Timeline

• 04.12.1871
• Currency Act on the introduction of the gold currency and issuance of gold coins of 20, 10 Mark; effective immediately
• 09.07.1873
• Coinage law [Reichsmünzgesetz] on the issuance of gold coins of 5 Mark and subsidiary coins in silver and base metals; effective immediately
• ??.03.1872
• Start of currency exchange:
  - ??.03.1872: Start of issuance of the new gold coins
  - ??.??.1872: Start of issuance of the subsidiary coins, the former silver 2, 1 Thalers (Vereinstaler) remained in circulation as 6, 3 Mark
  - 09.07.1873: Rating of the Crown (Vereinskrone) at 27.90 Mark, all other bullion coins (like Ducat) according to weight
  - 31.12.1875: End of exchange period, demonetization of the former coinage
  - 30.09.1907: Demonetization of the silver Thalers (Vereinstaler) and exchange into coins of 3 Mark.
• 15.11.1874
• Law on the introduction of the German currency in annexed Alsace-Lorraine at 1 Mark = 1.25 French Francs

Valuation Regimes

• 1871-1914
• Metallic currency based on circulating gold coins, suspension of the gold standard on 04.08.1914. Base weight is the metric pound (Zollpfund) at 500 grams.
• 1914-1923
• Variable rate, after January 1919 increasingly inflationary, hyperinflation starts in early 1923

Timeline

• 15.10.1923
• Government ordinance on the establishment of the German Rentenbank (Mortgage Bank) as auxiliary institute for the currency stablization (its reserves consisted of mortgages against industrial and agricultural assets) and suspension of the German Reichsbank; effective 15.11.1923
• 08.11.1923
• Presidential decree on subsidiary coinage denominated "Rentenpfennig"; effective 15.11.1923
• 15.11.1923
• Start of issuance of the auxialiary paper money and coins, to be circulating alongside the former currency

Valuation Regimes

• 1923-1924
• Fixed rate against US Dollar, there was no binding to the Mark (1871)

Timeline

• 30.08.1924
• Laws on the on the currency reform; effective 11.10.1924
  - Central bank act [Reichsbankgesetz], re-establishes the German Reichsbank and sets the ratio for the currency exchange to 1 Reichsmark = 1'000'000'000'000 Mark (1871)
  - Coinage act [Münzgesetz], specifies circulating gold coins of 20, 10 Reichsmark (in the standard of 1871) and subsidiary coinage in silver and base metals,
  - Private banking act [Privatnotenbankgesetz], renews the privilege to issue paper money until 01.01.1935 (renewable afterwards) for the Bayerische Notenbank (Munich), Sächsische Notenbank (Dresden), Württembergische Notenbank (Stuttgart), Badische Bank (Karlsruhe) whose notes are not legal tender
  - Law [Gesetz über die Liquidierung des Umlaufs an Rentenmarkscheinen] on the demonetization within 10 years of the notes of the German Rentenbank and exchange at a ratio of 1 Reichsmark = 1 Rentenmark (Rentenmark coins until 31.12.1942).
• 30.08.1924
• Banking act on re-establishment of the ; effective 11.10.1924
• 05.11.1924
• Start of currency exchange:
  - 05.11.1924: Start of issuance of the new banknotes and coins
  - 05.07.1925: Demonetization of the former banknotes denominated in Mark.
• 1945-1948
• Allied occupation of Germany:
  - 18.09.1944: Allied law [No. 51], authorizes the issuance of substitute paper money by the Allied Military Authority denominated in "Mark" and rated at 10 Reichsmark; effective immediately and implemented in the occupied territories
  - 01.08.1945: Allied laws on the freezing of assets [No. 52] and on foreign exchange control [No. 53]; effective immediately
  - ??.??.1945: Start of issuance of subsidiary coins of 10, 5, 1 Pfennig by the Allied Authority (coat of arms without swastika), the coins with Nazi symbols were not demonetized.

Valuation Regimes

• 1924-1931
• Fixed rate against gold, suspended on 15.07.1931
• 1931-1934
• Variable rate
• 1934-1945
• Fixed rate against US Dollar, multi-tier exchange rate structure (direct payments abroad were banned on 01.07.1934)
• 1945-1948
• No foreign exchange, quotations were suspended in May 1945
• 1948
• Fixed rate against US Dollar

Timeline

• 20.06.1948
• Laws [Gesetz- und Verordnungsblatt, No. 15] of the (Western) Allied Military Authorities on the reorganization of the German monetary system in the three western occupation zones; effective immediately:
  - Law no. 1 on the creation of the currency anc currency exchange
  - Law no. 2 on the establishment of the Bank Deutscher Länder as the sole issuing institution
  - Law no. 3 on the conversion of deposits and savings.
• 21.06.1948
• Start of currency exchange:
  - 21.06.1948: Start of issuance of the new banknotes and coins. Per person cash up to a maximum of 60 Reichsmark (40 immediately, another 20 in September) was exchanged at 1 : 1, excess amounts were invalid
  - 26.06.1948: End of exchange period for cash and registration period for deposits, demonetization of the former paper money (subsidiary coins remained valid until 31.93.1949).
• 24.06.1948
• Ordinance [No. 3] of the Allied Military Authorities for Berlin on the adoption of the currency and banking legislation for Germany by the three western occupation zones of Berlin; effective immediately.
• 28.06.1948
• Start of currency exchange in (West) Berlin:
  - 28.06.1948: Start of issuance of the new banknotes and coins. Per person cash up to a maximum of 60 Reichsmark (full amount) was exchanged at 1 : 1, excess amounts were invalid
  - 02.07.1948: End of exchange period for cash and registration period for deposits, demonetization of the former paper money (subsidiary coins remained valid until 31.93.1949).
• 31.08.1948
• Conversion of deposits:
  - Deduction of the nine-fold amount that was exchanged in cash before (hence the cash exchange effectively occurred at 1 : 10)
  - 50% of the deposit were exchanged at a ratio of 1 : 10
  - 5% of the deposit were converted at a ratio of 1 : 10 into government bonds
  - 35% of the deposit were invalidated without compensation.
• 14.08.1952
• Membership International Monetary Fund
• 01.06.1990
• Introduction of the German mark into the GDR at the rate of 1 : 1 GDR Mark

Valuation Regimes

• 1948-1971
• Fixed rate against US Dollar
• 1971-1998
• Variable rate (the IMF gold parity was updated until 29.06.1973)

Timeline

• 03.05.1998
• Decision of the European Council [CELEX 31998D0317] to admit 11 member states to the European Monetary Union; effective 01.01.1999
• 31.12.1998
• Ordinance of the European Council [CELEX 31998R2866] determines the irrevocable conversion rates for the 11 member countries; effective 01.01.1999
• 01.01.1999
• Start of currency exchange:
  - 01.01.1999: Introduction of the European Euro as a unit of account (while retaining the national banknotes and coins) at a rate to the German Mark of 1 : 1.95583
  - 01.01.2002: Start of issuance of banknotes and coins denominated in Euro
  - 28.02.2002: Demonetization of the banknotes and coins in German Mark.