West German Mark
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Mark, West German
(Deutsche Mark, DM), the currency of the Federal Republic of Germany (FRG), equal to 100 pfennigs. The mark was created in 1948 by Western occupation authorities to replace the currencies then circulating, including reichsmarks, Rentenmarks, and marks of the Allied Control Council. The official rate of exchange of the DM at issue was 3.33 marks for US $1; in 1949 this was lowered to 4.20 marks for $1. From 1960 to 1973 the mark was revaluated several times in relation to the USA dollar. The rate of exchange relating to the dollar on Jan. 1, 1974, was 2.75 DM to $1. At the rate of exchange of the Gosbank (State Bank) of the USSR on Jan. 1, 1974, 100 DM equaled 28 rubles 79 kopeks.