Germany introduced the Rentenmark in 1923 to replace the hyperinflated Papiermark.
The Weimar Republic faced catastrophic inflation after the government financed obligations and economic disruption by issuing enormous quantities of paper marks. Prices rose so quickly that ordinary notes became nearly worthless. The Rentenmark was introduced on 15 November 1923 as part of a stabilization program associated with Finance Minister Hans Luther and central banker Hjalmar Schacht.
Unlike the Papiermark, the Rentenmark was supported by mortgages on agricultural and industrial property rather than by a conventional gold reserve. Its limited issuance helped restore confidence and halt the inflationary spiral.
The Rentenmark did not remain Germany’s permanent currency. The Reichsmark was introduced in 1924 and became the principal legal currency. The Rentenmark continued alongside it for a period, so the two names are related but not interchangeable.