Germany Currency Facts and Information

Germany's official currency is the Euro, but did you know that the Deutsche Mark was Germany's currency before the Euro was introduced in 2002? The Euro is widely accepted and used throughout Germany.

The Euro is divided into 100 cents, but you won't often see prices in cents in Germany, as most prices are rounded to the nearest Euro. This makes shopping and calculating prices a lot easier.

In Germany, you can exchange your money at banks, currency exchange offices, or even some hotels and tourist information centers. However, exchanging money at airports or train stations can come with a higher fee.

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You can get euros in Germany from various sources, including banks, currency exchange offices, and ATMs.

In Germany, you can withdraw euros from ATMs using your debit or credit card, but be aware that you may be charged a fee by your bank.

Many businesses in Germany accept major credit cards, making it easy to pay for goods and services.

Germany has its own unique take on currency, and it's worth understanding before traveling there. There's no such thing as a 'German' euro, but German coins can be used anywhere in the eurozone.

You can use German coins with a national design on one side in any eurozone country, just like you can use coins with national designs from other eurozone countries in Germany. This is because the eurozone is a single currency area.

Interestingly, East Germany used a different currency called the East German mark before reunification. The Deutsche Mark played a significant role in the reunification process, replacing the East German mark in July 1990.

Getting money in Germany can be a bit confusing, especially when it comes to writing numbers. In English, you write numbers with a decimal point, like £1,999.00, but in German, you swap the comma and decimal points, so it's 1.999,00 €.

You'll also notice that Germans use the euro symbol (€) instead of the pound sign (£). For example, 1,99 € is the same as £1.99.

If you need to exchange your foreign currency, you can do so at German banks or exchange bureaux, known as Wechselstube or Geldwechsel. They're not as common as they used to be, but you can still find them at airports, railway stations, and major hotels.

Here are some online services you can consider for exchanging money: PayPal, Transferwise, World First, Xoom, and others. They often offer better rates than traditional exchange bureaux, and it's convenient to do it online.

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The official currency of Germany is the Euro, denoted by the symbol € and code EUR. The Euro is widely accepted in Germany, making it a convenient choice for tourists and locals alike.

Germany uses a variety of coin denominations, including €2, €1, 50cent, 20cent, 10cent, 5cent, 2cent, and 1cent. This range of coins makes it easy to make small purchases and transactions.

Germany is part of the eurozone, which consists of 19 European countries that use the Euro as their official currency. This means that you can easily use your Euro for travel and transactions in other eurozone countries.

Explore further: Before the Euro What Was the Currency of Germany

The introduction of the Deutsche Mark in 1948 was a pivotal moment in German currency history. It was officially introduced on Sunday, June 20, 1948, by Ludwig Erhard.

Large amounts of the old currency were exchanged for 10 ℛ︁ℳ︁ to 65 pfennigs, and each person received a per capita allowance of DM 60 in two parts. The first part was DM 40 and the second part was DM 20.

This move was intended to protect western Germany from a second wave of hyperinflation and to stop the rampant barter and black market trade. The new currency was initially only distributed in the three western occupation zones outside Berlin.

If this caught your attention, see: Deutsche Mark Dm

The first German currency was introduced in 1873, known as the Goldmark.

The Goldmark was taken off the gold standard with the outbreak of World War I.

High inflation and hyperinflation led to the currency becoming exclusively made up of paper money, earning it the name Papiermark.

The Papiermark was replaced by the Rentenmark (RM) on November 15, 1923.

The Reichsmark (ℛ︁ℳ︁) replaced the Rentenmark in 1924.

In June 1948, the Deutsche Mark was officially introduced by Ludwig Erhard on Sunday, June 20th.

Large amounts of the old currency were exchanged for a new rate of 10 ℛ︁ℳ︁ to 65pf, and each person received a per capita allowance of DM 60 in two parts.

The new currency was designed to protect western Germany from a second wave of hyperinflation and stop the rampant barter and black market trade.

The introduction of the new currency only applied to the three western occupation zones outside Berlin, but it angered the Soviet authorities, who saw it as a threat.

The Soviets promptly cut off all road, rail, and canal links between the three western zones and West Berlin, starting the Berlin Blockade.

In response, the U.S. and Britain launched an airlift of food and coal and distributed the new currency in West Berlin as well.

