Deutschmark

Deutschmark, former monetary unit of the Federal Republic of Germany. The Deutschmark consisted of 100 pfennigs. As at late 2001, 2.164 Deutschmarks equalled US$1. The Deutschmark was replaced on January 1, 2002, by the European single currency, the Euro, at which point 1 Euro equalled 1.95583 Deutschmarks. The bank of issue for the Deutschmark was the Deutsche Bundesbank, a non-governmental, autonomous institution with its headquarters in Frankfurt.

The monetary unit of East Germany was the East German mark, or ostmark, subdivided into 100 pfennigs. In July 1990 the currencies of East and West Germany were merged. Most East Germans were allowed to redeem up to 4,000 ostmarks for West German marks, or Deutschmarks at par, and to exchange additional ostmarks for West German currency at a two-for-one ratio.