Germany Currency

Germany is one of the most developed countries of the world. The success of the country's economy can be attributed not only to the policies of the government but also to its currency.

The currency of Germany is known as Deutsch Mark. It is one of the strongest currencies in the whole world. The Deutsche Mark, which means German Money, was the official currency of West Germany prior to its unification with East Germany. After 1991, it became the currency of unified Germany. The Germany currency is divided into 100 pfennig.

The Germany currency or rather the currency of Germany was introduced by the Allied Forces in the year 1948, after the Second World War. In fact, the Mark has been the currency of the country since 1871. Prior to that, the different German states had their own currencies. The most common of all Germany currency was the Vereinsthaler. It was a silver coin. At that time there was a fixed exchange rate between, as per which 3Marks were equal to 1 Vereinsthaler. It was in the year 1873, the first Mark known as the Goldmark was introduced. After the First World War, this came to be known as Papiermark as the currency of Germany became paper money. This was then later replaced by Rentenmark in 1923 and then by the Reichsmark in 1924.

The Deutsche Mark was introduced for the first time on the 21st of June, 1948. The currency was initially introduced in denominations of ½, 1, 2, 5, 10, 20, 50 and 100 DM. Later on denominations of 500 and 1000 DM were also introduced. Over the years the currency of Germany became a symbol of the econimic stability of Germany. It also emerged as the second largest component of the world monetary reserves after the US Dollar.

At present, however, Euro plays the role of Germany currency. It was intorduced in the year 1999. Once the Euro notes were introduced in the year 2002, the banknotesd and coins of the original currency of Germany were no longer circulated. One Euro is equal to 1.95583 DM. The Deustche Bundesbank however has assured that one can exchange DM cash for Euro.

The Germany currency has come a long way. It has been the symbol of the economic development of the country.