Trans-regional emergency money issues 1918–1923

During WWI an inflation started that could not be stopped even after the end of war. In 1923 it reached its peak and ended with the complete crash of the German monetary system. Inflation led to price collapse and monetary depreciation. While two pounds of rye bread still cost 163 marks in early 1923, by November 1923 the price had arrived at 233m marks. Therefore, increasing amounts of cash needed to be produced and the Reichsbank (imperial bank) alone issued bank notes at a value of 524bn marks.

Nonetheless, the lack of money could not be remedied. Therefore, several official and semi-official authority decided to issue trans-regional emergency money. This type of emergency money could be exchanged at diverse places within a particular territory.

In Bavaria, several institutions issued trans-regional emergency money, for example the Bayerische Staatsbank (Bavarian State Bank) in 1918 and 1923. Such credit notes were legal tender. The general directorship of the Berg-, Hütten- and Salzwerke contributed in 1922 and 1923 to the issues of emergency money.

The Reichsverkehrsministerium (Imperial Ministery of Transport), the Reichspost (Imperial Mail) and the Reichsbahn (German Imperial Railway) issued emergency money in Bavaria. As the central office of the Reichsbahn the Reichsverkehrsministerium Zweigstelle Bayern (Imperial Ministery of Transport, Bavarian branch) issued since late August 1923 its own emergency money. In exchange for these vouchers, the cashiers of the Reichsbahn in Bavaria as well as the Bayerische Staatsbank paid out the sums mentioned.

• The objects of the collection "Trans-regional iemergency money issues 1918–1923" available on bavarikon

The partial collections of "Paper money in Bavaria" available on bavarikon

• Bank notes of the Bayerische Hypotheken- und Wechsel-Bank
• Bank notes of the Bayerische Notenbank
• Paper money of the Königlich Bayerische Staats- und Schuldentilgungs-Commission (Royal Bavarian State and Debt Repayment Commission)
• Emergency money bills of the nineteenth century
• Bavarian emergency money 1914–1923

>> This collection is part of the holdings of "Paper money in Bavaria" of the Giesecke+Devrient Stiftung Geldscheinsammlung (Giesecke+Devrient foundation: collections of bank notes).