A few weeks after the introduction of the new currency, Ludwig Erhard issued an edict abolishing many economic controls that had been implemented by the Nazis and not removed by the Allies.

This move was done on a Sunday because the offices of the American, British, and French occupation authorities were closed, and Erhard was confident that if he had done it when they were open, they would have countermanded the order.

The new currency was initially only distributed in the three western occupation zones outside Berlin, but it eventually spread to West Berlin.

The introduction of the new currency was a key moment in the history of German currency, marking a significant shift away from the old Reichsmark and towards a more modern and stable currency.

The Saarland's currency union with France is a fascinating piece of German history. The Saar Protectorate was initially under French control, but a referendum in 1957 changed everything. In this referendum, the population of the Saar Protectorate voted against becoming a "European territory" under French control. This decision led to the Saarland's incorporation into the Federal Republic of Germany on January 1, 1957. The Saarland maintained its own currency, the Saar franc, which was pegged at par with the French franc.

Curious to learn more? Check out: Saar Mark

The Saar franc was a unique currency that was used in the Saarland before it was replaced by the Deutsche Mark. This replacement happened on July 9, 1959, when the Deutsche Mark became the official currency of the Saarland. The exchange rate at the time was 100 Saar francs for every 0.8507 Deutsche Mark.

Intriguing read: Deutsche Mark

The Deutsche Mark played a pivotal role in German reunification. It was introduced as the official currency of East Germany in July 1990, replacing the East German mark.

East German marks were exchanged for Deutsche Marks at a rate of 1:1 for the first M 4,000 and 2:1 for larger amounts. This rate was a key factor in the reunification process.

The German government and the Bundesbank had a major disagreement over the exchange rate between the East German mark and the German mark. This disagreement was a significant challenge to overcome.

Before reunification, each citizen of East Germany coming to West Germany was given Begrüßungsgeld, a per capita allowance of DM 100 in cash. This welcome money helped facilitate the transition.

France and the United Kingdom opposed German reunification, but ultimately France extracted a commitment from Germany to the Monetary Union in return for support.

Recommended read: What Currency Does France Use

The German Central Bank plays a crucial role in managing the country's economy. It's known as the Deutsche Bundesbank and is responsible for maintaining price stability and overseeing the country's financial system.

The Deutsche Bundesbank has a significant impact on the economy, with a mandate to keep inflation low and stable. This is achieved through monetary policy decisions, such as setting interest rates and regulating the money supply.

Germany's economy is one of the strongest in Europe, with a highly developed manufacturing sector and a strong export market. The country's unique economic model, known as the "social market economy", combines elements of capitalism and social welfare policies.

The German Central Bank has a rich history, with the Bank deutscher Länder assuming responsibility in 1948.

This marked a significant turning point for the country's economy, as the Bank deutscher Länder played a crucial role in stabilizing the currency.

In 1957, the Deutsche Bundesbank took over, cementing the country's reputation for economic stability.

The Deutsche Mark, introduced during this period, earned a strong reputation as a store of value, particularly during the Wirtschaftswunder of the 1950s.

This period of economic prosperity was a time of great national pride, with the Deutsche Mark serving as an anchor for the country's economic growth.

The Deutsche Mark was the largest international reserve currency after the United States dollar before the switch to the euro.

The Deutsche Mark was introduced in 1948 to protect West Germany from hyperinflation and barter trade, with a ratio of 1 DM = 1 RM below 600 RM and 1 DM = 10 RM above 600 RM.

Each person received 40 DM as part of the introduction.

The Deutsche Mark was the currency of West Germany from 1948 to 1990 and of Germany from 1990 to 2001.

The Deutsche Mark was replaced by the euro in 2002, with a ratio of 1 euro = 1.95583 Deutsche Mark.

The euro existed as a money of account since 1999, with Deutsche Mark coins and banknotes being the German appearance of the euro.

In Germany, you can find eight standard denominations of euro coins, including €1 and €2, which feature a map of the European Union on the 'common' side.

The 'national' side of German euro coins has undergone three design modifications since Germany adopted the euro.

The standard denominations of German euro coins are one cent, two cents, five cents, ten cents, 20 cents, 50 cents, €1, and €2.

