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10 Rentenmark Rentenbank
| Issuer | Deutsche Rentenbank |
|---|---|
| Year | 1923 |
| Type | Standard circulation banknote |
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| Obverse lettering | Rentenbankschein Zehn Rentenmark Ausgegeben auf Grund der Verordnung vom 15. Oktober 1923 (R.-G.-Bl. I S. 963) Die Deutsche Rentenbank ist verpflichtet, die von ihr ausgegebenen Rentenbankscheine jederzeit auf Verlangen gegen ihre auf Goldmark lautenden mit 5 v. H. verzinslichen Rentenbriefe einzulösen. Auf 500 Rentenmark wird ein Rentenbrief über 500 Goldmark mit Zinslauf vom nächsten Fälligkeitstermin ab gewährt. Berlin, den 1. November 1923 Deutsche Rentenbank Der Verwaltungsrat (Translation: Rentenbank Note Ten Rentenmark Issued according to the order of the 15th of October 1923 The German Rentenbank is obliged to exchange the Rentenbank notes it has issued, at any time upon request, for its Goldmark denominated 5% interest-bearing annuity letters. For every 500 Rentenmark, a bond is granted for 500 Goldmark with interest accruing from the next due date. Berlin, 1st November 1923 German Rentenbank Board of Directors) |
| Reverse description | Printed in dark brown on an uncoloured ground, the reverse is centred on a large circular guilloche rosette composed of floral and foliate elements in green and red, with the bold numeral '10' overprinted at its centre. The title 'Rentenbankschein' appears at the top in Gothic script, 'Zehn Rentenmark' at the foot, and the denomination digit '10' is repeated in each corner. An anti-counterfeiting warning inscription is set vertically along the left margin. |
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The Deutsche Rentenbank was created by emergency decree on 15 October 1923, at the absolute nadir of the Weimar hyperinflation. The Rentenmark it issued was backed not by gold — Germany had none to speak of — but by a mortgage lien on all agricultural and industrial land in the Reich, a legally novel and arguably fictitious guarantee that nonetheless worked precisely because the public chose to believe it.
Reichsbank president Hjalmar Schacht limited issuance strictly to 3.2 billion Rentenmarks total. That discipline, more than any backing asset, killed the hyperinflation almost overnight. By late November 1923, the exchange rate had stabilized at one Rentenmark to one trillion old Papiermarks.
Printed in Berlin by the Reichsdruckerei, which had spent the preceding two years running presses around the clock for the worthless predecessor currency.