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10 Rentenmark Rentenbank
| Issuer | Deutsche Rentenbank |
|---|---|
| Year | 1923 |
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| Size | 175 x 105 mm |
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| Obverse description | Dark brown letterpress over a dense guilloche underprint in red and green tones, with the large Gothic-script denomination 'Zehn Rentenmark' dominating the centre above a bold numeral '10' set within a guilloche panel. The issuer name 'Deutsche Rentenbank' and authorising text are arranged in horizontal bands across the note, with a decorative ornamental vignette in the right margin. A serial number in red appears at the upper right. |
|---|---|
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| 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.