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The Reichsmark was then replaced by the Deutsche Mark, to become the currency of West Germany and then all of Germany after the 1990 reunification. The Reichsmark was used in the Soviet occupation zone of Germany until 23 June 1948, where it was replaced by the East German mark. The Reichsmark was subdivided into 100 Reichspfennig (Rpf or ...
From 1936 to 1945, the financing of rearmament and the creation of money and compulsory levies from occupied territories resulted in a large excess of printed currency. Shortly before World War II, food was only available with monthly food stamps at fixed prices, and many civilian goods were only available with a ration card.
By the end of the war, the oversupply of banknotes and coins (RM 3.9 bn in 1933, RM 60 bn in 1945) became obvious, openly showing up in inflated black market prices. From 1944 the Allies printed occupation marks (also called military marks), decreeing that these were to be accepted at par with the Rentenmark and the Reichsmark.
To further entice investors, Mefo bills carried an annual interest rate of 4%, higher than that of other trade bills at the time. To make sure that the bills were never exchanged for Reichsmarks, which would lead to inflation, the 90-day maturation period was continually extended until the maturation was changed to a period of five years by ...
Currency Area Date created Date abolished Euro Germany 1999 current currency Deutsche Mark Germany (unified) West Germany 1990 (unified) 1948 (West Germany) 2002 East German mark
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. [3]
Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen and issued on 1 March 1925. The schilling was abolished in the wake of Germany's annexation of Austria in 1938, when it was exchanged at a rate of 1.50 schilling for one Reichsmark.