opened 16 March 1857, and by 1911 two additional banks (the Imperial Bank of Germany and the Norddeutsche Credit-Anstalt) were in operation. Issuance of the Danzig Papiermark The Papiermark was issued by Danzig from 1914 to 1923. Five series were issued during World War I by the City Council (1914, 1916, 1918 first and second issue, and 1919). Denominations ranged from 10₰ to 20ℳ. The Free City of Danzig municipal senate issued an additional four post-World War I series of notes (1922, 1923 First issue, 1923 Provisional issue, and 1923 Inflation issue). The 1922 issue (31 October 1922) was denominated in 100ℳ, 500ℳ, and 1,000ℳ notes. The denominations for the 1923 issue were 1,000ℳ (15 March 1923), and 10,000ℳ and 50,000ℳ notes (20 March 1923). The 1923 provisional issue reused earlier notes with a large red stamp indicating the new (and higher) denominations of 1 million-ℳ (8 August 1923) and 5 million-ℳ (15 October 1923) mark. The last series of Danzig mark was the 1923 inflation issue of 1 million-ℳ (8 August 1923), 10 million-ℳ (31 August 1923), 100 million-ℳ (22 September 1923), 500 million-ℳ (26 September 1923), 5 billion-ℳ and 10 billion-ℳ notes (11 October 1923). The Danzig mark was replaced by the Danzig gulden, first issued by the Danzig Central Finance Department on 22 October 1923. Note on numeration In German, Milliarde is 1,000,000,000, or one thousand million, while Billion is 1,000,000,000,000, or one million million. See also 1922 in Germany 1923 in Germany Hyperinflation Hyperinflation in Zimbabwe Inflation hedge Notes Citations References GermanNotes.com (2005). German Paper Money 1871-1999. eBook from germannotes.com External links Exchange rates Currencies of Germany Economy of the Weimar Republic Modern obsolete currencies Economic history of World War I Currencies of Poland Free City of Danzig 1923 disestablishments 1920s economic history 1923 in Europe