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The German-Austrian Republic also used the note-printing press as its chief expedient for covering the national expenses. At the time of the carrying-out of the stamping process, at the end of June 1919, the stamped German-Austrian notes in circulation amounted to 7.6 milliards of kronen; at the end of 1920 the circulation had risen to 30 milliards. In consequence there was a further depreciation in the exchange. On Dec. 31 1920 the dollar was quoted in Vienna at 668 kronen, as compared to 5 kronen in pre-war times.

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