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Inflation / 1923 / Germany
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Inflation / 1923 / Germany
Paper money is collected from the bank in washing baskets
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Media ID 623124
© Mary Evans Picture Library 2015 - https://copyrighthub.org/s0/hub1/creation/maryevans/MaryEvansPictureID/10061759
Bank Baskets Collected Inflation Money Washin G 1923
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EDITORS COMMENTS
1. Title: "A Desperate Measure: Collecting Hyperinflated Marks in Washing Baskets, Germany, 1923" 2.. This evocative photograph captures a pivotal moment in the economic history of Germany during the aftermath of World War I. Taken in 1923, the image shows a long queue of citizens outside a bank in Germany, each person holding a washing basket filled to the brim with wads of paper money. The scene is a stark reminder of the devastating hyperinflation that gripped the country during this period. The German economy had been weakened by the costs of the war, and the reparations imposed by the Treaty of Versailles only worsened the situation. By 1923, the value of the German Mark had plummeted, leading to rampant inflation. Citizens were forced to carry wheelbarrows full of money to buy even the most basic necessities. In an attempt to stabilize the economy, the German government introduced the Emergency Decree for the Protection of the Currency on August 15, 1923. This decree led to the infamous "Rentenmark Reform," which saw the introduction of a new currency, the Rentenmark, backed by mortgages on agricultural land. However, before the new currency could be introduced, the old Marks had to be collected and destroyed. The photograph shows the people of Germany lining up outside the bank to exchange their worthless Marks for the new Rentenmarks. The washing baskets were used to collect the vast quantities of paper money that would otherwise be unwieldy and impractical to carry. The scene is a poignant reminder of the desperation and hardship experienced by the German people during this tumultuous time in their history. This photograph is a powerful testament to the human spirit and resilience in the face of economic adversity. It serves as a reminder of the importance of stable currencies and the potential consequences of hyperinflation.
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