Ernst Leitz Wetzlar Currency - 1923

[beoon]

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I recently purchased a Leica Handbuch by Fritz Vith (1940 edition) from a book seller in Germany. Tucked inside was this 10 Billion Mark note issued on the 25th October 1923 by Ernst Leitz Optic Works Wetzlar. As Germany was crippled with hyperinflation in 1923 money became virtually worthless. To combat inflation on November 9th 1923 Ernst Leitz II made an announcement to the work force to the effect that a part of their wages would be paid in paper credit printed and signed by the firm in order to allow its workers to purchase groceries in the appropriate shops at pre- determined prices. Ernst Leitz had imported food from Denmark with foreign exchange earned through export sales. Only Leitz money was good for purchases at reasonable prices.

 

10 Billion Mark Note.pdf

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Edited February 25 by beoon
Photo added

[Al Brown]

An interesting intel side story:
https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic

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[willeica]

3 hours ago, beoon said:

I recently purchased a Leica Handbuch by Fritz Vith (1940 edition) from a book seller in Germany. Tucked inside was this 10 Billion Mark note issued on the 25th October 1923 by Ernst Leitz Optic Works Wetzlar. As Germany was crippled with hyperinflation in 1923 money became virtually worthless. To combat inflation on November 9th 1923 Ernst Leitz II made an announcement to the work force to the effect that a part of their wages would be paid in paper credit printed and signed by the firm in order to allow its workers to purchase groceries in the appropriate shops at pre- determined prices. Ernst Leitz had imported food from Denmark with foreign exchange earned through export sales. Only Leitz money was good for purchases at reasonable prices.

 

10 Billion Mark Note.pdf 878.37 kB · 11 downloads

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Nice find. They had an early leather bound copy of the Vith book in the Classic store in Wetzlar when I was there last year. It was for reference rather than for sale, however. 

William 

[thrid]

Nice find.

In a historic twist 10 Billion Deutsche Mark is the going rate for a box of eggs in Los Angeles...

🤣

 

 

[sandro]

Very interesting and lucky find! I knew a bit about the many kinds of paper money there existed in Germany those years., but I never heard about Leits paper money!

Lex

[Herr Barnack]

On 2/25/2023 at 3:25 PM, thrid said:

Nice find.

In a historic twist 10 Billion Deutsche Mark is the going rate for a box of eggs in Los Angeles...

🤣

 

 

If a dozen eggs goes for 10 Billion Deutsche Marks in Los Angeles, I shudder to think what an M11 would cost.  😵

[thrid]

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[roydonian]

It would be interesting if someone could translate the text printed on the 'banknote'.

 

[gbpost]

vor 34 Minuten schrieb roydonian:

It would be interesting if someone could translate the text printed on the 'banknote'.

 

It reads:

Voucher over 10 billion marks

This voucher has been issued with the approval of the responsible supervisory authority and is accepted in payment by all Wetzlar banks and savings banks (Sparkassen).

It loses its validity after prior notification in the Wetzlarer Anzeiger (most probably the name of an official Newspaper).

Wetzlar, October 25, 1923

Ernst Leitz Optische Werke Wetzlar

 

Tough times a hundred years ago.

[Anbaric]

Looks like that was indeed the local newspaper:

https://de-m-wikipedia-org.translate.goog/wiki/Wetzlarer_Neue_Zeitung?_x_tr_sl=de&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

'Schnitzler' at the bottom is the same name as the publisher of the newspaper - perhaps they also printed the notes?

I suppose for official purposes they had to say you could deposit the note at a bank if you wanted to, but in practice you'd probably be better off taking it to the shops where Leitz had arranged to supply the imported fixed price goods.

[roydonian]

Thanks for those speedy responses. They help us understand what must have been very dark times.

[derleicaman]

Here are some Reichsmarks from my collection during those hyperinflationary times. One of the more interesting ones is the 1,000 Mark note, that was stamped over in red with one billion Marks. Also, the 20 billion and 50 billion Mark notes, issued by the railroad. I always would show these to my kids growing up to show them what runaway inflation is about. I hope we never again reach this point! Another interesting point is that these were issued in October 1923.

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