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<p>[QUOTE=&quot;The Eidolon, post: 5149985, member: 102103&quot;]Two early postwar notgeld, before the hyperinflation of 1921-23:</p><p><br /></p><p>Frankenthal, 1919, 10 Pfennig, Iron</p><p>[ATTACH=full]1208476[/ATTACH] </p><p>According to my intro-Duolingo level of German, reverse says &quot;Work brings bread&quot;</p><p><br /></p><p>Trier, 1919, 10 Pfennig, Iron</p><p>[ATTACH=full]1208477[/ATTACH] </p><p><br /></p><p>If I can pontificate for a moment, I was wondering:&nbsp; &quot;Why didn&#039;t the monetary </p><p>emergency end after the armistice?&quot;&nbsp; The hyperinflation was a ways off, but </p><p>things hadn&#039;t returned back to normal.&nbsp; My guess is that this is linked to the 1920</p><p>debasement of the UK coins from 92.5% to 50% silver as well.&nbsp; </p><p><br /></p><p>Most major economies were on a gold standard after the early 1870s, with</p><p>subsidiary coinage made of not-full-bodied silver.&nbsp; During the War, the link to </p><p>gold was not officially broken in most cases, but the currency could not be </p><p>freely converted.&nbsp; Precious metals prices rose until the silver content of coins around</p><p>the world in many countries became more valuable than their face value.&nbsp; So </p><p>small change couldn&#039;t make its way back into circulation.&nbsp; Debasement or a </p><p>non-precious metal token money were needed.&nbsp; By 1921-22 or so the world</p><p>silver price had fallen enough to relieve these pressures, but by that time the </p><p>Weimar Republic&#039;s inflationary monetary policy had taken hold.[/QUOTE]</p><p><br /></p>

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