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German Konversionskasse scrip, 5 Reichsmark note

Object | Accession Number: 1992.68.1

Scrip, valued at five Reichsmarks, issued by the Konversionskasse für deutsche Auslandsschulden (Conversion Fund for German Foreign Debts) in 1933. German efforts to finance World War I sent the nation into debt. Following their defeat, the Treaty of Versailles forced Germany to pay reparations to several countries, which increased the nation’s financial struggles. Germany experienced a period of hyperinflation, which was stabilized by the introduction of the Rentenmark in November 1923. Although the economy began to grow again, Germany chose not to tax citizens to fund the reparations, but continued taking out loans from foreign nations, such as the United States. As a result, the repercussions of the Great Depression in America reverberated in the German economy. The Reichsbank began regulating foreign exchange trading in 1931, and took over foreign payment transactions in 1933, with the Konversionskasse serving as an intermediary. The notes were not valid as currency, instead functioning as securities, or an investment in the Konversionskasse. Germany’s continued insolvency and devastated economy allowed the Nazi Party to use people’s fears as a propaganda tool to gain power, eventually leading to Adolf Hitler becoming Chancellor in 1933.

issue:  1933 August 28
issue: Berlin (Germany)
Exchange Media
Object Type
Scrip (aat)
Bank notes.
Credit Line
United States Holocaust Memorial Museum Collection
Record last modified: 2021-02-10 09:29:35
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