|Central bank||Deutschen Rentenbank| |Coins||1, 2, 5, 10, 50
Rentenpfennig 1, 3 Rentenmark |Banknotes||1, 2, 5, 10, 50, 100,
500, 1000 Rentenmark| |This infobox shows the latest status
before this currency was rendered obsolete.| The Rentenmark
replaced the Papiermark. Due to the economic crises in Germany
after World War I, there was no gold available to back the
currency. Therefore the Deutschen Rentenbank, which issued the
Rentenmark, mortgaged land and industrial goods worth 3.2
billion Rentenmark to back the new currency. The Rentenmark was
introduced at a rate 1 Rentenmark = 1012 Mark, establishing an
exchange rate of 1 United States dollar = 4.2 RM. The Act
creating the Rentenmark backed the currency by means of twice
yearly payments on property, due in April and October, payable
for five years. Although the Rentenmark was not legal tender, it
was, accepted by the population and its value was relatively
stable. The Act prohibited the recently privatised Reichsbank
from continuing to discount bills and