As you know, the single currency of the European Union was introduced as a unit of account in 1999, and from January 1, 2002, the euro was launched in cash in the form of paper notes and coins. It replaced the ECU, which was used in Germany and other European countries from 1979 to 1998. The ECU was exchanged for euros at the rate of 1 to 1. What other currencies were in Germany?
German mark
Germany is one of the leaders of the European Union in terms of living standards and the size of the national economy. Many justifiably attribute this country to one of the EU locomotives. In Germany for 16 years now, a single European monetary unit has been used - the euro. Nevertheless, still many citizens of Germany keep samples of the German brand. According to some reports, this currency in Germany now totals about 13 billion, which is equivalent to 6.7 billion euros.
Even for such a highly economically developed country, this is a very decent amount. Sociology shows that most Germans continue to keep the brand, guided by nostalgic feelings. Such in Germany about 74% of the number of respondents. In fact, in order to understand the uniqueness of the German mark and the nature of the love of it on the part of the citizens of Germany, it is necessary to turn to the history of this currency.
German brand history
For the first time, the brand began to be used on the territory of modern Germany in the Middle Ages, namely in the XVI century. Then the German lands were part of the Holy Roman Empire, in which many different monetary units were circulated. The main one was considered a pound, consisting of twenty shillings. One shilling included twelve pfennigs.
At the same time, the pound was a rather bulky coin, which was not always convenient to use. Because of this, half a pound was put into circulation on the territory of the state, which later became known as the "brand". In addition to the brand, such monetary units as guilder, thaler, cruiser, penny, and some others were used in circulation.
The German currency became the single currency of Germany in 1871 after the formation of the German Empire. This monetary unit consisted of one hundred pfennigs and was used throughout the territory of the new state formation, as well as outside it.
German mark in the 20th century
Hard times for the German currency came during the existence of the Weimar Republic from 1919 to 1933. The defeat in the First World War and the signing of the Treaty of Versailles led to the deepest financial, economic and social crisis in the German state. According to the peace agreement, Germany was obliged to pay a multi-million dollar indemnity. The financial system of the state could not withstand huge inflation, and the brand devalued so quickly that many trade relations in the country were reduced to barter.
Nevertheless, the young state was able to withstand and overcome all the difficulties of that time. Already in the mid-20s of the last century, a new monetary unit was introduced - the Reichsmark, which existed as the currency of Germany until 1948.
German money in the second half of the 20th century
One of the results of World War II was the division of Germany into two separate states: Germany and the GDR. In the first, the German brand of Germany (Deuteche Mark) was launched into circulation, and in the second - the German brand of the GDR (Deuteche Mark DDR). These two currencies were in circulation until 2002 and 1990, respectively.
The brand of the federal republic was gradually strengthened and within a decade it was one of the most stable and sought-after monetary units in the world. Many even outside of Germany preferred to keep their savings in this currency. West Germans were proud of their currency. And this is logical. For many, and not only in the country itself, the German economic breakthrough of the 1950s was associated primarily with the brand, which was the currency of Germany before the euro.