GERMANY: Finance

The indefatigable Herr Rudolf Hilferding, Minister of Finance for the Reich, outlined a grand scheme of radical finance reform, which made provision for three different currencies:

Geldwertmark or bodenmark, meaning " gold-value mark." The Reichsbank is to be the only source of issue for new paper currency that will probably be secured by 40% to 50% of gold coverage instead of the original legal one-third.

Sachwertnoten, meaning " real-value notes," which are to be secured by a real-value capital levy of 5%.

Nichtswerthpapiermark, meaning worthless paper mark, which continued...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!