Here are the four series of German mark banknotes, each with its unique features:

German banknotes have a rich history, with several series being introduced over the years. The current Euro banknotes have 7 denominations: €5, €10, €20, €50, €100, €200, and €500.

The German Mark banknotes had four series, each with its own unique characteristics. The first series was issued in 1948 by the Allied military, with denominations ranging from 1/2 to 100 marks.

The designs of German banknotes remained unchanged during the 1960s, 1970s, and 1980s. In the late 1980s, the Bundesbank decided to issue a new series of Deutsche Mark banknotes, which introduced a DM 200 denomination.

The new security features of the 1989 series included a windowed security thread, watermarks, microprinting, intaglio printing, and colour-shifting ink. The notes also featured famous national artists and scientists, as well as symbols and tools related to their work.

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Here's a breakdown of the 1989 series of Deutsche Mark banknotes:

It's worth noting that some merchants are reluctant to accept higher denomination bills, such as the €100 and €200 notes, so it's a good idea to avoid using them if possible.

Coins are a convenient way to make small purchases in Germany, and you'll find them in a standard eight denominations: one cent, two cents, five cents, ten cents, 20 cents, 50 cents, €1, and €2.

Each coin features the numerical value of the coin and a map of the European Union on the common side, which is used across the eurozone.

The national side of German coins bears the same design, although it's been modified three times since Germany adopted the euro.

Using your bank card in Germany can be convenient, but it's worth reading up on the fees and charges you might incur. Most German businesses are well set up to receive card payments.

Some of the best travel money cards include debit, credit, and prepaid cards. Buying Euros before you leave Australian shores isn't just convenient, it can also save you money.

Additional reading: Currency Money

ATMs are everywhere in Germany, particularly in larger towns and cities, so you'll have no problem finding one when you need to withdraw cash.

ATMs are called 'Geldautomat' in Germany, a term you'll hear frequently during your trip.

You can access ATMs 24/7, making them a convenient option for when you need cash.

Most ATMs have a language option, so you can operate the machine in your native language, making it easier to navigate.

Before you depart, make sure you know your 4-digit PIN number to avoid any issues at the ATM.

Some ATMs give you the option to be charged in euros or your home currency - always choose euros to avoid the often atrocious exchange rate.

ATM providers rarely charge fees for ATM use, but you may still have to pay fees to your home bank for using an ATM overseas and for currency conversions.

In Germany, most people prefer to pay in cash, with an estimated 80% of all transactions being cash-based.

Many shops and cafes, especially in smaller cities, don't accept cards, so it's essential to check the doors for stickers showing which cards are accepted.

EC bank cards are the norm in Germany and work similarly to US debit cards, connecting to your current account.

They feature a magnetic strip on the back and a chip on the front, similar to many US cards now.

Visa and MasterCard are generally accepted, but not everywhere, so it's always a good idea to check.

American Express is accepted to a lesser extent, and credit cards are less common.

Withdrawing money with your credit card at an ATM can result in high fees, so it's best to use a debit card or cash instead.

Currency exchange in Germany can be a challenge, but there are some things to keep in mind to get the best deal.

Currency exchange counters at airports and hotels often give poor exchange rates, so it's better to wait until you can compare options in town.

Make sure the notes you bring from home are in good nick, as some exchange services reject defaced or damaged banknotes.

In Germany, you can exchange your foreign currency and travelers' checks at German banks or exchange bureaux, although they're not as common as they once were. You can find them at airports, railway stations, and major hotels.

Consider using online services like PayPal, Transferwise, World First, or Xoom, which often offer better rates. They're a great option in this digital age.

Berlin and Munich have plenty of facilities for money exchanges, so you're covered in these major tourist destinations. Beyond that, it's best to get cash before heading into remote areas.

Currency exchange counters at airports and hotels usually give you poor exchange rates, so it's better to wait until you can compare options in town.

Traveling around Germany can be expensive, but knowing what to expect can help you plan your trip. The average cost to travel around Germany varies depending on your lifestyle and choices.

Accommodation prices can range from €20 to €50 per night for a budget-friendly hostel or Airbnb, while a mid-range hotel can cost around €80 to €120 per night.

Food is also a significant expense, with a meal at a mid-range restaurant costing around €15 to €25 per person.

Public transportation is a convenient and affordable way to get around, with a single ticket costing around €2.50 to €3.50.