Following the First World War, Germany found itself under the Versailles Treaty making vast reparations to the countries it fought against.

Livestock, food stuffs and production from mining and industry was leaving the country without generating any income.

At the end Germany was left with nothing to trade and so began the period of hyperinflation which would ultimately collapse the economy.

A great deal of additional currency was printed by the Weimar republic to pay workers their state benefits even though the money issued was not secured. more and more payments were made with what was basically worthless money which in turn led to spiraling wage increases and an ever growing list of bankrupt companies.

With France and Belgium controlling the Ruhr Valley, Germany’s largest and most profitable industrial zone, the country’s economy eventually floundered. In late 1923 the Rentenmark was introduced in an action known as redenomination. One trillion Papiermark ( Paper Mark) for One Rentenmark. Following this action and  a return to a currency with value, the Germans resumed repayment of the reparations as laid out in the Versailles Treaty. In return the Ruhr Valley was returned to them via the auspices of the new Locarno Treaties.