I promise to pay the bearer on demand the sum of ten pounds'

1
I promise to pay the bearer on demand the sum of
ten pounds.
2
I promise to pay the bearer on demand the sum of
ten pounds.
The modern economy is built on trust.
3
For every 1 billion of notes in existence...
Gold Standard
...there is 1 billion worth of gold to back it
up
4
Price of an egg
1913 0.08 M Summer 1923 5,000 M November 1923
80,000,000,000 M
5
Price of 1kg of butter
1913 2.7 M Summer 1923 18, 800 M November
1923 32,000,000,000,000
6
What did this mean for ordinary Germans
Two women were carrying a laundry basket filled
to the brim with money. They put it down to look
at a shop window for a moment. They turned around
to find the money still there, but the basket
gone!
7
What did this mean for ordinary Germans
As soon as I received my salary I rushed out to
buy what I needed. My daily salary was just
enough to buy one loaf of bread and a small piece
of cheese. A friend of mine, a vicar, came to
Berlin to buy some shoes with his months wages
for his baby. By the time he arrived, he only had
enough to buy a cup of coffee.