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100 Rentenmark Rentenbank
| Issuer | Deutsche Rentenbank |
|---|---|
| Year | 1923 |
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| In circulation to | 1948 |
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|---|---|
| Obverse lettering | Rentenbankschein Einhundert 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 One Hundred 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) |
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| Reverse lettering | Rentenbankschein Einhundert Rentenmark Wer Rentenbankscheine nachmacht oder verfälscht, oder nachgemachte oder verfälschte sich verschafft und in Verkehr bringt, wird mit Zuchthaus nicht unter zwei Jahren bestraft. (Translation: Rentenbank Note One Hundred Rentenmark Anyone who imitates or forges Rentenbank notes, or procures and puts into circulation imitations or forgeries, will be imprisoned for not less than two years.) |
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| Comments |
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 — but by a mortgage lien on all German agricultural and industrial property, a legal fiction with no modern precedent that nonetheless worked purely because the public chose to believe it would.
This 100 Rentenmark note was part of the initial issue that effectively ended the hyperinflation almost overnight. By late November 1923, the exchange rate was fixed at one Rentenmark to one trillion Papiermark. The Rentenbank itself was always intended as a temporary bridge institution — it was never a central bank and had no legal authority to issue permanent currency.
Printed by the Reichsdruckerei in Berlin, whose presses had spent the previous year producing the ever-more-worthless Papiermark in denominations eventually reaching 100 trillion.