From 1914, the value of the mark fell. The rate of inflation rose following the end of World War I and reached its highest point in October 1923. The currency stabilized in November 1923 after the announcement of the creation of the Rentenmark, although the Rentenmark did not come into circulation until 1924. When it did, it replaced the Papiermark at the rate of 1 trillion (1012) Papiermark to 1 Rentenmark. On 30 August 1924 the Rentenmark was replaced by the Reichsmark.