Franco-Belgian Railways Administration in Occupied German Territory

With the First World War over, France and Belgium want to implement the Versailles Accords without delay. But Germany is struggling to pay back war damage. So the two countries decide to occupy the Rhineland, a region on the left bank of the Rhine. At the beginning of the year 1923, the Franco-Belgian Railways Administration in Occupied German Territory (R.C.F.T.O) was set up with the unacknowledged objective of exploiting the mineral resources of the Rhine territory. Only during the summer of 1923, the German currency plummets in a dizzying way. The chronic instability of Mark weakens the Rhineland economy and causes operational difficulties within the Régie. In order to anticipate the financial problems that point, the Director of the Régie decides to design a special currency composed of 10 notes in French francs in denominations of 100, 50, 20, 10, 5, 1, 0.50, 0.25, 0.10 and 0.05 francs. By special order, 65 million francs in "vouchers" will then be issued between October 1923 and February 1924.
 

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