1923 Germany Treasury Bond – 8.15% – 5 Million Marks With Passco Certification
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Product Details:
1923 Germany Treasury Bond – 8.15% – 5 Million Marks With Passco Certification
🇩🇪 Schatzanweisung of the German Reich – 1923 – 5,000,000 Mark
📌 Type of Document
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Name: Schatzanweisung (Treasury Note or Government Promissory Note)
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Issuer: Deutsches Reich (German Reich / Weimar Republic)
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Date of Issue: 1923
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Face Value: 5,000,000 Marks (Five Million Marks)
🏛️ Historical Context
This note was issued at the peak of Germany's hyperinflation crisis in 1923, a time when:
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The German Papiermark lost almost all of its value
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Prices increased multiple times a day
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Citizens required millions or billions of marks for everyday purchases
The government responded by printing enormous sums of money, including treasury notes like this one, to finance debt and meet obligations under extreme pressure.
This particular note (5 million marks) represents a mid-range denomination during the inflationary spike. By late 1923, denominations reached into the hundreds of billions.
💸 Features
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Denomination: 5,000,000 Papiermarks
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Purpose: Government borrowing instrument for short-term liquidity
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Appearance: Official Reich printing, serial numbers, watermark or embossed seal, Gothic typeface
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In 1934, Germany officially suspended reparations payments, effectively defaulting on this and other international loans.
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As a result, these bonds were never fully repaid and are considered defaulted sovereign debt.
🧾 Purpose at the Time
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Used to finance government operations
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Served as a temporary debt promise in place of cash
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Its value quickly eroded, often within days or weeks
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- American Numismatic Association
- PMG
