A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.
The euro is the official currency of 20 of the 27 member states of the European Union. This group of states is officially known as the euro area or, commonly, the eurozone, and includes about 344 million citizens as of 2023. The euro is divided into 100 euro cents.
East Germany, officially the German Democratic Republic, was a country in Central Europe that existed from its formation on 7 October 1949 until its reunification with West Germany on 3 October 1990. Until 1989, it was generally viewed as a communist state, and it described itself as a socialist "workers' and peasants' state". Before its establishment, the country's territory was administered and occupied by Soviet forces with the autonomy of the native communists following the Berlin Declaration abolishing German sovereignty in World War II; when the Potsdam Agreement established the Soviet-occupied zone, bounded on the east by the Oder–Neisse line. The GDR was dominated by the Socialist Unity Party of Germany (SED), a communist party, from 1949 to 1989, before being democratized and liberalized under the impact of the Revolutions of 1989 against the communist states, helping East Germany be united with the West. Unlike West Germany, the SED did not see its state as the successor of the German Reich (1871–1945) and abolished the goal of unification in the constitution (1974). The SED-ruled GDR was often described as a Soviet satellite state; historians described it as an authoritarian regime.
The Deutsche Mark, abbreviated "DM" or "D-Mark" ( ), was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was typically called the "Deutschmark". One Deutsche Mark was divided into 100 pfennigs.
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro.
The Deutsche Bundesbank is the German member of the Eurosystem and has been the monetary authority for Germany from 1957 to 1998, issuing the Deutsche Mark (DM). It succeeded the Bank deutscher Länder, which had introduced the DM on 20 June 1948.
The East German mark, commonly called the eastern mark in West Germany and after reunification), in East Germany only Mark, was the currency of the German Democratic Republic. Its ISO 4217 currency code was DDM. The currency was known officially as the Deutsche Mark from 1948 to 1964, Mark der Deutschen Notenbank from 1964 to 1967, and from 1968 to 1990 as the Mark der DDR. The mark (M) was divided into 100 Pfennig (pf).
The mark was a currency or unit of account in many states. It is named for the mark unit of weight. The word mark comes from a merging of three Germanic words, Latinised in 9th-century post-classical Latin as marca, marcha, marha or marcus. It was a measure of weight mainly for gold and silver, commonly used throughout Europe and often equivalent to 8 troy ounces (250 g). Considerable variations, however, occurred throughout the Middle Ages.
Intershop was a chain of government-owned and operated retail stores in the German Democratic Republic in which only hard currencies could be used to purchase high-quality goods, usually from or associated with Western countries. The East German mark was not accepted as payment. Intershop was originally oriented towards visitors from Western countries, and later became an outlet where East Germans could purchase goods they could not otherwise obtain. An unintended consequence was that ordinary East Germans had some insight into the selection of goods available in the West, which they could then compare with the rather limited offerings available in their own country.
Forum checks were a form of hard currency in East Germany. From April 1979, all East Germans were required by law to convert any Deutsche Marks they possessed into Forum checks at a branch of the Staatsbank der DDR immediately. A Forum check mark was worth 1 West German Deutsche Mark, the smallest denomination was 50 Pfennigs and the highest was for 500 West German Deutsche Mark. Forum checks were accepted in Intershops as payment for western consumer goods and other products which were available in these shops only. Foreign citizens could use western currencies in these shops.
East Germany had a command economy, similar to the economic system in the Soviet Union and other Comecon member states — in contrast to the market economies or mixed economies or other capitalist states. The state established production targets, set prices, and also allocated resources, codifying these decisions in comprehensive plans. The means of production were almost entirely state-owned. The GDR had an above-average standard of living compared to other Eastern Bloc countries or the Soviet Union, and enjoyed favorable duty and tariff terms with the West German market; in 1989, it was estimated that 50 to 60% of its trade was with Western countries. However by the mid-1980s its economy had reached a state of stagnation.
The Reichsmark was the currency of Germany from 1924 until the fall of Nazi Germany in 1945, and in the American, British and French occupied zones of Germany, until 20 June 1948. The Reichsmark was then replaced by the Deutsche Mark, to become the currency of West Germany and then all of Germany after the 1990 reunification. The Reichsmark was used in the Soviet occupation zone of Germany until 23 June 1948, where it was replaced by the East German mark. The Reichsmark was subdivided into 100 Reichspfennig. The Mark is an ancient Germanic weight measure, traditionally a half pound, later used for several coins; Reich comes from the official name for the German state from 1871 to 1945, Deutsches Reich.
The Cuban peso also known as moneda nacional, is the official currency of Cuba.
The convertible peso was one of two official currencies in Cuba, the other being the Cuban peso. It had been in limited use since 1994, when its value was pegged 1:1 to the United States dollar.
A foreign exchange certificate, sometimes abbreviated to FEC, is a tool for foreign exchange control in countries where the national currency is subject to exchange controls or is not convertible. The arrangements vary significantly case by case.
The Deutsche Post (DP), also Deutsche Post of the GDR was the state-owned postal and telecommunications monopoly of the German Democratic Republic. The DP was placed under the control of the Ministry for Postal and Telecommunication Services of the GDR(Ministerium für Post- und Fernmeldewesen der DDR - ) - a member of the Council of Ministers of the GDR(Ministerrat der DDR) - and was in operation from 1949 until the reunification of Germany on 3 October 1990.
Hyperinflation affected the German Papiermark, the currency of the Weimar Republic, between 1921 and 1923, primarily in 1923. It caused considerable internal political instability in the country and led to the occupation of the Ruhr by France and Belgium after Germany defaulted on its war reparations.
Deutsche Kreditbank (DKB) is the second-largest direct bank in Germany with 4.5 million customers, fully owned by Bayerische Landesbank. In 2018 the company, with its parent company BayernLB, ranked 7th on the list of the biggest banks in Germany.
The Deutsche Golddiskontbank was a state-owned special bank founded in 1924 to promote German export industry by financing raw material imports. It was liquidated in 1945.
Inner German relations, also known as the FRG-GDR relations, East Germany-West Germanyrelations or German-German relations, were the political, diplomatic, economic, cultural and personal contacts between the Federal Republic of Germany and the German Democratic Republic, at the period of the West-East division in German history from the founding of East Germany on 7 October 1949 to Germany's reunification on 3 October 1990.
