Children playing with stacks of hyperinflated currency during the Weimar Republic, 1922

After World War I, Germany was hit by one of the worst cases of hyperinflation in recent history. The German mark fell from 4.2 points to 8.91 points per dollar during World War I, but by the end of 1923, paying war reparations raised the exchange rate to 4,200,000,000,000 marks per dollar.

The rate of inflation was 3,250,000% per month. The prices of daily commodities double every two days. The currency became worthless with kids using it like Lego bricks. During periods of hyperinflation, it was cheaper to burn money than to buy firewood.

By the middle of 1923, workers were being paid thrice a day. Their wives would meet him, take money and run to the shops in exchange for goods. However, by this time, more and more often, the shops were empty.

Storekeepers could not receive goods or conduct business fast enough to secure their cash receipts. Farmers refused to bring produce to the city in exchange for waste paper.

Requirements to count and recalculate commercial transactions into billions and trillions made it practically impossible to do business in paper marks.

Millions of middle-class Germans, who were usually the mainstay of a republic, were ruined by inflation. They became receptive to right-wing propaganda and created fertile soil for Hitler. Inflation-stricken workers turned, in many cases, to communists.

When a new currency, the Rentenmark, replaced the worthless Reichsbank marks on November 16, 1923, and 12 zeros were deducted from the prices, the prices in the new currency remained stable.

The Germans considered this stablecoin to be a miracle. The rentenmark was introduced at a rate of one rentenmark equal to one trillion old digits, with the exchange rate of one United States dollar being equal to 4.2 rentenmarks.

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