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.

References in periodicals archive ?
At the same time, as the value of the Japanese Yen and West German Mark advanced, relative to the dollar, our products became more precious to our own consumers as the relative prices of German and Japanese goods rose sharply, reducing demand for the more costly foreign goods.
And a welcome for easterners everywhere, fueled by a handout on crossing of 50 West German marks. For many, a goodly portion of the DM 50 was left with the pub and bar owners of West Berlin, even though they provided virtually free drinks to anyone who could show they came from across the Wall.
dollars and West German marks. Nobody knows how many billions of these currencies are now squirreled away under the floorboards of Eastern Europe, but it's a substantial amount.
At this point competitors of Scholler were accepting only West German marks, as it was still unclear what the rates of exchange would be.

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