Brief Introduction to Germanys D-Mark
The D-Mark, or Deutsche Mark, was the official currency of West Germany from 1948 to 1990 and the unified Germany from 1990 to 2002. The D-Mark was created after the Third Reich, when Germany was divided into two separate countries and economically devastated by World War II. The D-Mark was an integral part of German life and was used to stabilize and strengthen the West German economy during the Cold War, while also being a major force in the development of the European Union (EU).
Origins of the D-Mark
The D-Mark was first issued by the Allied powers on June 20th, 1948, to serve as the official currency in West Germany. The currency was introduced to stabilize the German economy, which had been in dire straits since the end of WWII. All of the pre-war currency, the Reichsmark, had been irreparably devalued during the war. The D-Mark debuted with a fixed exchange rate of 4.20 Reichsmark to the D-Mark.
Design of the D-Mark
The D-Mark itself featured a combination of seven coins, four banknotes and a variety of commemorative issues. On the obverse was a female portrait, the “Goddess of Fortune”, symbolizing the newly introduced Deutsche Mark. The reverse side featured a shield and oak branch, or acorns to represent the strong German economy. The coins came in many denominations from 1, 2, 5, 10, 20 and 50 pfennig in nickel and brass and also 1 mark from 1947 to 1982. The banknotes were 50, 100, 200 and 1000 Deutsche Mark.
The D-Mark Becomes the Official Currency of West Germany
The D-Mark quickly became the official currency of West Germany, outclassing the Reichsmark that had been in circulation since 1923. By the mid 1960s, the D-Mark had become firmly established as the de facto currency of West Germany and became the currency of the German Democratic Republic (East Germany) in 1974 after the reunification of the two countries.
The D-Mark in the European Union
In 1980, the D-Mark was firmly established as one of the major currencies of the European Union. By 1990, the D-Mark was the official currency of all the countries of the EU, except Sweden and Denmark. It was also used in international trade, particularly in the Eurozone of Europe. This was due to the ease of use of the D-Mark, as well as its reputation for stability. The D-Mark began to be replaced by the Euro in 2002, when it became the official currency of all EU countries.
The Legacy of the D-Mark
The D-Mark was an important part of German history, as it established West Germany as a major economic power in Europe following the devastation of World War II. The D-Mark was also an integral part of the infrastructure of the European Union, making it possible to have an integrated European economy. Finally, the D-Mark remained a stable currency throughout its usage, making it a valuable piece of German culture and heritage.
