The Treaty of Versailles imposed harsh penalties on Germany after World War 1, including massive reparations payments. As Germany struggled to pay these reparations in gold marks, the value of the German paper currency plummeted, leading to hyperinflation. By 1923, hyperinflation had spiraled out of control in Germany, as the printing of currency to pay debts reduced the mark's value drastically. In response, Germany introduced a new stable currency, the Rentenmark, in November 1923, which helped end the hyperinflation and allowed Germany's economy to begin recovering.