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Imperial Currencies after the Fall of Empires: The Conversion of the German Paper Mark and the Austro-Hungarian Crown at the End of the First World War
Published online by Cambridge University Press: 10 November 2020
Abstract
Following the 1918 collapse of the two major empires that ruled central Europe, Austria-Hungary and Germany, successor states inherited billions of increasingly depreciating paper monies. The conversion of imperial currencies posed enormous difficulties for successor states and exposed the limits of an emerging international order that rendered the pan-European predicament of defunct imperial currencies the problem of individual states. This article compares the first, and one of the last, conversions of imperial currencies, taking monetary transitions in Alsace-Lorraine (1918) and Transylvania (1920) as case studies. Although historians usually treat western and east-central European history separately, the conversion of imperial currencies produced similar outcomes in both the former Alsace-Lorraine and Transylvania. Differences emerge where one would not expect them: the phasing out of the paper mark was coupled with systematic ethnic discrimination against Germans in Alsace and Lorraine, while in Transylvania, some ethnic minorities even managed to benefit from the process.
Nach dem Zusammenbruch Österreich-Ungarns und des Deutschen Reiches, der beiden Mächte, die Mitteleuropa bis 1918 beherrscht hatten, erbten die Nachfolgestaaten Milliarden von Geldscheinen, die rasch an Wert verloren. Die Konvertierung der imperialen Währungen stellte die Nachfolgestaaten vor riesige Herausforderungen und offenbarte die Grenzen einer sich entwickelnden internationalen Ordnung, die das paneuropäische Dilemma der nicht mehr bestehenden Reichswährungen zum Problem einzelner Staaten machte. Dieser Beitrag vergleicht die erste Konvertierung von Reichswährungen mit einer der letzten, indem er die monetären Übergänge in Elsass-Lothringen (1918) und Transsylvanien (1920) als Fallbeispiele benutzt. Obwohl Historiker*innen die Forschungsgebiete der westeuropäischen und ostmitteleuropäischen Geschichte meist getrennt voneinander betrachten, zeitigte die Konvertierung in beiden ehemaligen Reichsländern ähnliche Resultate. Unterschiede treten hingegen in unerwarteten Bereichen zutage: Das Auslaufen der Papiermark in Elsass-Lothringen ging mit systematischer ethnischer Diskriminierung von Deutschen einher, während manche ethnischen Minderheiten in Transsylvanien sogar vom Konvertierungsvorgang profitieren konnten.
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