For many years, the Deutsche Mark (DEM) was the symbol of German economic strength and stability. Even with the introduction of the Euro, many individuals and businesses may still hold onto Deutsche Mark banknotes and coins. If you are among them and are looking to convert your old currency, you’ll be pleased to know that the Deutsche Bundesbank continues to offer a straightforward way to exchange your Deutsche Mark into Euro. This guide will walk you through the process of exchanging your Euro Mark holdings at the official rate, ensuring you understand every step.
Who Can Exchange Deutsche Mark?
The Deutsche Bundesbank, Germany’s central bank, is the official institution where you can exchange Deutsche Mark for Euro. This service is available indefinitely, meaning there’s no deadline to convert your old German currency. Whether you are a resident of Germany or hold Deutsche Mark from abroad, the Bundesbank provides this service free of charge.
What Deutsche Mark Denominations Can Be Exchanged?
The Bundesbank accepts a wide range of Deutsche Mark banknotes and coins for exchange, specifically:
- Banknotes issued by the Bank deutscher Länder (BdL)
- Banknotes issued by the Bundesbank
- Federal coins denominated in Deutsche Mark or Pfennig
It is possible to exchange Deutsche Mark coins and banknotes for euros indefinitely at the Bundesbank.
However, it’s important to note that some specific denominations are no longer accepted:
- DEM 2 coin, first issue (minting date 1951)
- Banknotes and coins issued prior to 20 June 1948
- 50 Mark BdL note II (green), issued in 1948 (though special arrangements may be possible for this specific banknote – see below)
For the 50 Mark BdL note II (green) from 1948, while not directly exchangeable, you may still have options. You can submit this banknote with an application for reimbursement to the Bundesbank’s National Analysis Centre at the Regional Office in Mainz or any other Bundesbank branch.
Understanding the Official Exchange Rate
The exchange rate for converting Deutsche Mark to Euro is fixed and unwavering:
€1 = DEM 1.95583
This official rate ensures a consistent and reliable conversion, regardless of when you choose to exchange your euro mark currency.
Two Convenient Ways to Exchange Your Deutsche Mark
The Bundesbank offers two primary methods for exchanging your Deutsche Mark: in person and by post.
1. Exchanging in Person at Bundesbank Branches
The most direct method is to visit any branch of the Deutsche Bundesbank. Across Germany, numerous branches are equipped to handle your exchange needs immediately and without any fees. This is a straightforward option if you are located near a branch and prefer an in-person transaction.
2. Exchanging by Post via the Mainz Branch
For those who cannot visit a branch in person, or prefer a more remote option, the Bundesbank facilitates exchange by mail through its Mainz branch. To use this service, follow these steps:
- Download and Complete the Application Form: Obtain the “Exchange DEM-EUR” application form from the Deutsche Bundesbank website. Fill it out accurately, ensuring your bank account details, including the IBAN, are correct.
- Prepare Your Package: Carefully package the Deutsche Mark banknotes and coins you wish to exchange along with the completed application form.
- Send to Mainz Branch: Mail your package to the address specified on the application form.
To exchange Deutsche Mark by mail, you must fill out and submit an application form.
Once your mail arrives at the Bundesbank’s Mainz branch, the amount of Deutsche Mark will be verified, converted to Euro at the official rate, and then transferred to the bank account you provided. Keep in mind that the Bundesbank does not typically confirm receipt of individual shipments unless your chosen delivery method specifically offers this. Also, processing times can vary, and the Bundesbank generally does not provide updates on processing time inquiries.
Important Considerations for Postal Exchange:
- Large Amounts: If you plan to send Deutsche Mark with a value of €15,000.00 (approximately DEM 29,337.45) or more, contact the Bundesbank in advance by phone or email to understand any additional documentation or information required.
- Shipping Liability: The Bundesbank is not liable for cash lost in the mail. Check with your postal service about the best practices for sending cash, including packing, declaration, and insurance options.
- Currency Restrictions: Only Deutsche Mark banknotes and coins should be included in your shipment. Do not include other currencies, such as euro commemorative coins from other countries or test coins, as these cannot be exchanged.
- Postage and Customs: Ensure sufficient postage is paid. The Bundesbank does not accept shipments with unpaid postage or customs fees.
Final Thoughts on Exchanging Your Euro Mark
Exchanging your Deutsche Mark for Euro is a straightforward process offered indefinitely by the Deutsche Bundesbank. Whether you choose to visit a branch in person or utilize the postal service, converting your old euro mark currency is officially supported and ensures you receive the correct Euro equivalent at the fixed exchange rate. If you have any further questions, the Bundesbank encourages you to contact them directly for assistance.
