The Papiermark (German: [paˈpiːɐ̯ˌmaʁk] ^ⓘ; lit. 'paper mark') was a derisive term for the Mark (sign: ℳ︁) after it went off the gold standard, and most specifically with the era of hyperinflation in Germany of 1922 and 1923. Formally, the same German mark was used from 1871 to 1923. Like many countries, Germany departed the gold standard due to the outbreak of World War I, and stopped issuing gold coins backed in marks in August 1914. Precious metals rapidly disappeared from circulation, and inflation occurred as paper money was used to cover war debts in 1914 to 1918. Still, the papiermark is more associated with the early Weimar Republic era, when inflation grew out of control. By the time the mark was retired from circulation and renominated in December 1923, banknotes had amounts in the billions and trillions of marks by face value.

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)-ℳ︁ to RM1. On 30 August 1924 the Rentenmark was replaced by the Reichsmark.

In addition to the issues of the government, emergency issues of both tokens and paper money, known as Kriegsgeld (war money) and Notgeld (emergency money), were produced by local authorities.

The Papiermark was also used in the Free City of Danzig until it was replaced by the Danzig Gulden in late 1923. Several coins and emergency issues in Papiermark were issued by the free city.

During the war, cheaper metals were introduced for coins, including aluminium, zinc and iron, although silver 1⁄2ℳ︁ pieces continued in production until 1919. Aluminium 1₰ were produced until 1918 and the 2₰ until 1916. Whilst iron 5₰, both iron and zinc 10₰, and aluminium 50₰ coins were issued until 1922. Aluminium 3ℳ︁ were issued in 1922 and 1923, and aluminium 200ℳ︁ and 500ℳ︁ were issued in 1923. The quality of many of these coins varied from decent to poor.

During this period, many provinces and cities also had their own corresponding coin and note issues, referred to as Notgeld currency. This came about often due to a shortage of exchangeable tender in one region or another during the war and hyperinflation periods. Some of the most memorable of these to be issued during this period came from Westphalia and featured the highest face value denominations on a coin ever, eventually reaching 1-billion-ℳ︁.

In 1914, the State Loan Office began issuing paper money known as Darlehnskassenschein (loan fund notes). These circulated alongside the issues of the Reichsbank. Most were 1ℳ︁ and 2ℳ︁ notes but there were also 5ℳ︁, 20ℳ︁, 50ℳ︁ and 100ℳ︁ notes.

Between 1914 and the end of 1923 the Papiermark's rate of exchange against the U.S. dollar plummeted from 4.2ℳ︁ = US$1 to 4.2-trillionℳ︁ = US$1. The price of one gold mark (358 mg of pure gold) in German paper currency at the end of 1918 was 2ℳ︁, but by the end of 1919 a gold mark cost 10ℳ︁. This inflation worsened between 1920 and 1922, and the cost of a gold mark (or conversely the devaluation of the paper mark) rose from 15ℳ︁ to 1,282ℳ︁. In 1923 the value of the paper mark had its worst decline. By July, the cost of a gold mark had risen to 101,112ℳ︁, and in September was already at 13-million-ℳ︁. On 30 Nov 1923 it cost 1-trillion-ℳ︁ to buy a single gold mark.