Bundesbank - Citizens in NRW exchanged almost 10 million Deutschmarks in 2023
Even more than 20 years after its replacement, the Deutschmark is only slowly going out of fashion. In North Rhine-Westphalia, consumers handed in more than 9.8 million Deutschmarks to the Deutsche Bundesbank and exchanged them for euros between January and the end of November this year. This is significantly more than in 2022, when just under 8.3 million Deutschmarks were handed in.
This year, the total value of Deutschmark coins and bills submitted was only slightly higher in Bavaria (DM 10.28 million) than in NRW. According to the Bundesbank, as many as 53 million Deutschmarks were exchanged for an equivalent value of more than 27 million euros nationwide between January and the end of November 2023.
The volume of annual exchanges has fallen significantly overall since 2010, but has now risen for the second time in a row. "We expect a lot of Deutschmarks to be exchanged in the coming years too," said Balz. "Especially when clearing out inherited houses and apartments, D-Mark is likely to be found." Some of the old banknotes and coins may never be exchanged - for example, because they are in the hands of collectors.
Even almost 22 years after the introduction of euro cash at the turn of the year 2001/2002, billions worth of D-Mark bills and coins have not yet been returned. According to the Bundesbank, the total outstanding value at the end of November 2023 was just under 12.2 billion marks (around 6.24 billion euros). At the end of 2001, after the official currency was replaced, there were 162 billion marks in circulation.
Anyone who still has old stocks of Deutschmarks or finds them by chance can hand them in for exchange free of charge at any of the Bundesbank's 31 branches or by post via the Bundesbank branch in Mainz. The exchange rate was fixed when the euro was introduced: 1.95583 Deutschmarks will get you one euro. Germany is one of six countries in the eurozone in which the old national currency can be exchanged for euros for an unlimited period of time.
Bundesbank on Deutschmark circulation ECB on the exchange of national cash
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- Despite being replaced over two decades ago, the Deutschmark still has a presence in fashion, with vintage D-Mark coins and bills sometimes being used as accessories in certain circles.
- The turn of the year in 2001 marked the introduction of the euro as the official currency in Germany, replacing the Deutsche Mark. However, a significant amount of D-Mark coins and bills remain in circulation, even in cities like Düsseldorf, which is located in North Rhine-Westphalia.
- The Euro, which replaced the D-Mark, is now the primary currency in use in Germany, but the Deutsche Mark continues to maintain a certain value, especially among collectors.
- Germany is one of only six countries in the eurozone that allows citizens to exchange their Deutsche Marks for euros at any time without limits, a policy managed by the Bundesbank.
- Interestingly, the volume of annual exchanges of Deutsche Marks for euros has seen a slight increase over the past two years, despite the general decrease since 2010.
- The total value of Deutsche Marks exchanged for euros in Bavaria was slightly higher than in North Rhine-Westphalia in 2023, consisting of over 10.28 million Deutschmarks.
Source: www.stern.de
