Tuesday, June 9, 2015

Booklet : Münchens Stadtanleihen

Münchens Stadtanleihen
English: Munich City Loans
double-click image to enlarge

  • Title: Münchens Stadtanleihen, in English: Munich City Loans
  • Publisher : Landeshauptstadt München Stadtkämmerei, 2004
  • ID : no ISBN number
  • Languages : German
  • Number of pages : 37
  • Images : more than 40 large color images
  • Index : no index

In 1922 the U.S. dollar rose from 192 German Mark to 420 Mark. Hyperinflation in Germany reached its height in 1923. In November of that year, the city of Munich issued a loan with a principal amount of 96,700,000,000,000 Mark. That sum is pronounced as 96.7 trillion (over here in Europe we say also 96.7 billion).  By the time the loan appeared on the market, one dollar was worth 4,200,000,000,000 Mark.

City of Munich, capital of Bavaria - 1920 bond
Bayer. Landeshauptstadt München - City of Munich, capital of Bavaria
4% Bond of 200 Marks, 1920
Sold at HWPH's 38. Online-Auktion, April 2015 for 22 Euro.
Source: HWPH, see

Munich started to issue loans in 1838 and still does today. In this publication, the certificates are depicted with large images, and discussed in their historical context. In recent times, Munich's "Schmuckanleihen", freely translated: "popular artwork loans", try to charm potential investors all of over the world.

  • Was sind Stadtanleihen ? What are city bonds ?
  • Die Stadtanleihen im 19. und zu Beginn des 20. Jahrhunderts (1838-1921) The city bonds in the 19th and early 20th century (1838-1921)
  • Die Stadtanleihen in der Zeit der Inflation (1922-1923) The city bonds in the period of inflation (1922-1923)
  • Die Stadtanleihen in der Zeit der Rentenmark und der Reichsmark (1923-1948) The city bonds in the period of the RentenMark and the Reichsmark (1923-1948)
  • Die städtischen Auslandsanleihen (1925 und 1928) The municipal foreign loans (1925 and 1928)
  • Die DM-Anleihen der Stadt München (1953-1995) The DM bonds of Munich (1953-1995)
  • Schatzanweisungen und Privatplatzierungen Treasury bonds and private placements
  • Schmuckanleihen, die nie auf den Markt kamen "Artwork bonds" that never appeared on the market

1925 U.S. dollar loan from the city of  Munich
City of Munich, Germany (Landeshauptstadt München)
7 % Serial Gold Bond of $1000, 1925, Series XVI, due 1941
Sold at HWPH's 38. Online-Auktion, April 2015 for 60  Euro.
Source: HWPH, see

A truly interesting booklet, with lots of history and artists. As long as copies are available, you can still request your own from the Munich city council here .


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