Ditching the past - Exchange madness for Deutschmarks worth millions
Baden-Württemberg has seen a staggering 7.9 million Deutschmarks exchanged for euros this year, as reported by the Deutsche Bundesbank in Frankfurt/Main. The figure includes 12,651 transactions, totaling 4 million euros, between January and November 2023. Last year saw 6.6 million Deutschmarks exchanged for 3.3 million euros in the same period. Burkhard Balz, Bundesbank board member, expects high exchanges of Deutschmarks in the coming years, especially during inheritance cleanouts.
Nationwide, the Deutsche Bundesbank has exchanged over 53 million Deutschmarks for euros this year, marking a second consecutive year of slight increase compared to the previous year (49 million marks in 2022). Balz noted his surprise at the remaining Deutschmarks still in circulation even two decades after their replacement by the euro.
Since the euro's introduction in 2002, billions of Deutschmarks in bills and coins have remained unrecovered, according to the Deutsche Bundesbank. As of November 2023, the outstanding value totaled slightly over 6.24 billion euros – an impressive figure that Balz keeps emphasizing.
Consumers can exchange Deutschmarks free of charge at all 31 Deutsche Bundesbank branches or via post to the Mainz branch. The exchange rate, 1 euro to 1.95583 Deutschmarks, remains constant. In addition to Germany, Austria, Ireland, and the three Baltic states of Estonia, Latvia, and Lithuania also offer the opportunity to exchange the old national currency for euros indefinitely.
Don't miss out on your chance to exchange those long-forgotten Deutschmarks hiding away in your attic! But remember, while the Deutsche Bundesbank provides valuable services, they don't disclose the precise amount of missing Deutschmarks still in circulation. For the latest and most detailed statistics, visit the Bundesbank's official website for current information.
Did you know?
The Bundesbank has been actively working towards eliminating the remaining Deutschmarks from circulation, consolidating and destroying them to prevent fraudulent use or tax evasion.
Read more about the topic in the following articles:
- If you happen to discover Deutschmarks saved in an inherited house or apartment in Baden-Württemberg, you can swap them for euros at the Deutsche Bundesbank in Frankfurt/Main.
- Two decades after the introduction of the euro, millions of Deutschmarks in bills and coins have yet to be returned, according to the Deutsche Bundesbank based in Stuttgart, Germany.
- The vast majority of D-Mark holdings were exchanged around the turn of the year 2001/2002 with the introduction of the new euro bills and coins.
- Germany's residents can exchange old Deutschmark bills and coins for free at all 31 Deutsche Bundesbank branches or by post to the Mainz branch without a time limit.
- Moreover, Austria, Ireland, and the three Baltic states offer similar services to exchange their old national currencies for euros for an unlimited period.
- With an exchange rate of 1 euro to 1.95583 Deutschmarks, the Deutsche Bundesbank has exchanged over 53 million Deutschmarks for euros nationwide, a significant amount especially in the southwest region of Germany, where most exchanges took place in the reported period.
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