Currency reform 1948 (West Germany)

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An exchange office in Hamburg on June 20, 1948.

The currency reform of 1948 came into effect on June 20, 1948 in the Trizone , the three western occupation zones of Germany . From June 21, 1948, the German mark ("DM", also "D-Mark") was the only legal tender there . The two previously valid means of payment, the Reichsmark, and the Rentenmark (with a fixed ratio of 1: 1) (both abbreviated as "RM") were forcibly exchanged and more or less reduced in face value . The currency reform of 1948 is one of the most important economic policy measures in German post-war history.

Situation up to the currency reform

From 1936 to 1945, the financing of armaments and, from the beginning of the war, money creation and compulsory levies from occupied territories resulted in an extensive excess of money with inflation (compare Silent War Financing ). Shortly before the beginning of the war, the cultivation began: there was food - at fixed prices - only on monthly grocery stamps and almost all other civil goods only in exchange for a purchase voucher, which significantly reduced the importance of money. At the same time, foreign exchange restrictions prevented the outflow of excess money. The basic principles of price formation through supply and demand were thus suspended for goods and also for the external value of the Reichsmark.

Until mid-1948, RM was the only valid means of payment in Germany. However, the issue of occupation money increased the amount of money, while the supply of goods decreased due to restrictions in agricultural production, the dismantling of production facilities, the continued forced farming by the Allies and the hoarding of goods (increasing despite the prohibition). The latter took place in anticipation of a currency reform and led to an increase in stocks of semi-finished products and raw materials in the factories. The previous currency had largely lost its functions as a means of payment and a store of value. It was partly replaced by barter and on the black market, which was flourishing everywhere, by material currencies, such as the so-called cigarette currency , the “Ami”, which the authorities fought with only moderate success.

This situation existed more or less in all four zones of occupation and in Berlin. In February 1948, the United States and Great Britain proposed to the Allied Control Council to introduce a new currency for the whole of Germany instead of the RM. Even after a working committee was set up, no agreement could be reached with the Soviet side. On the one hand, it had no interest in an economic revival in the western zones, on the other hand, there was no agreement on the politically important question of who and how the new currency should be controlled.

Goals of the currency reform

Details on the reform in the Soviet Zone and East Berlin see the currency reform of 1948 in the Soviet occupation zone

The aim of the reform was to remove the excess money in the short term and to build the basis for a functioning market economy in the long term. These included the cessation of excessive money creation , the strengthening of the money functions , the abolition of goods rationing, wage and price freezes and the introduction of fixed exchange rates ( Bretton Woods system ). The banking system should be strengthened through an independent central bank and a functioning commercial banking system.

Preparation of the currency reform

Villa Hansa ( Kisseleffstrasse 21 in Bad Homburg), seat of the special office for money and credit
The currency laws are described in detail in the chapter Legal measures for currency reform .

From the West German side, the currency reform had been prepared by the special office money and credit in Bad Homburg vor der Höhe founded on July 23, 1947 by the Economic Council of the Bizone , which was headed by Ludwig Erhard . After initial hesitation, the French occupation zone also joined the project. Independent state central banks were set up in the individual federal states and on March 1, 1948, the " Bank deutscher Länder " (BDL) was established as the central bank of the state central banks ("Central Bank" for short ). On May 28, 1948, the Soviet Military Administration in Germany (SMAD) also announced the establishment of the German Central Bank as the central bank for the Soviet Zone of Occupation (SBZ).

The DM banknotes for the Trizone were printed by the American Bank Note Company in New York City and the Bureau of Engraving and Printing in Washington, DC from September 1947 . The secret transport of money called Operation Bird Dog took place from February to April 1948. It comprised about 5.7 billion DM (500 tons in 23,000 wooden boxes). The money was transported by ship to Bremerhaven to Columbuskaje and then by eight special trains to Frankfurt and in 800 truck drives to the former Reichsbank building in Frankfurt's Taunusanlage . From there, the fine distribution was carried out, ie the further transport to the food card issuing points in the Trizone. In the western zone, the final subtleties were also worked out by 25 German experts who laid down the guidelines for the currency conversion in the spring of 1948 under the strictest secrecy during the currency conclave in the buildings of today's Fritz-Erler-Kaserne zu Rothwesten ( district of Kassel ), (today district von Fuldatal), decided. Deviating reform proposals by German experts were heard, but much had already been decided.

