Saxony and Thuringia exchange fewer Deutsche Marks for Euros - Germans still trade Deutsche Mark for euros two decades after the switch
More than 20 years after the euro replaced the Deutsche Mark, Germans are still exchanging the old currency. In 2024, the Bundesbank processed around 53.1 million Deutsche Mark nationwide. The figure is nearly identical to the previous year’s total, showing a steady flow of currency conversions long after the currency’s official withdrawal.
In Saxony and Thuringia, however, the numbers tell a different story. These eastern states exchanged fewer Deutsche Mark notes and coins than in 2023, reflecting their unique economic past.
The euro became Germany’s sole legal tender on January 1, 2002. Yet unlike many eurozone countries, Germany still allows unlimited currency exchanges of both Deutsche Mark banknotes and coins. This policy keeps the Bundesbank busy even today.
Last year, the central bank converted nearly €889,000 worth of Deutsche Mark in Saxony and Thuringia alone. The fixed exchange rate of 1.95583 Deutsche Mark to one euro applied, as it has since the currency’s phase-out. But the total volume—1.7 million Deutsche Mark—was lower than the 1.8 million exchanged in 2023. The difference stems partly from history. After reunification in 1990, the Bundesbank set separate rules for East German marks. Currency exchanges in Saxony and Thuringia faced lower conversion rates, depending on when and where the money was deposited. Regional authorities and the central bank’s policies at the time created lasting effects. Private wealth in Deutsche Mark was also harder to accumulate in the former GDR. With fewer inherited cash holdings from that era, the volumes exchanged today remain relatively small compared to western states. Nationwide, the Bundesbank still processed over 53 million Deutsche Mark in 2024, proving that even decades later, the old currency hasn’t entirely disappeared.
The Bundesbank continues to honour Deutsche Mark exchanges without any deadline. While eastern states like Saxony and Thuringia see declining numbers, the practice persists across Germany. For now, the old notes and coins still find their way into euros—one currency exchange at a time.
