Timeline

• 04.12.1871
• Law on the introduction of the gold currency and issuance of gold coins of 20, 10 Marks; effective immediately
• 09.07.1873
• Law ["Reichsmünzgesetz"] on the issuance of additional gold coins of 5 Marks and subsidiary coins in silver and base metals; effective immediately. Ratings of the former coins:
  - Gold: 1 Crown ("Vereinskrone") = 27.90 Marks; all other gold coins (like Ducat) according to weight
  - Silver: 1 Thalers ("Vereinstaler") = 3 Marks.
  - 15.11.1874: Law on the extension of the German currency laws to annexed Alsace-Lorraine and exchange at a rate of 1 German Mark = 1.25 French Francs; effective 31.12.1874.
• ??.03.1872
• Start of currency exchange:
  - ??.03.1872: Start of issuance of the new gold coins
  - ??.??.1872: Start of issuance of the subsidiary coins
  - 31.12.1875: End of exchange period, demonetization of the former coinage except for the silver Thalers ("Vereinstaler")
  - 30.09.1900: Demonetization of the 5 Marks coins in gold.
  - 30.09.1907: Demonetization of the silver Thaler ("Vereinstaler") coins.
• 30.04.1874
• Law on the issuance of state paper money ("Reichskassenscheine") and withdrawal of paper money issued by the constituent states until 31.05.1875; effective immediately
• 14.03.1875
• Law ["Reichsbankgesetz"] on the establishment of the German State Bank ("Reichsbank") as central bank; effective upon constitution of the bank on 01.01.1876

Valuation Regimes

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

Timeline

• 15.10.1923
• Ordinance on the establishment of the German Mortgage Bank ("Rentenbank") as auxiliary issuing institute for the currency stabilization (its reserves consisted of mortgages against industrial and agricultural assets) and suspension of the German State Bank; effective 15.11.1923
• 08.11.1923
• Presidential decree on the issuance of subsidiary coinage denominated "Rentenpfennig"; effective 15.11.1923
• 15.11.1923
• Start of issuance of the new paper money and coins, the circulating currency was not demonetized

Valuation Regimes

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

Timeline

• 30.08.1924
• Laws on the currency reform; effective 11.10.1924:
  - Law ["Reichsbankgesetz"] on the re-establishment of the German State Bank ("Reichsbank") and the conversion rate to the 1871 currency at 1 Mark (1924) = 1'000'000'000'000 Mark (1871).
  - Law ["Münzgesetz"] on the issuance of gold coins of 20, 10 Marks and subsidiary coins in silver and base metals.
  - Law ["Privatnotenbankgesetz"] on the issuance privilege for (non legal tender) paper money until 01.01.1935 (renewable afterwards) for: Bayerische Notenbank (Munich), Sächsische Notenbank (Dresden), Württembergische Notenbank (Stuttgart), Badische Bank (Karlsruhe).
• 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 German Mark (1871)
  - 30.08.1934: Demonetization of the former banknotes denominated in "Rentenmark" (subsidiary coins denominated in "Rentenpfennig" were tolerated until 31.12.1942).
• 18.09.1944
• Laws of the Allied Supreme Command on the monetary order in occupied Germany; effective immediately and implemented in the occupied territories:
  - Law [No. 51] on the issuance of substitute paper money by the Allied Military Authority, referred to as "Militär-Mark" at a fixed rate of 1 US Dollar = 10 "Militär-Mark".
  - Law [No. 52] on the blocking and control of property.
  - Law [No. 53] on foreign exchange control.
• during 1945
• Start of issuance of subsidiary coins of 10, 5, 1 Pfennig by the Allied Military Authority where the swastika was removed from the coat of arms (the coins with Nazi symbols were not demonetized).
• 19.04.1948
• Ordinance of the Bipartite Control Office (BICO) of the United States and British occupation zones on the re-establishment of a foreign exchange rate for the German currency at 1 US Dollar = 3.33 German Marks ("Reichsmark"); effective 01.05.1948

Valuation Regimes

• 1924-1931
• Fixed rate against gold, suspended on 15.07.1931
• 1931-1934
• Variable rate, did not follow the US devaluation against gold
• 1934-1945
• Fixed rate against US Dollar, multi-tier exchange rate structure (direct payments abroad were banned on 01.07.1934)
• 1945-1948
• Variable rate with multi-tier structure, no official rate since May 1945
• 1948
• Fixed rate against US Dollar

Timeline

• 01.03.1948
• Law [No. 60] of the Military Authorities of the United States occupation zone and ordinance [No. 129] of the Military Authorities of the British occupation zone, complemented by ordinance [No. 203] of the Military Authorities of the French occupation zone of 26.03.1948, on the establishment of the Bank of the German States ("Bank Deutscher Länder") as issuing institution for the three Western Allied occupation zones of Germany; effective upon constitution of the bank on 01.06.1948
• 20.06.1948
• Law [No. 61] of the Military Authorities of the United States and British occupation zones and ordinance [No. 158] of the Military Authorities of the French occupation zone on the creation of the new currency and the conversion and exchange of the former currency; effective immediately.
  - 24.06.1948: Ordinance [No. 3] of the Military Authorities of the United States occupation zone on the application of the German currency reform to the three Western Allied occupation zones of Berlin; effective immediately
• 20.06.1948
• Law [No. 62] of the Military Authorities of the United States and British occupation zones and ordinance [No. 159] of the Military Authorities of the French occupation zone on the exclusive issuing right for paper money and coins of the Bank of the German States; effective immediately
• 20.06.1948
• Law [No. 63] of the Military Authorities of the United States and British occupation zones and ordinance [No. 160] of the Military Authorities of the French occupation zone on the conversion of deposits; effective immediately
• 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" was exchanged at 1 : 1 (of which 40 immediately, another 20 in September), excess cash amounts were invalid.
  - 26.06.1948: End of exchange period for cash and registration period for deposits and demonetization of the former "Reichsmark" paper money (subsidiary coins remained tolerated until 31.03.1949)
  - 31.08.1948: Demonetization of the former "Militär-Mark paper money.
• 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 tolerated until 31.03.1949).
• 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 rate of 1 : 10
  - 5% of the deposit were converted into government bonds at a rate of 1 : 10
  - 35% of the deposit were invalidated without compensation.
• 26.07.1957
• Law on the establishment of the German Federal Bank ("Deutsche Bundesbank") as central bank; effective upon constitution of the bank on 01.08.1957
• 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:
  - 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 (GDR) Mark were exchanged at 1 : 1, excess amounts at 1 : 2 (thresholds for children at 2'000, for elderly at 6'000 (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.

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
• Resolution of the European Council [No. 98/317/EC] on the admission of eleven member states to the European Monetary Union; effective 01.01.1999
• 31.12.1998
• Ordinance of the European Council [No. 2866/98] on the irrevocable conversion rates between the Euro and the former currencies; 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 of 1 Euro = 1.95583 German Marks
  - 01.01.2002: Start of issuance of banknotes and coins denominated in Euro
  - 28.02.2002: Demonetization of the banknotes and coins in German Marks.