihr eingezahlten Beträge auf Reichsmark lautende unverzinsliche Schuld- scheine ausstellen. Die Bestimmungen über die Einlösung der Schuldscheine trifft die Reichsbank“. (Translation: The Conversion Fund for German Foreign Debts is established by § 2 of the Law on Payment Liabilities Established Abroad on June 9, 1933. § 4 of the statute reads: „The Fund may use the funds deposited with it to issue interest-free promissory notes denominated in Reichsmarks. Provisions for the redemption of promissory notes is the responsibility of the Reichsbank“.) |
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| Comments |
The Konversionskasse notes were not conventional currency. Issued from 1933 onward, they formed part of the Nazi government's mechanism for managing Germany's foreign debt obligations — specifically, interest payments owed to foreign creditors were converted into these certificates rather than paid in hard currency. Foreign bondholders received them instead of Reichsmark transfers, effectively freezing Germany's external debt service while maintaining a fiction of continued payment.
The scheme was engineered by Hjalmar Schacht at the Reichsbank. Foreign creditors had little practical recourse, and many of these notes were never redeemed at face value.