#OTD 1923 first billion-mark banknotes were launched in #Berlin. Exchange rate Dollar-Papiermark 20.09.1923: 1:110 million. Price of 5kg of potatoes nearly doubled overnight: 3 to 6 million Marks. Food prices up even 3x a day. #Germany was in a downward spin of #hyperinflation.
1-billion banknotes launched in #Berlin #OTD 1923 during GER #Hyperinflation soon not enough. Market flooded by increasingly worthless paper money: food prices changed daily. In June 1923 one egg cost 800 Marks but by November of the same year already 320,000,000,000 Marks.
1-billion banknotes launched in #Berlin #OTD 1923 during GER #Hyperinflation soon not enough. Market flooded by increasingly worthless paper money: food prices changed daily. In June 1923 one egg cost 800 Marks but by November of the same year already 320,000,000,000 Marks.
1-billion banknotes launched in #Berlin #OTD 1923 during GER #Hyperinflation soon not enough. Market flooded by increasingly worthless paper money: food prices changed daily. In June 1923 one egg cost 800 Marks but by November of the same year already 320,000,000,000 Marks.
By #OTD 1923 when GER #Reichsbank launched 1st 1-billion Marks notes in #Berlin GER currency was nearly worthless: a tram ticket cost 3 million Marks (equivalent of 100% life-savings of some pensioners). By Nov price for 1kg butter reached 5.6 trillion. Before #WW1? 2.6 Marks.
By #OTD 1923 when GER #Reichsbank launched 1st 1-billion Marks notes in #Berlin GER currency was nearly worthless: a tram ticket cost 3 million Marks (equivalent of 100% life-savings of some pensioners). By Nov price for 1kg butter reached 5.6 trillion. Before #WW1? 2.6 Marks.
By #OTD 1923 when GER #Reichsbank launched 1st 1-billion Marks notes in #Berlin GER currency was nearly worthless: a tram ticket cost 3 million Marks (equivalent of 100% life-savings of some pensioners). By Nov price for 1kg butter reached 5.6 trillion. Before #WW1? 2.6 Marks.
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