East German Mark

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Mark, East German


(DM-Ost), the mark of the Deutsche Notenbank, the state bank of the German Democratic Republic (GDR). It equals 100 pfennigs. The East German mark was created in 1948. The mark was substituted for currencies that had circulated throughout Germany: the reichsmark, Renten-mark, and the mark of the Allied Control Council, which had circulated in East Germany from May 1945 until June 1948. The established gold content of the GDR mark in 1953 was 0.399902 g of pure gold. According to the rate of exchange of the Gosbank (State Bank) of the USSR on January 1,1974, 100 marks equaled 40 rubles 50 kopeks.

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in collecting road tax, West Germans treated the East German mark on par with deutschmark even though its value was a mere fraction of the deutschmark).
When reunification brought an end to the former East German Mark (Ost-Mark), the Ost-Mark was generally convertible to the West German DM at an even exchange rate, although its true economic value may have been lower.
Because the East needed hard currency (dollars, pounds, West German Marks) so badly, every visitor had to exchange at least fifty West German Marks for an equal number of East German Marks to enter East Berlin.
Most recently, tourists were being allowed to enter, during the afternoon, through Checkpoint Charlie, if they had a precise amount of money to change for East German marks, a valid passport, and a reason.