An incredible amount of Deutschmarks are still being exchanged
For the second time in a row, more Deutschmarks were exchanged than in the previous year. The Bundesbank also expects similar figures in the millions in the coming years. It has been more than 20 years since the introduction of the euro. But there are still just under 12.2 billion marks in circulation.
So far this year, the Deutsche Bundesbank has exchanged more than 53 million Deutschmarks for euros. This is the second time in a row that the volume has risen slightly compared to the previous year. In 2022, the figure was 49 million marks. "We expect a lot of Deutschmarks to be exchanged in the coming years too," said Bundesbank board member Burkhard Balz. "Especially when clearing out inherited houses and apartments, Deutschmarks are likely to be found."
Almost 22 years after the introduction of euro cash, billions worth of D-Mark bills and coins have not yet been returned. According to the Deutsche Bundesbank, the total outstanding value at the end of November was just under 12.2 billion marks (around 6.24 billion euros). "I am always impressed by how many Deutschmarks have not yet found their way back to the Bundesbank, even in the third decade after the national currency was replaced by the euro," said Balz. Some of the old banknotes and coins may never be exchanged - for example, because they are in the hands of collectors.
The Bundesbank also suspects that there are considerable stocks abroad, as the D-Mark was popular worldwide as a reserve currency. The vast majority of D-Mark holdings were exchanged around the time of the introduction of the new euro bills and coins at the turn of the year 2001/2002. Banknotes worth around 5.7 billion marks and coins worth around 6.6 billion marks have still not been returned.
Consumers can exchange D-Mark bills and coins for an unlimited period and free of charge at all 31 branches of the Deutsche Bundesbank or by post via the Bundesbank branch in Mainz. The exchange rate remains unchanged: One euro can be exchanged for 1.95583 Deutschmarks. In Austria and Ireland as well as in the three Baltic states of Estonia, Latvia and Lithuania, it is also possible to exchange the old national currency for euros for an unlimited period.
Read also:
- Why there is still no EU funding for green Saar steel
- 3 billion Saar Fund is unconstitutional
- The chemical industry has little confidence
- Politicians at a loss after shock news
Despite the widespread use of the Euro, a significant number of Deutschmarks continue to be exchanged at the Bundesbank. This trend is expected to persist, with Bundesbank board member Burkhard Balz predicting high volumes of Deutschmarks to be exchanged, particularly during the clearing of inherited properties. Additionally, there are still around 12.2 billion Deutschmarks in circulation, representing a substantial amount of the former currency.
Source: www.ntv.de
