Reichsbank

The  Reichsbank  was the central bank of Germany from 1876 until 1945. It was founded on 1 January 1876 (shortly after the establishment of the German Empire in 1871). The Reichsbank was a privately owned central bank of Prussia, under close control by the Reich government. Its first president was Hermann von Dechend. Before unification in 1871, Germany had 31 central banks – the Notenbanken (note banks). Each of the independent states issued their own money. In 1870, a law was passed that forbade the formation of further central banks. In 1874, a draft banking law was introduced in the Reichstag (the German parliament). After several changes and compromises, the law was passed in 1875. Despite the creation of the Reichsbank, however, four of the Notenbanken – Baden, Bavaria, Saxony and Württemberg – continued to exist until 1914.

The history of the Reichsbank was volatile. Until World War I it produced a very stable currency called the Goldmark. The expenses of the war caused inflationary pressure and the mark started to decrease in value. The defeat of imperial Germany in 1918, the economic burden caused by the payment of war reparations to the Allies, and the social unrest in the early years culminated in the German hyperinflation of 1922–23. The mark, formerly backed by gold, evolved into the Papiermark (paper mark), backed by nothing.

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