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Currency reform took effect on 20 June 1948, through the introduction of the Deutsche Mark to replace the Reichsmark and by transferring to the Bank deutscher Lander the sole right to print money. Each person received a per capita allowance of 60 DM, payable in two instalments (40 DM and 20 DM) and business quota of 60 DM per employee.
As a result, Kaiser William I passed the first act of currency union in the German Empire. The Coinage Act of 4 December 1871 [1] specified the gold content of the new common currency, the imperial gold coin, which was to be used by all state monetary systems from 9 July 1873. The Mark was introduced throughout the Empire on 1 January 1876.
Currency of West Germany (incl. West Berlin) 21 (24 W-Berlin) June 1948 – 30 June 1990 Note: except of the state of the Saarland (1957–1959) Currency of Germany 1 July 1990 – 31 December 2001 Note: euro existed as money of account since 1 January 1999, with DM coins and banknotes being the German appearance of the euro: Succeeded by: Euro
The history of the Bundesbank is inextricably linked with the history of the German currency after the Second World War.Following the total destruction after the war, the old Reichsmark was practically worthless, and a currency reform was implemented in the western occupation zones including West Berlin: on 21 June 1948, the D-Mark, or Deutsche Mark, replaced the Reichsmark.
With the Western Allies eventually becoming concerned about the deteriorating economic situation in their "Trizone", the American Marshall Plan of economic aid was extended to Western Germany in 1948 and a currency reform, which had been prohibited under the previous occupation directive JCS 1067, introduced the Deutsche Mark and halted rampant ...
Using West Germany as a guide, the currency was stabilised when the Schilling was reintroduced in place of the Reichsmark. This economic policy was known in journalistic circles as the Raab-Kamitz-Kurs , named after Julius Raab , Austrian chancellor from 1953, and his Finance Minister Reinhard Kamitz similar to the West German Adenauer-Erhard ...
The 1948 currency reform under the direction of Ludwig Erhard is considered the beginning of the West German economic recovery; however, the secret plan to introduce the Deutsche Mark in the Trizone was formulated by economist Edward A. Tenenbaum of the US military government, and was executed abruptly on 21 June 1948.
When the negotiations about a general German currency reform broke down, the western zones proceeded with the currency reform, and on June 21, 1948, the Deutsche Mark was introduced. [2] In response, the east German currency reform was set for June 24, 1948, the East German Mark became the currency for the Soviet occupation zone and East Berlin ...