{"product_id":"germany-p-85-20000-marks-1923-02-20-circ","title":"Germany P-85 20000 Marks 1923-02-20 CIRC","description":"\u003ch3\u003eBanknote Characteristics\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eVarieties: \u003c\/strong\u003eYou may receive any of the following\n\u003cul\u003e\n\u003cli\u003eP# 85a — Watermark: Small circles\u003c\/li\u003e\n\u003cli\u003eP# 85b — Watermark: G \u0026amp; D in Stars\u003c\/li\u003e\n\u003cli\u003eP# 85c — Watermark: Grid\u003c\/li\u003e\n\u003cli\u003eP# 85d — Watermark: Thorns\u003c\/li\u003e\n\u003cli\u003eP# 85e — Watermark: Meander\u003c\/li\u003e\n\u003cli\u003eP# 85f — Watermark: Waves\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eColor:\u003c\/strong\u003e Brown and olive on pale underprint\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFront:\u003c\/strong\u003e Text-only design; denomination \u003cem\u003eZwanzigtausend Mark\u003c\/em\u003e (Twenty Thousand Marks); issued by the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Reichsbank\" target=\"_blank\"\u003eReichsbank\u003c\/a\u003e directorate, Berlin; dated 20 February 1923; payable to bearer at the Reichsbank main cashier in Berlin\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBack:\u003c\/strong\u003e Large numeral \"20000\" and text \"ZWANZIGTAUSEND MARK\"\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eWatermark:\u003c\/strong\u003e Varies by variety — small circles, G\u0026amp;D in stars, grid, thorns, meander, or waves\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eComposition:\u003c\/strong\u003e Paper\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSize:\u003c\/strong\u003e 160 × 95 mm\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssuing entity:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Reichsbank\" target=\"_blank\"\u003eReichsbank\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePrinter:\u003c\/strong\u003e Various; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Giesecke_%26_Devrient\" target=\"_blank\"\u003eGiesecke \u0026amp; Devrient\u003c\/a\u003e among others (G\u0026amp;D watermark variety)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDemonetized:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Demonetization_(currency)\" target=\"_blank\"\u003eDemonetized\u003c\/a\u003e — the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_Papiermark\" target=\"_blank\"\u003ePapiermark\u003c\/a\u003e was replaced by the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rentenmark\" target=\"_blank\"\u003eRentenmark\u003c\/a\u003e on 15 November 1923 at a rate of 1 Rentenmark = 1,000,000,000,000 (one trillion) Marks\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSignatures:\u003c\/strong\u003e Reichsbankdirektorium (collective signature of the Reichsbank directorate)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCurrency:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_Papiermark\" target=\"_blank\"\u003eGerman Papiermark\u003c\/a\u003e (1873–1923)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eAbout Germany\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCapital:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Berlin\" target=\"_blank\"\u003eBerlin\u003c\/a\u003e (city pop. ~3.7 million; metro pop. ~6.2 million)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePopulation:\u003c\/strong\u003e ~84 million (UN 2024) — similar to Turkey; between California and Texas combined (USA)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eArea:\u003c\/strong\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_Empire\" target=\"_blank\"\u003eGerman Empire\u003c\/a\u003e (1871–1918): ~540,858 km² (~208,826 mi²)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Weimar_Republic\" target=\"_blank\"\u003eWeimar Republic\u003c\/a\u003e (1919–1933): ~468,787 km² (~180,998 mi²) — reduced by the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Treaty_of_Versailles\" target=\"_blank\"\u003eTreaty of Versailles\u003c\/a\u003e (loss of Alsace-Lorraine, Posen, West Prussia, Memel, Eupen-Malmedy, North Schleswig, Saarland under League of Nations administration)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Nazi_Germany\" target=\"_blank\"\u003eGreater German Reich\u003c\/a\u003e at peak (1942): ~688,000 km² (~265,600 mi²) — 1914 borders plus Luxembourg, northern Slovenia, areas around Łódź and Białystok (Poland)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/West_Germany\" target=\"_blank\"\u003eFederal Republic of Germany\u003c\/a\u003e (1949–1990): ~248,717 km² (~96,030 mi²)\u003c\/li\u003e\n\u003cli\u003eReunified \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Germany\" target=\"_blank\"\u003eFederal Republic of Germany\u003c\/a\u003e (1990–date): 357,114 km² (~137,882 mi²)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eGDP per capita at \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Purchasing_power_parity\" target=\"_blank\"\u003ePPP\u003c\/a\u003e:\u003c\/strong\u003e ~$67,000 USD (IMF 2024) — ranks ~17th out of 193 globally\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMain exports:\u003c\/strong\u003e Vehicles, machinery, chemicals, electronics, pharmaceuticals\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBorders:\u003c\/strong\u003e Denmark, Poland, Czech