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Only the denominations DM 1 ⁄ 2, 1, 2, 5, 10, 20, 50, and 100 were instituted on the initial date of June 20, 1948. The currency reform of 1948 went into effect on June 20, 1948, in the Trizone, the three western occupation zones of Germany. From June 21, 1948, the Deutsche Mark ("DM", also "D-Mark") was the sole legal tender there.
It was first issued under Allied occupation in 1948 to replace the Reichsmark and served as the Federal Republic of Germany's official currency from its founding the following year. On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1 ...
The 1948 currency reform under the direction of Ludwig Erhard is considered the beginning of the West German economic recovery; however, the secret plan to introduce the Deutsche Mark in the Trizone was formulated by economist Edward A. Tenenbaum of the US military government, and was executed abruptly on 21 June 1948.
On 18 June 1948 a currency reform was announced for the western zones. Subsequently, on 20 June 1948, the Reichsmark and the Rentenmark were abolished in the western occupation zones due to Soviet counterfeiting of AM-Marks resulting in economic instability and inflation and replaced with the Deutsche Mark issued by the Bank deutscher Länder ...
As a result, Kaiser William I passed the first act of currency union in the German Empire. The Coinage Act of 4 December 1871 [1] specified the gold content of the new common currency, the imperial gold coin, which was to be used by all state monetary systems from 9 July 1873. The Mark was introduced throughout the Empire on 1 January 1876.
The first banknote of the East German Mark (1948), was a 1937 Rentenmark with a validation coupon stamp affixed. 30 Januar 1937 – Banknotes of 1 and 2 Rentenmark, serial number with 8 digits The first issue of banknotes was dated 1 November 1923 and was in denominations of RM 1, RM 2, RM 5, RM 10, RM 50, RM 100, RM 500 and RM 1000.
The history of the Bundesbank is inextricably linked with the history of the German currency after the Second World War.Following the total destruction after the war, the old Reichsmark was practically worthless, and a currency reform was implemented in the western occupation zones including West Berlin: on 21 June 1948, the D-Mark, or Deutsche Mark, replaced the Reichsmark.
When the negotiations about a general German currency reform broke down, the western zones proceeded with the currency reform, and on June 21, 1948, the Deutsche Mark was introduced. [2] In response, the east German currency reform was set for June 24, 1948, the East German Mark became the currency for the Soviet occupation zone and East Berlin ...