The currency laws enacted for the currency reform in the Western Zone are largely based on the Colm-Dodge-Goldsmith Plan of 1946 ( Gerhard Colm , Joseph Morrell Dodge and Raymond W. Goldsmith ), which aims to reduce the money supply at a ratio of 10: 1 and to balance the burden provided. The three western military governments applied this plan - with the exception of burden sharing - in their zones of occupation. After considering repeated objections from the French side, the Western Allies decided on the currency reform in the Trizone on June 1, 1948.

Public discussion before the currency reform

In 1947 the Economic Council of the Bizone declared a currency reform necessary. In view of the unmistakable inflation of the RM, the necessity and structure of a currency reform has been widely discussed in public in both the western zones and the Soviet Zone since then. It was also known that although agreement was reached on this in the Trizone decided in March 1948 , the deliberations on this in the Allied Control Council did not advance. In a speech in the Trizone on June 14, 1948, Ludwig Erhard predicted that the success of the currency reform was guaranteed and that the currency reform would quickly put an end to the economic chaos that would soon be followed by political chaos.

Announcement of the currency reform

Headline of the Braunschweiger Zeitung of May 22, 1948.

On June 18, 1948, the military governors of the Western Zones sent the Supreme Chief of the Soviet Military Administration in Germany and Supreme Commander of the Group of the Soviet Armed Forces in Germany, Marshal Sokolowski, an explanation of the planned currency reform with the assurance that it would not be extended to the western sectors of Berlin. In addition, on the same day the population of the Trizone was informed about the upcoming currency reform and the process through a large number of broadcasts on the radio and via notices. Jack Bennet, financial advisor to the American military governor General Lucius D. Clay , explained the introduction of the new currency from the point of view of the western occupying powers on all radio stations in the American occupation zone. Excerpts from the proclamation of the currency reform were broadcast on the same day by all stations in the western zones. Max Brauer , First Mayor of the Free and Hanseatic City of Hamburg, also appealed on June 18, 1948 via the Northwest German Broadcasting Corporation to use the currency reform to “use the opportunity to get back to prosperity with hard work”. On the same day, the chief economic advisor to the Allied Control Council, Sir Cecil Weir, provided background information on the causes and reasons of the currency reform from the perspective of the Western occupying powers via the same station.

Implementation of the currency conversion

The currency exchange as part of the Western currency reform took place in five stages:

  • On Sunday, June 20, 1948, the population received instant cash equipments ("head money"). The economy and the public sector also received cash.
  • All cash holdings of Reichsmark, Rentenmark and mark notes of the allied military authorities (AMC; occupation money) had to be paid into a "Reichsmark account".
  • The conversion of every Reichsmark account had to be applied for.
  • The Reichsmark accounts were checked and converted to Deutsche Mark (DM) depending on the exchange rate.
  • From June 21, 1948, the DM became the sole valid means of payment.

The new volume of money in the months after the currency reform was around DM 13 billion ( M3 , cash and book money).

The initial equipment with D-Mark

For more information on the new banknotes issued in 1948, see First Series (1948) and Second Series Bank deutscher Länder (1948)

The first step was to issue the "bounty" from early Sunday morning, June 20, 1948, to individuals or heads of household in the amount of DM 40 per person, usually as 1 twenty-mark note, 2 five-mark notes, 3 two-mark notes, 2 single-mark notes and 4 One-half mark notes. One month later, each individual was paid 20 DM in cash. In the later conversion of Reichsmarks into bank accounts, for example, these 60 DM were offset. Issuing points were various municipal bodies from the council house to food distribution points to the nutrition department. Companies , associations of persons, tradespeople and members of the liberal professions received a transaction amount of 60 DM per employee on request from their processing bank as an anticipation of the "later claims from the exchange of old money". The regional central banks temporarily credited the commercial banks with 1% of their Reichsbank liabilities from customer accounts (1st DVO on the WG, Section 8).

The public sector was initially funded for the federal states and local authorities by the state central banks, and for the rail and postal administrations by the Bank Deutscher Länder. The federal states and local authorities received an average monthly income, the railway and postal administrations received half of the average monthly income (calculation period from October 1, 1947 to March 31, 1948).

On June 21, 1948, the key date of the currency reform, the validity of all old means of payment expired except for the coins of 10 and 50 pfennigs and the 1 RM banknotes which remained valid for a tenth of their face value until the new coins could be issued; the same applied to postage stamps.

