When was the introduction of the deutsche mark?
The introduction of the deutschmark came at the end of World War II in 1948. The currency was a viable alternative currency to the Metallurgische Forschungsgesellschaft (MEFO) bills and the Reichsmark used in the Western Occupation Zone.
Why was the Deutsche mark introduced?
The Deutsche Mark was officially introduced on Sunday, June 20, 1948 by Ludwig Erhard. The introduction of the new currency was intended to protect western Germany from a second wave of hyperinflation and to stop the rampant barter and black market trade (where cigarettes were used as currency).
Where was the Deutsche mark introduced?
Overview of the introduction of the deutsche mark in western Germany in 1948.
What were the results of the 1948 currency reform in the West?
The Currency Reform of June 1948 led directly to the Berlin Blockade and the airlift that saved the people of West Berlin from starvation. Along with the airlift came the Deutschemark which became the official currency within West Berlin.
What is the symbol for Deutsche Mark?
Is deutsche mark still used?
Germany officially switched to the euro on Jan. 1, 2002, and the deutsche mark “immediately ceased to be legal tender,” says Furhmans. Individuals and businesses can still exchange their marks at government banks, at a rate of 1.96 marks per euro. As a result, merchants are more than happy to accept the old currency.
Why was there a currency reform in Germany?
The reform was initated by the U.S. Congress, which aimed to reduce the economic burden on the starving German population. The first step was to eliminate the overhang of money that had been created by financing the war by printing fiat money.
When was the Deutsche Mark introduced in Germany?
On this day, in 1948, the introduction of the German mark (Deutsche Mark – DM) as currency in the western part of Germany began. Earlier, the German tender was Reichsmark (RM), which was introduced in 1924, after inflation. Reichsmark was the official currency during the government of Adolf Hitler, during World War II.
What was the reaction to the German mark?
The Soviets were against this process and their reaction vas fierce. It is particularly interesting that the famous Soviet blockade of Berlin started just four days after the introduction of the German mark. On this day, in 1948, the introduction of the German mark (Deutsche Mark – DM) as currency in the western part of Germany began.
When was the Mark der Deutschen Notenbank created?
From 1964 to 1967, the East German mark was officially designated as the Mark der Deutschen Notenbank (MDN). With the constitutional amendments of 1968 and 1974, the leadership of East Germany moved away from the original goal of a unified Germany, using the phrase “… of the GDR” where earlier they would simply have said “German …”.
When did the Deutsche Mark stop being legal tender?
The Deutsche Mark ceased to be legal tender immediately upon the introduction of the euro—in contrast to the other eurozone nations, where the euro and legacy currency circulated side by side for up to two months. Mark coins and banknotes continued to be accepted as valid forms of payment in Germany until 28 February 2002.