• Germany

    Europe > Germany

    Fifty East German Pfennings (1920)
    Two German Rentenmarks (1923)
    Five German Marks (1917)
    Five German Reichsmarks (Nazi Germany)
    Five German Marks (1944)
    Ten German Reichsmarks (1920)
    Ten German Reichsmarks (1929)
    Twenty German Reichsmarks (1914) 
    Twenty German Reichsmarks (1915) 
    Twenty German Reichsmarks (1929) 
    Twenty German Reichsmarks (Nazi Germany) 
    Twenty German Reichsmarks (Nazi Germany - 1939) 
    Fifty German Reichsmarks (German Empire 1910)
    One Hundred German Reichsmarks (German Empire 1908) 
    One Hundred German Reichsmarks ( German Empire 1910) 
    One Hundred German Marks (German Empire 1920) 
    One Hundred German Marks (East Germany 1975) 
    Five Hundred German Marks (German Empire 1922) 
    One Thousand German Reichsmarks (German Empire 1910) 
    Ten Thousand German Reichsmarks (German Empire 1922) 
    Fifty Thousand German Reichsmarks (German Empire 1922) 
    One Hundred Thousand German Reichsmarks (1923) 
    Five Hundred Thousand German Reichsmarks (1923) 
    One Million German Marks (1923) 
    One Million German Marks (1923 - Reichsbanknote) 
    Two Million German Marks (1923) 
    Two Million German Marks (1923)-2
    Two Million German Marks (July 1923)
    Two Million German Marks (August 1923)  
    Twenty Million German Marks (1923) 
    Five Million German Marks (1923) 
    Five Billion German Marks (1923) 
    Eight Billion German Marks (1922)
    Eight Hundred Billion German Marks (1923)  

    German Banknotes

    Before 1871
    A mark had been the currency of Germany since its original unification in 1871. Before that time, the different German states issued a variety of different currencies, though most were linked to the Vereinsthaler, a silver coin containing 16 gramsof pure silver. Although the mark was based on gold rather than silver, a fixed exchange rate between the Vereinsthaler and the mark of 3 marks = 1 Vereinsthaler was used for the conversion.

    The first mark, known as the Goldmark, was introduced in 1873. With the outbreak of World War I, the mark was taken off the gold standard. The currency thus became known as the Papiermark, especially as high inflation, then hyperinflationoccurred and the currency became exclusively made up of paper money. The Papiermark was replaced by the Rentenmark (RM) from November 15, 1923, and the Reichsmark (RM) in 1924.

    Early Military Occupation
    During the first two years of occupation the occupying powers of France, United Kingdom, United States, and the Soviet Union were not able to successfully negotiate a possible currency reform in Germany. Due to the strains between the Allies each zone was governed independently as regards monetary matters. The US occupation policy was governed by the directive JCS 1067 (in effect until July 1947), which forbade the US military governor "to take any steps to strengthen German financial structure". As a consequence a separate monetary reform in the U.S. zone was not possible. Each of the Allies printed its own occupation currency.

    Currency Reform of 1948
    The Deutsche Mark was introduced on Sunday, June 20, 1948 by Ludwig Erhard. The old Reichsmark and Rentenmark were exchanged for the new currency at a rate of DM 1 = RM 1 for the essential currency such as wages, payment of rents etc., and DM 1 = RM 10 for the remainder in private non-bank credit balances, with half frozen. Large amounts were exchanged for RM 10 to 65 Pfennig. In addition, each person received a per capita allowance of DM 60 in two parts, the first being DM 40 and the second DM 20.
    A few weeks later Erhard, acting against orders, issued an edict abolishing many economic controls which had been originally implemented by the Nazis, and which the Allies had not removed. He did this, as he often confessed, on Sunday because the offices of the American, British, and French occupation authorities were closed that day. He was sure that if he had done it when they were open, they would have countermanded the order.
    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 American cigarettes acted as currency). Although the new currency was initially only distributed in the three western occupation zones outside Berlin, the move angered the Soviet authorities, who regarded it as a threat. The Soviets promptly cut off all road, rail and canal links between the three western zones and West Berlin, starting the Berlin Blockade. In response, the U.S. and Britain launched an airlift of food and coal and distributed the new currency in West Berlin as well.