New Reichsmarks and Elections, 1924

 From The Weimar Years: Rise and Fall 1918–1933, by Frank McDonough (Bloomsbury, 2023), Kindle pp. 341-343:

Whilst the Allied Control inspection was in progress in the autumn of 1924, there was a huge shake-up in German currency. On 11 October, the Reichsmark (RM) was introduced, as part of the Dawes Plan [to pay war reparations under the Versailles Treaty], as a permanent replacement for the interim currency, the Rentenmark, which had restored economic stability, and the old Papiermark, which had collapsed under the weight of hyperinflation. The denominations of Reichsmarks came in lower-value coins and banknotes of 5M, 10RM, 20RM, 50RM, 100RM and 1,000RM. Each Reichsmark was divided into 100 Reichspfennigs. Germany finally had a stable currency once again, guaranteed by the independent Reichsbank. The Reichsmark remained the German currency until it was replaced by the Deutsche Mark on 23 June 1948, which itself was succeeded by the Euro in 2002.

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The German national election took place on 7 December 1924. Voter turnout was 78.8 per cent. The parties who had supported the Dawes Plan did well. The party gaining the most seats was the SPD, which won 131 seats, a gain of 31 from May 1924, with a popular vote of 26 per cent (7.88 million), up 5.5 per cent. The middle-class parties made smaller gains. The DVP, led by Gustav Stresemann, won 51 seats, up from 45, and polled 3.05 million votes, or 10.1 per cent of the electorate, an increase of 0.99 per cent since May. Zentrum won 69 seats, up from 65, polling 13.6 per cent overall (4.11 million), only up by a narrow 0.22 per cent since May. The DDP improved its position slightly, winning 32 seats, up from 28, taking 6.3 per cent of the popular vote (1.91 million), an increase of 0.6 per cent. The big electoral surprise was the performance of the nationalist DNVP, which improved its position, winning 103 seats, an increase of eight from May, taking 20.5 per cent of the popular vote (6.20 million), an increase of just 1 per cent.

The two other parties who had opposed the Dawes Plan, the Communists and the National Socialists, performed poorly. The KPD won 45 seats, a loss of 17 seats since May, polling 8.9 per cent of votes (2.7 million), down 3.7 per cent. The National Socialist Freedom Party (NSFP), led by Ludendorff, won 14 seats, down 18 on May, polling a total vote of 3 per cent (907, 242), down by 3.55 per cent. The mediocre performance of these extreme parties was proof of the change that had come over the economy since the May election. The gradual consolidation of economic affairs was clearly impacting on voting behaviour. Inflation was now under control and unemployment was falling. This meant the working classes and the lower middle class were much better off than they had been six months earlier. In these circumstances, the parties of the extreme Right and Left seemed much less attractive.