Bundesbank is “impressed”
An incredible amount of D-Marks are still being exchanged
December 16, 2023, 11:08 a.m
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For the second time in a row, more D-Marks are being exchanged than in the previous year. The Bundesbank also expects similar figures in the millions in the coming years. The introduction of the euro was more than 20 years ago. But there are still almost 12.2 billion marks in circulation.
The Deutsche Bundesbank has exchanged more than 53 million German marks into euros so far this year. This was the second time in a row that the volume increased slightly compared to the previous year. In 2022 it was 49 million marks. “We expect that a lot of German marks will be exchanged in the next few years,” said Bundesbank board member Burkhard Balz. “Especially when cleaning up inherited houses and apartments, German marks are likely to be found.”
Almost 22 years after the introduction of euro cash, D-Mark notes and coins worth billions have not yet been returned. According to the German Bundesbank, the total value still outstanding at the end of November was almost 12.2 billion marks (around 6.24 billion euros). “I am always impressed by how many German marks have not yet found their way back to the Bundesbank, even in the third decade after the national currency was replaced by the euro,” said Balz. Some of the old banknotes and coins may never be exchanged – for example because they are in the hands of collectors.
The Bundesbank also suspects there are significant holdings abroad, as the D-Mark was popular worldwide as a reserve currency. The vast majority of the D-Mark holdings were exchanged around the introduction of the new Euro notes and coins at the turn of the year 2001/2002. Banknotes with a value of around 5.7 billion marks and coins with a volume of around 6.6 billion marks have still not been returned.
Consumers can exchange D-Mark notes and coins for an unlimited period of time and free of charge at all 31 branches of the Deutsche Bundesbank or by post via the Bundesbank Mainz branch. The exchange rate is unchanged: you can get one euro for 1.95583 German marks. In Austria and Ireland as well as in the three Baltic states of Estonia, Latvia and Lithuania, it is also possible to exchange the old national currency for euros for an unlimited period.