On June 21, 1948, the D-Mark replaced the former Reichsmark and Rentenmark. Over 50 years later – on January 1, 2002 – it met the same fate and had to relinquish its role as the sole legal tender. That was the birth of the euro. However, the Germans still do not want to let the currency disappear completely.
A Brief History of the D-Mark
After the war, a clear development emerged: Germany was heading toward a massive economic crisis. The Reichsmark existed in large quantities. However, there was little that citizens could acquire with it. Instead, another "currency" established itself – the cigarette currency. The Allies had to act – and they did.
As early as 1946, they were making plans to focus on an economic entity in Germany despite the prevailing occupation zones. In the end, this endeavor only partially succeeded because the Soviet Union thwarted it for the Eastern zone. Thus, the Deutsche Mark was only issued in West Germany in 1948. In reunified Germany, it initially remained the sole legal tender. Until the euro made its appearance.
"100 Euros, that is 200 D-Marks!"
The D-Mark, which the German population always associated with the economic miracle, continues to play a minor role – at least in the minds of many. Even 20 years after the introduction of the euro, the Deutsche Mark has not been forgotten. Quite the opposite. According to a survey commissioned by the TV channels RTL/NTV, more than half of the 1,005 respondents stated that they still convert larger euro amounts into D-Mark prices. The calculation example is known: the euro price is simply doubled.
One third even wishes to have the old currency back. Also, because it appears that life in Germany has become more expensive with the introduction of the euro. At least, that's how 69 percent of the participants perceived it.
Over 50 Million D-Marks Exchanged in 2023
It is hardly surprising that many Germans have preserved a memory and kept some D-Marks for nostalgic reasons. However, some banknotes and coins have certainly also been lost, which gradually reappear and are constantly exchanged. The amount of the former national currency that found its way back to the Bundesbank last year is astounding.
The central bank exchanged about 53 million D-Marks for 27 million euros from January to November 2023. Thus, the past year is the second in a row in which the exchange amount increased. According to current estimates, there are still around 12.2 billion Marks in circulation, meaning an exchange value of about 6.24 billion euros awaits redemption. It is doubted that these coins and notes will ever find their way to the Bundesbank – partly because of collectors. On the other hand, the D-Mark was appreciated globally as a reserve currency. Therefore, the Bundesbank suspects that a large part of the holdings is still abroad today.
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