Turn of the year - Bundesbank exchanges 3.5 million Deutschmarks this year
The Deutsche Bundesbank has exchanged more than 3.5 million Deutschmarks this year in its Hamburg branch alone. The deposits up to the end of November corresponded to an equivalent value of 1.805 million euros, as a Bundesbank spokeswoman said on request. The sum also included deposits from commercial banks, but mainly involved exchange transactions with citizens. The money had been exchanged in more than 5,500 transactions.
According to the Bundesbank, it is not only people living in Hamburg and Schleswig-Holstein who exchange their old bills and coins at the branch in Hamburg's old town. The service can be used by people from all regions and countries. In the entire main administrative area of Hamburg, Schleswig-Holstein and Mecklenburg-Western Pomerania, almost 4.2 million Deutschmarks were exchanged by the end of November 2023. In the same period last year, the figure was around 3 million Deutschmarks.
Across Germany, the Bundesbank has exchanged more than 53 million Deutschmarks for euros so far in 2023. This is the second time in a row that the volume has risen slightly compared to the previous year. In 2022 it was 49 million marks. Bundesbank board member Burkhard Balz expects further stocks of old bills and coins to be returned in the coming years. "Especially when cleaning out inherited houses and apartments, Deutschmarks are likely to be found."
Unlike the central banks in many other euro countries, the Deutsche Bundesbank exchanges the old bills and coins for an unlimited period. The exchange rate set at the time remains unchanged: You can get one euro for 1.95583 Deutschmarks.
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The headquarters of the Bundesbank in Frankfurt also participates in the exchange process, although the majority of transactions happen in Hamburg. The Bundesbank in Frankfurt exchanged around 7 million Deutschmarks for euros this year.
Despite the turn of the year, the demand for exchanging old German currency, known as the 'd-mark', continues. In Hamburg's Schleswig-Holstein and nearby Hamburg, this demand has led to a significant increase in exchanges, approaching 4.2 million Deutschmarks.
The process of exchanging Deutschmarks for Euros is not restricted to the city of Hamburg. Citizens from various regions and even foreign countries have taken advantage of this service provided by the Deutsche Bundesbank in Hamburg.
When comparing the exchange volume of Deutschmarks to Euros, the Bundesbank in Hamburg's branch represents a substantial fraction of the total exchanges across Germany. Nationwide, the Bundesbank has exchanged over 53 million Deutschmarks for euros in 2023.
Source: www.stern.de
