Weimar Artifacts
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“A nursery of tyranny, corruption and delusion; a veritable debauch of authority in delirium”. Mirabeau about paper money.

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It may be more important to pay attention to one small detail: an inflection point on the Zimbabwe dollar vs US dollar plot at the 4th year of inflation. Why plots are different?

https://telegra.ph/Proof-of-story-Orange-Bill-07-17
Our fren @KotyAuditore from @LNMarkets asked us to do this plot. The purple line is Venezuela USD black market price history indexed from second half of 2012. Thus in Weimar terms the story is close to its culmination. It is worth betting among inflation nerds if Venezuelan numbers reach Weimar's and this is rather surprising fact that they haven't reached it yet. Although we could be wrong: the red star marks official denomination. In fact, inflation hasn't slowed down from that point.
Guttman in his "Great Inflation" book writes about guys who were partying hard during hyperinflation times. They had one US dollar for a night and the sum was so big nobody could give them a change.

17 Reasons Why Germany’s Weimar Republic Was a Party-Lovers Paradise
Hard to find a thing other than stamps which might reflect rising costs in hyperinflationary environment. These are little Weimar Republic stamps with relatively small denomination (earlier stages of inflation) however, they speak for themselves.
Since we are planning to look into numbers from Russia (1918) we decided to update this plot with clearer labels.
Early years of Soviet Russia are classical example of money printing hyperinflation. Budget deficit was financed by issuance of new paper notes. Similarly to Venezuela, it is fairly hard to build hyperinflation plot for Rubles as regime change happened meanwhile.
Combining data from different sources found on the Internet is hard. Numerically Ruble foreign exchange rate at the beginning of 1918 was 32 Rubles per Pound, while wiki suggests 45 Rubles per Pound Sterling. But ☝️ if we look at logarithmic plot, the difference doesn't seem significant and who really knew true price of hyperinflating money anyway.
Under the Weimar Constitution of August 1919, the State Treaty on the Imperial Railways came into force on April 1, 1920, placing the former state railroads under the control of the Reich Minister of Transport. The emergency money of the Reich Minister of Transport were valid at all stations of the German Railroads. Due to the high print runs, most of the bills are still quite common today, which makes collecting easier. In addition to the inflation bills in denominations ranging from 1 million marks in August 1923 to 50 trillion marks in November 1923, there was also so-called stable value emergency money in gold mark amounts and dollars at the end of 1923.

This 20B emergency money bill is relatively rare among collectors. Realistic depiction of the steam locomotive makes this design less common.
U.S. Dollar Price of Foreign Exchange, 1914 - 1922

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Month-to-month volatility of Papermark against Goldmark in Weimar Republic with a note about present times.
"150 billion marks for a simple streetcar ticket. 356 billion for a loaf of rye bread. And 2.6 trillion marks for a kilo of beef" - Frank Stocker "Die Inflation von 1923 - wie es zur größten deutschen Geldkatastrophe kam"
The single word “no” she told her son, cost 2,446,000 marks. (Guttman)

Could you believe it may be hard to collect exact sum of 2446000 if there are only billions around.
How much purchasing power Keiserreich and Weimar bills would have today in euro.
1.5 Billion for a loaf of bread. 2.5 billion for saying "Nein" via telegraph.
Money of Terror: Russian Revolution

The interesting difference of socialist Soviet government to socialist Weimar's is that soviets decided to return to gold-pegged currency earlier and it allowed national economy to recover. In 1922, while Berlin was partying hard, it was yet to be seen how destructive money printing could be in Germany.

https://telegra.ph/Money-of-Terror-Russian-Revolution-09-09
I had managed to get hold of a couple of small denomination gold-loan certificates, the stable money that preceded the issue of the Rentenmark: they had been rare and I had hoarded them carefully.

21 is enough – gold-backed certificates in the Weimar Republic

Story
So long as the fiduciary currency has a market value greater than its cost of production — which under favorable conditions can be compressed close to the cost of paper on which it is printed — any individual issuer has an incentive to issue additional amounts. A fiduciary currency would thus probably tend through increased issue to degenerate into a commodity standard — there being no stable equilibrium price short of that at which the money value of currency is no greater than that of the paper it contains. And in view of the negligible cost of adding zeros, it is not clear that there is any finite price level for which this is the case.

Friedman, 1960
Painted bolivar bill from Venezuelan who fled from the country in the beginning of hyperinflation event.

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On this day in 1922 Reichsmark was already substantially devalued against the dollar. Bread cost 310-450 marks.

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