On 1 December 1923, German currency was revalued, marking the end of the hyperinflation era. The new currency (Rentenmark) replaced the old Mark at a conversion rate of 1 Rentenmark = 1 Billion Mark. The Rentenmark was then replaced with the Reichsmark in Sept/Oct 1924 at a 1:1 rate.
This is the first set of German stamps using the revalued currency.
Numerous variations exist due to printing process and color differences.
The P-suffix issues are flat plate printings and the W-suffix are rotary press printings. They can be distinguished by the size of the printed area:
- P — 17.9 mm x 21.5 mm
- W — 18.2 mm x 22.2 mm