20th June 1948: Deutsche Mark introduced in the three western zones of occupied Germany

Описание: The new currency replaced the old Reichsmark, and marked a significant point in the post-war reconstruction of West Germany. Implemented by the United States, United Kingdom, and France, who administered the western zones of Germany, the reform sought to stabilise the German economy and curb widespread inflation and black-market activity in the aftermath of the Second World War.

Planning had taken place in secret to prevent hoarding or speculation, and was coordinated with the establishment of the central Bank deutscher Länder. Each citizen was allowed to exchange a limited amount of old currency for Deutsche Marks at a fixed rate, while additional amounts could be converted later at less favourable rates. This was intended to reduce the overall money supply, encourage productivity, and eliminate the black market.

The introduction of the Deutsche Mark was met with mixed reactions. For many ordinary Germans, it brought relief and a return to monetary stability. Shops that had previously had to operate through barter or other informal means reopened with stocked shelves and prices in the new currency. However, those with significant cash savings in the old currency faced losses. The reform also caused concern in the Soviet Union, which saw it as a unilateral act that violated agreements made by the occupying powers.

In response, the Soviet authorities implemented their own currency reform in the eastern zone and soon after began the Berlin Blockade. This deepened the division between East and West Germany and contributed to the development of the Cold War.