nations in World War I decided to assess Germany for their costs of conducting the war against Germany. With no means of paying in gold or currency backed by reserves, Germany ran the presses, causing the value of the Mark to collapse. Between 1914 and the end of 1923 the Papiermark's rate of exchange against the U.S. dollar plummeted from 4.2ℳ = US$1 to 4.2 trillionℳ = US$1. The price of one gold mark (0.35842g gold weight) in German paper currency at the end of 1918 was 2ℳ, but by the end of 1919 a gold mark cost 10ℳ. This inflation worsened between 1920 and 1922, and the cost of a gold mark (or conversely the devaluation of the paper mark) rose from 15ℳ to 1,282ℳ. In 1923 the value of the paper mark had its worst decline. By July, the cost of a gold mark had risen to 101,112ℳ, and in September was already at 13 million-ℳ. On 30 Nov 1923 it cost 1 trillion-ℳ to buy a single gold mark. In October 1923, Germany experienced a 29,500% hyperinflation (roughly 21% interest per day). Historically, this one-month inflation rate has only been exceeded three times: Yugoslavia, 313,000,000% (64.6% per day, January 1994); Zimbabwe, 79.6 billion% (98% per day, November 2008); and Hungary, 41.9 quadrillion% (207% per day, July 1946). On 15 November 1923 the Papiermark was replaced by the rentenmark at RM4.2 rentenmark = US$1, or 1 trillion-ℳ = RM1 (exchangeable through July 1925). During the hyperinflation, ever higher denominations of banknotes were issued by the Reichsbank and other institutions (notably the Reichsbahn railway company). The Papiermark was produced and circulated in enormously large quantities. Before the war, the highest denomination was 1,000ℳ, equivalent to approximately £stg.50 or US$238. In early 1922, 10,000ℳ notes were introduced, followed by 100,000ℳ and 1 million-ℳ notes in February 1923. July 1923 saw notes up to 50 million-ℳ, with 10 milliard (1010)-ℳ notes introduced in September. The hyperinflation peaked in October 1923 and banknote denominations rose to 100 trillion (1014)-ℳ. At the end of the hyperinflation, these notes were worth approximately £5Stg or US$24. Weimar Republic (1920–24) Danzig The Danziger Privat Actien-Bank (opened 1856) was the first bank established in Danzig. They issued two series of notes denominated in thalers (1857 and 1862–73) prior to issuing the mark (1875, 1882, 1887). These mark issues are extremely rare. The Ostbank fur Handel and Gewerbe