Every once in awhile I go on eBay and browse the foreign currency just to see what's there, because the older notes are truly works of art. I've noticed that you can get German currency from around 1910 for a buck or two, and I was curious why it is so cheap. Even if they made a ton of it, I wouldn't think much would have survived. You don't see American currency from 100 years ago selling for a few bucks.
German currency from this period survived in large numbers as a result of two factors: 1. They made a ton of it because of inflation. 2. It lost its value quickly because of inflation. Once it lost its value, it was useless for circulation and no longer available for commerce. The banks and other issuing authorities no longer accepted or redeemed them leaving millions of worthless notes in public hands. US paper money from the same period is still legal tender. When designs and the size were changed, the old notes were still useable but were culled from circulation by banks in the ordinary course of business.
Basically agreed, but the notes from around 1910 were from the monarchy years and not inflation notes. That hyperinflation was in 1921-23 ... Maybe it is a question of who is, and how many are, actually interested in such paper money. As for the redemption of old money, keep in mind that the German Empire (Deutsches Reich), which issued the notes from the 1910s and 20s, basically ceased to exist about 60 years ago. The old money of the Federal Republic of Germany, founded in 1949, can be redeemed. Christian
While the notes dated 1910 were originally issued under the German Empire, they continued to be issued as late as 1922 and lost their value as a result of the hyperinflation. They are not themselves inflation notes but they were made worthless because of it.
Subtle differences in paper and serial numbers differentiate pre and post war issues. It's a specialty collecting field, but the Krause catalogs cover the basics in detail.
I've also noticed that much of this currency bears cancellation marks. Instead of shredding or burning the notes (as the US did with Philippine peso notes during the Japanese invasion), Germany cancelled the notes with stamps or hole punches.
Ah yes, makes sense. Well, a few of them - some combinations of serial number, seal and "underprint" character (not sure what that is in English) are actually worth quite a bit. But yes, most are very common ... Christian
