Locarno Treaties
The value of the "Papiermark" had declined from 4.2 marks per U.S. dollar in 1914 to one million per dollar by August 1923. This led to further criticism of the Republic. On 15 November 1923, a new currency, the "Rentenmark", was introduced at the rate of one trillion (1,000,000,000,000) "Papiermark" for one "Rentenmark", an action known as redenomination. At that time, one U.S. dollar was equal to 4.2 "Rentenmark". Reparation payments were resumed, and the Ruhr was returned to Germany under the Locarno Treaties, which defined the borders between Germany, France, and Belgium.