Gold mark

History

From 1 January 1876 onwards, the mark and vereinsthaler became the only legal tender. Before 1914, the mark was on a gold standard with 2790 marks equal to 1 kilogram of pure gold (1 mark = 358 mg). The term Goldmark was created later to retrospectively distinguish it from the Papiermark (paper mark), which suffered a serious loss of value through hyperinflation following World War I during hyperinflation in the Weimar Republic. For comparison, from 1900 to 1933, the United States also adhered to a gold standard, with the gold dollar containing 1.50463 grams (23.22 grains) fine gold; it was therefore worth 4.198 gold marks. The monetary hegemon of the time when the gold mark was in use, however, was the pound sterling, with the sovereign (£1) being valued at 20.43 gold marks.