Man inherits 143 Trillion Marks
From the Daily Kennebec Journal - Aug 23, 1928:
Remarkable confidence in the future ability of the German nation to redeem at "a reasonable price" all outstanding German paper marks issued during the World War is found in one of the clauses of the will of a wealthy out-of-State man whose death occurred recently and whose will has been filed with Assistant Attorney General Philip D. Stubbs for the assessment of the Maine inheritance tax on the shares of the Maine corporations in the estate. The will was drawn in June of 1926.
The deceased left an estate of approximately $800,000, aside from one hundred and forty-three trillion German marks which had cost him about $6,000. The will is unique in the fact that the executor is directed to hold these marks until such time as they shall be redeemed rather than to appraise them as practically worthless.
The following clause in the will covers this point:
"In the belief that the German people will ultimately require redemption of all outstanding German paper marks issued during the World War of 1914-1918 at a reasonable price, I direct my said executor and trustee to continue to hold the German paper marks of such issue as may belong to me at the time of my death (amounting to about one hundred and forty-three trillion marks according to the American method of reckoning) until such marks can be sold at about the cost thereof to me, namely about $6000."
Although the article says the trillions of marks were acquired during World War I, that must be wrong. The period of German hyperinflation occurred from 1921-1924.
The deceased left an estate of approximately $800,000, aside from one hundred and forty-three trillion German marks which had cost him about $6,000. The will is unique in the fact that the executor is directed to hold these marks until such time as they shall be redeemed rather than to appraise them as practically worthless.
The following clause in the will covers this point:
"In the belief that the German people will ultimately require redemption of all outstanding German paper marks issued during the World War of 1914-1918 at a reasonable price, I direct my said executor and trustee to continue to hold the German paper marks of such issue as may belong to me at the time of my death (amounting to about one hundred and forty-three trillion marks according to the American method of reckoning) until such marks can be sold at about the cost thereof to me, namely about $6000."
Although the article says the trillions of marks were acquired during World War I, that must be wrong. The period of German hyperinflation occurred from 1921-1924.
Comments
Take a deep breath, now hold it.................
Posted by Expat47 in Athens, Greece on 07/07/13 at 10:42 AM
Yet he was no worse off than the people who put their money in the bank by 1929.
Posted by Patty in Ohio, USA on 07/07/13 at 06:03 PM
It makes me feel SOOO good that I'm currently getting paid in $timulus Dollar$. /sarc
Posted by tdchem on 07/08/13 at 03:28 AM
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Category: Money | 1920s