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Product Details:
1924 Germany Treasury Bond – 8.15% – 5 Million Marks
🇩🇪 Schatzanweisung of the German Reich – 1924 – 5,000,000 Mark
📌 Document Type
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Name: Schatzanweisung (Treasury Note)
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Issuer: Deutsches Reich (German Reich / Weimar Republic)
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Year of Issue: 1924
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Denomination: 5,000,000 Marks (Five Million Marks)
🏛️ Historical Background
In 1924, Germany was emerging from the catastrophic hyperinflation that had peaked the previous year. While the worst was over by early 1924, millions of these high-denomination notes were still in circulation and being issued to stabilize government finances.
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The Papiermark (paper mark) was still in use in early 1924, but it was being phased out in favor of the Rentenmark, a new currency introduced in November 1923 to restore stability.
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These treasury notes reflect the tail end of the inflationary period, often printed in denominations like 1 million, 5 million, or even 100 million marks.
💸 Note Features
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Face Value: 5,000,000 Marks (worth almost nothing by late 1923–1924)
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Design: Typically plain official layouts with:
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Serial numbers
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Reich eagle emblem or printed seal
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Gothic script (Fraktur font)
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Signature fields of finance officials or Reichsbank representatives
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Material: Thin, official paper, often with aging signs due to poor wartime printing quality
🧾 Purpose at the Time
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These treasury notes were short-term debt instruments used by the German government to raise emergency funds.
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They were intended as a form of state borrowing but quickly lost value due to ongoing inflation.
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By the end of 1924, most Papiermark-based debt had been effectively rendered void or replaced by new monetary reforms.
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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.
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