The German hyperinflation ends: Hjalmar Schacht, President of the central Reichsbank of the Weimar Republic of Germany, announces the replacement of the Reich mark, which has dropped to a ratio against the United States Dollar of 4,200,000,000,000 to one, with the Renton (German for (secure”)mark.  The Renten mark will be secured by the value of Germany’s real estate, as Germany no longer has any gold with which to redeem its currency.  The old Reich marks will be traded in for the new Renten marks at a ratio of 1,000,000,000,000 to one.  In less than two and a half years the exchange ratio between the Reich mark and the gold mark fell from one to one, to 1,000,000,000,000 to one.  This had made the Reich mark essentially worthless— more valuable as firewood than as currency.

       [added 6/26/2022]