The Papiermark underwent hyperinflation in Germany in 1923, when prices rose extraordinarily rapidly.
The Papiermark was Germany’s paper currency from 1914 until 1923. Its value deteriorated severely after World War I, as Germany faced war debts, reparations, budget deficits, and falling confidence in the currency. The crisis became especially intense after France and Belgium occupied the Ruhr in January 1923.
By November 1923, a U.S. dollar was worth roughly 4.2 trillion marks. Everyday prices changed so quickly that people often spent wages immediately, before money lost more value. Banknotes were printed in enormous denominations, but those notes still became nearly worthless.
The government stabilized the currency in November 1923 by introducing the Rentenmark. The Rentenmark was not simply the Papiermark under a new name; it was a separate stabilization currency. The Reichsmark later replaced both currencies in 1924.