#Wechsel kurs euro series#

On the black market, the exchange rate was about 5 to 10 Mark der DDR to one Deutsche Mark. Issued in 1983 to commemorate the 100th anniversary of his death Members of the Western Allied military forces stationed in West Berlin were also exempt from these rules when visiting East Berlin, in part because the Western Allies did not recognize the authority of the GDR to regulate the activities of their military personnel in East Berlin only the Soviet Union was considered competent to do so.Ģ0 Mark coin featuring Karl Marx. (Of course, such accommodation charges almost always exceeded the DM25 daily exchange threshold.) At other times, West Berliners, retirees, children, and youth were granted either exemptions or were authorized reduced minimum exchange amounts. Some exceptions were authorized: for example, tourists who booked hotel stays in the GDR that were paid in hard currency were exempted from the minimum exchange requirements. Starting on 13 October 1980, Western visitors to the GDR were required to exchange a minimum of DM25 for East German marks per day.

The few East Germans able to visit the West often found themselves having to rely on their West German relatives as a result.īeginning in 1964, the East German government instituted a Zwangsumtausch (forced exchange) (or Mindestumtausch – minimum exchange), whereby most visitors from non-socialist foreign countries were required to exchange a set amount of Deutsche Marks (or other hard currencies) for East German marks at the ratio of one Deutsche Mark to one East German Mark for every day of their stay. However, due to limited convertibility and a restricted export profile, it was essentially worthless outside of East Germany. The East German mark was officially valued by the East German government at parity with the (West German) Deutsche Mark. ( October 2019) ( Learn how and when to remove this template message) Unsourced material may be challenged and removed. Please help improve this section by adding citations to reliable sources. It maintained the official name Deutsche Mark von der Deutschen Notenbank until 1964, but it was known, especially in the west, as the Ostmark, or Eastern Mark.

#Wechsel kurs euro series#

On 24 July 1948, a completely new series of banknotes was issued. This enabled to reduce waiting times and to accelerate the process by exchanging these notes for unprimed banknotes. On 23 June 1948, the official starting day of the action, a considerable store of primed banknotes was already available. First affixings of the coupons started immediately, already on 19 June 1948.

The adhesive coupons had already been printed and, with logistic assistance by the Soviets, distributed among the district offices. Only such banknotes could be exchanged when the Deutsche Notenbank (the East German counterpart of the Bundesbank) issued the new Deutsche Mark with the subsequent currency reform.Īlthough the Soviets expressed on 21 June 1948 their surprise about the western currency reform, the German Economic Commission, per consultation with the Soviet Military Administration had already made preparations for this case. As an emergency measure, many thousands of employees in the district offices started to affix adhesive coupons to those Reichsmark and Rentenmark banknotes for which the owners could prove their origin, up to a limit of 70 ℛℳ per person. This caused sudden inflation, which caused privately held cash in the Soviet zone to become worthless overnight. Because the Reichsmark was still legal tender in the Soviet occupation zone, the currency flooded into the east from the west, where it was worthless. 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 (later the Deutsche Bundesbank). On 18 June 1948 a currency reform was announced for the western zones.