People in Bavaria's tireless affinity for their currency continues as they've hoarded approximately 12.3 billion Deutschmarks worth of forgotten Deutschmark (DEM) coins and banknotes. This ancient cash, left untouched for years, has proven to be a popular commodity for exchange in recent times.
In the first eleven months of this year, a staggering 10.3 million Deutschmarks – the most in Bavaria over the past two decades – was handed over to the Bundesbank branches for exchange. Comparatively, neighbours North Rhine-Westphalia and Baden-Württemberg exchanged just 9.8 million and 7.9 million Deutschmarks, respectively.
Burkhard Balz, a Bundesbank board member, speculates that this surge in exchanges is a direct result of clearing out inherited estates, pointing towards the discovery of Deutschmarks in forgotten corners of the deceased's possessions. Balz anticipates further exchanges in the coming years, although collectors may choose to preserve pristine examples of the obsolete currency as historical artifacts.
Since the introductory year of the Euro in 2002, the Bundesbank has been handling these historical currency exchanges for free at all 31 branches or via the Mainz branch for an indefinite period. Nationwide, 53 million Deutschmarks have been exchanged for 27 million Euros to date, with banknotes and coins accounting for two-thirds and one-third, respectively, of the exchange value.
Occasional exchanges still take place, mainly due to tourists returning home with forgotten DEM, nostalgic collectors, or businesses dealing with assets from supported historical or cultural contexts. The exchange rate that was established during the transition period – 1 Euro equaling 1.95583 Deutschmarks – remains unchanged, as does the one-way conversion policy.
Moves to exchange your backlogged Deutschmarks should be prompt as while the official deadline for exchange has long passed, banks and financial institutions may have their own individual exchange regulations.
References: - - [1] Germany's History with the Euro: A Comprehensive Timeline - [5] What to Know Before Traveling to Germany: An Essential Guide for Tourists
