Timeline

• 21.05.1948
• Ordinance [No. 94] of the Soviet Military Administration (SMAD) on the establishment of the German Issuing and Clearing Bank ("Deutsche Emissions- und Girobank"); effective upon constitution of the bank on 01.06.1948
• 20.07.1948
• Ordinance [No. 122] of the Soviet Military Administration (SMAD) on the name change of the German Issuing and Clearing Bank into German Currency Bank ("Deutsche Notenbank") with sole issuance privilege for the Soviet occupation zones of Germany and Berlin; effective immediately
• 23.06.1948
• Ordinance [No. 111] of the Soviet Military Administration (SMAD) on the currency reform in the Soviet occupation zones of Germany and Berlin; effective immediately
• 24.06.1948
• Start of currency exchange:
  - 24.06.1948: Start of issuance of provisional banknotes (Reichsmark and Rentenmark notes marked with a sticker)
  - Per person, cash up to a maximum of 70 Reichsmark was exchanged at 1 : 1, next up to 5'000 Reichsmark at 1 : 10, excess amounts were invalid.
  - 28.06.1948: End of exchange period for cash and demonetization of the unmarked former paper money (subsidiary coins remained valid until 03.04.1949, the lowest value of 1 Pfennig was tolerated afterwards)
  - 24.07.1948: Ordinance [No. 124] of the Soviet Military Administration (SMAD) on the issuance of regular banknotes; effective immediately
  - 28.07.1948: End of exchange period and demonetization of the provisional banknotes.
• 30.06.1948
• Conversion of deposits:
  - Up to 100 Reichsmark were exchanged at a ratio of 1 : 1, next up to 1'000 Reichsmark at 1 : 5, excess amounts at 1 : 10
  - Insurance policies were converted at 1 : 3.
• 24.07.1948
• Ordinance Ordinance [No. 124] of the Soviet Military Administration (SMAD) on the issuance of regular banknotes; effective immediately
  - 25.07.1948: Start of the issuance of regular banknotes
  - 27.07.1948: Demonetization of the provisional banknotes (with sticker).
• 13.10.1957
• Government resolution on the exchange of banknotes (referred to as "Aktion Blitz"); effective immediately:
  - Per person, 300 GDR Marks were exchanged on par into new banknotes on 13.10.1957, from 12:00 to 22:00
  - Excess cash amounts had to be deposited on a bank account and could be freely used after 19.10.1957 unless there was suspicion of speculative origin.
• 30.07.1968
• Government resolution on the exchange of banknotes (without confiscation); effective immediately:
  - 01.08.1968: Start of issuance of new banknotes, denominated as "Mark der Deutschen Notenbank (MDN)" instead of "Deutsche Mark (DM)"
  - 30.04.1965: Demonetization of the former notes.
• 01.12.1967
• Law on the establishment of the State Bank of the German Democratic Republic; effective upon the constitution of the bank on 01.01.1968.
  - 01.01.1968: Start of issuance of new banknotes, denominated as "Mark der Deutschen Demokratischen Republik (M)" instead of "Mark der Deutschen Notenbank (MDN)"
  - 31.12.1982: Demonetization of the former notes.

Valuation Regimes

• 1948-1953
• Fixed rate against German Mark (Federal Republic), in particular in Berlin the currencies were used interchangeably
• 1953-1960
• Fixed rate against Soviet Ruble (1947), multi-tier exchange rate. On 07.01.1958, the so-called "Valuta-Mark" was introduced on par with the German Mark (Federal Republic) for use by western visitors and in transactions between the two German states.
• 1961-1990
• Fixed rate against Soviet Ruble (1961)

Timeline

• 18.05.1990
• Treaty between the Federal Republic of Germany and the German Democratic Republic (GDR) on the creation of a Monetary, Economic, and Social Union; effective 01.07.1990
• 29.06.1990
• Law on the transformation of the State Bank of the GDR into the State Bank of Berlin and termination of the issuing privilege; effective 01.07.1990.
  - 13.09.1994: Dissolution of the State Bank of Berlin and take-over by the Credit Institute for Reconstruction ("Kreditanstalt für Wiederaufbau").
• 24.06.1948
• Start of currency exchange:
  - 01.07.1990: Introduction of the German Mark into the GDR at a rate of 1 German Mark = 1 German (GDR) Mark
  - Per person, 4'000 German (GDR) Mark were exchanged at 1 : 1, excess amounts at 1 : 2 (thresholds for children at 2'000, for elderly at 6'000 German (GDR) Mark)
  - Cash could be exchanged on 01.07.1990 only and had to be deposited afterwards
  - Subsidiary coins of 2, 1 (GDR) Mark were demonetized on 01.07.1990, lower values on 30.06.1991.