|
|
|
|
|
ReichsmarkThe Reichsmark (Symbol: RM) was the currency in Germany from 1924 until June 20, 1948. It was replaced by the Deutsche Mark in West Germany and by the East German mark ("Mark der DDR" or "Ostmark") in East Germany. It was introduced in 1924 as a replacement of the "Papiermark". this was necessary due to the hyperinflation which had reached its peak in 1923. The currency exchange rate between the Reichsmark and the old Papiermark was 1.000.000.000.000:1 (One trillion to one). It was pegged to the Dollar at a rate of 4 RM : 1 $. To stabilize the economy and to smoothen transition the "Papiermark" was not directly replaced by the Reichsmark, but by the Rentenmark, an interim currency backed by the Deutsche Rentenbank, owning industrial and agricultural real estate assets. The term "Mark" is an old germanic name for currencies. It is in use since the 12th century. The Mark became Germany's main currency after its unification in 1871. However, many other local currencies co-existed in Germany till the early 20th century.
|
 |
|
| Copyright 2005-2009 OnPedia.com. All Rights Reserved |
|
|