Republic, Austria, Switzerland, France, Luxembourg, Belgium, Netherlands\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eLanguages:\u003c\/strong\u003e German\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSovereignty:\u003c\/strong\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_Confederation\" target=\"_blank\"\u003eGerman Confederation\u003c\/a\u003e (1815–1866)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/North_German_Confederation\" target=\"_blank\"\u003eNorth German Confederation\u003c\/a\u003e (1866–1871)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_Empire\" target=\"_blank\"\u003eGerman Empire\u003c\/a\u003e (1871–1918) — proclaimed 18 January 1871 at Versailles\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Weimar_Republic\" target=\"_blank\"\u003eWeimar Republic\u003c\/a\u003e (1918–1933) — declared 9 November 1918; this note issued during this period\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Nazi_Germany\" target=\"_blank\"\u003eThird Reich \/ Greater German Reich\u003c\/a\u003e (1933–1945)\u003c\/li\u003e\n\u003cli\u003eAllied Occupation Zones (1945–1949)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/West_Germany\" target=\"_blank\"\u003eFederal Republic of Germany\u003c\/a\u003e (West Germany, 1949–1990) and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/East_Germany\" target=\"_blank\"\u003eGerman Democratic Republic\u003c\/a\u003e (East Germany, 1949–1990)\u003c\/li\u003e\n\u003cli\u003eReunified \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Germany\" target=\"_blank\"\u003eFederal Republic of Germany\u003c\/a\u003e (3 October 1990–date)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eGermany Unfiltered\u003c\/h3\u003e\n\u003cp\u003eWhen this note was printed in February 1923, 20,000 Marks could buy a modest meal. By November 1923 — nine months later — a single loaf of bread cost 200,000,000,000 Marks. The note in your hand became worthless faster than it could be spent.\u003c\/p\u003e\n\u003cp\u003eThe \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_the_Weimar_Republic\" target=\"_blank\"\u003eWeimar hyperinflation\u003c\/a\u003e was not an accident. The German government deliberately printed money to pay \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/World_War_I_reparations\" target=\"_blank\"\u003eWorld War I reparations\u003c\/a\u003e and fund striking workers during the French occupation of the Ruhr. The resulting collapse wiped out the savings of the German middle class — a trauma that shaped German monetary policy for the next century.\u003c\/p\u003e\n\u003cp\u003eAt the peak of the hyperinflation, the Reichsbank was printing notes so fast that one side was left blank to save time. Workers were paid twice a day and given time off to spend their wages before the money lost more value.\u003c\/p\u003e\n\u003cp\u003eChildren used bricks of banknotes as building blocks. Wallpaper was cheaper to buy than the banknotes needed to purchase it. A wheelbarrow of cash could not buy a newspaper.\u003c\/p\u003e\n\u003cp\u003eThe hyperinflation ended almost overnight. On 15 November 1923, the Rentenmark was introduced — backed not by gold but by a mortgage on all German agricultural and industrial land. One Rentenmark replaced one trillion old Marks. It worked, because people chose to believe it would.\u003c\/p\u003e\n\u003ch2\u003eTwenty Thousand Marks — and Counting\u003c\/h2\u003e\n\u003cp\u003eThis note was issued on 20 February 1923, during the second issue of the Republic Treasury Notes series. It was a large denomination at the time of printing. Within weeks it was routine. Within months it was worthless. The Reichsbank printed six watermark varieties of this note — small circles, stars, grid, thorns, meander, waves — because the presses could not keep up with demand and multiple paper suppliers were used simultaneously.\u003c\/p\u003e\n\u003ch2\u003eThe Most Famous Economic Catastrophe in History\u003c\/h2\u003e\n\u003cp\u003eThe \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Weimar_Republic\" target=\"_blank\"\u003eWeimar Republic\u003c\/a\u003e is remembered for two things: the hyperinflation that destroyed it economically, and the cultural flowering — Bauhaus, cabaret, Brecht, Expressionism — that happened anyway, in the ruins. This note belongs to the first story. It is a primary document of the moment when a modern industrial nation lost its grip on the value of money.\u003c\/p\u003e\n\u003ch2\u003eOwn This Artifact of the Weimar Collapse\u003c\/h2\u003e\n\u003cp\u003eWeimar hyperinflation notes are among the most historically significant paper money ever produced — and among the most affordable. This 20,000 Mark note, circulated, is a piece of one of the defining economic catastrophes of the 20th century. The paper survived. The currency did not.\u003c\/p\u003e\n\u003cp\u003eA note that was worth something in the morning and nothing by afternoon.\u003c\/p\u003e","brand":"World Money Store","offers":[{"title":"Default Title","offer_id":51799013851447,"sku":"DE85CIRC","price":2.61,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0969\/7165\/3431\/files\/85o_90516710-8a0e-4448-bc28-1227680ba753.jpg?v=1774914239","url":"https:\/\/worldmoneystore.com\/products\/germany-p-85-20000-marks-1923-02-20-circ","provider":"World Money Store","version":"1.0","type":"link"}