Conversion of the Reichsbank accounts

Form 1948

By June 26, 1948, all natural and legal persons - with the exception of the financial institutions - had to deliver their cash to a main exchange office of the settlement bank and register their entire old money balance, otherwise they would expire. After approval by the tax office, the credit was converted to a "Reichsbank settlement account".

In the case of natural persons, nine times the head amount was initially deducted from the total old pay. The remainder was converted to a free account and 50% to a fixed account. A short time later the fixed account was closed by destroying 70% of its amount, transferring 20% ​​to the free account and 10% to the investment account. Ultimately, this resulted in an actual conversion ratio of initially 10: 0.65. In 1957, savings balances that already existed on January 1, 1940, were increased to 20% of the nominal value in Reichsmarks through the Old Savers Act, so that the result was a conversion ratio of RM to DM of 10: 1.

In the case of commercial enterprises, ten times the business amount was deducted from the old money and the conversion was then carried out as with natural persons.

The old money balances of the banks and the public sector expired.

Conversion of other receivables and liabilities

Share over 1000 RM in Südharz-Eisenbahn-AG from November 1926, converted to 1000 DM in 1951

The following applies to the conversion:

  • concluded liabilities were converted at an exchange rate of 10 Reichsmarks (RM) to 1 DM (10: 1);
  • current liabilities such as wages, pensions, leases and rents at a rate of 1: 1;
  • Shares were also 1: 1;
  • Bonds, mortgages and other receivables and liabilities as well as the premium reserves of the private insurance companies and the building society savings accounts were converted at a ratio of 10: 1;
  • the regular contributions remained in the ratio 1: 1;
  • The Reich's liabilities and liabilities of the same kind were not converted, but have not yet expired.
  • Cash and ultimately savings were exchanged at 100 RM at 6.50 DM.

Adjustment of the balance sheets

The balance sheets of the banking system were unbalanced by the expiry of the old money accounts and the unusability of the Reich's debts. To cover the liabilities and to create equity, the commercial banks received a certain part of the converted old money credit from the state central banks. The initial equipment was taken into account. Insofar as the assets of the commercial banks plus the balances with the state central banks did not cover the actual liabilities and adequate equity capital, they were topped up by " compensation claims " against the public sector.

The balance sheets of insurance companies and building societies were adjusted similarly. They too were entitled to compensation claims.

The balance sheet law of August 21, 1949 stipulated that companies should prepare an "opening DM balance sheet". The balance sheet continuity did not have to be maintained. Most companies were able to convert their capital at a ratio of 1: 1 as a result of appreciation and disclosure of hidden reserves .

Currency reform in West Berlin

For details on the currency reform on the part of the Soviet occupying power in East Berlin, see The Currency Reform 1948 in the Soviet Occupation Zone

Since the beginning of June 1948, the currency reform has repeatedly been the subject of questions and speeches in the Berlin city council of Greater Berlin. Louise Schroeder (SPD) and Otto Suhr (SPD) , for example, repeatedly criticized the fact that the reform planned by the western allies for the Trizone should not also be carried out in Berlin. On June 19, 1948, the MPs were called to an extraordinary session on currency reform. City Councilor Waldemar Schmidt (SED) stated that the Allies' decision not to introduce the western currency in the western sectors of Berlin corresponded to the “economic necessities of Berlin”, and that joining the western currency would entail “the risk of mass unemployment”. On June 22, 1948, Marshal Sokolowski had Louise Schroeder hand over order 111 to the SMAD, in which, on the basis of a plan of June 21, 1948, the implementation of a currency reform in the Soviet Zone and in all four sectors of Berlin was ordered. Since, unlike in the Trizone, new Mark (GDR) ("Ostmark") banknotes were not yet available, the previous RM banknotes were provided with small stickers the size of half a postage stamp ("adhesive" or "wallpaper mark ") as an emergency solution. put into circulation. At the meeting of the city council on June 23, 1948, Karl Maron (SED) said that West Berlin was a “bridgehead in the fight against democracy” and pointed out that “the savings of the Berlin population and the social security funds are in the Soviet sector of Berlin . We will never give our consent to these funds being sacrificed [...] to the monopoly interests of the Western powers ”.

The western city commanders declared the Soviet instruction to introduce the Ostmark in the western sectors as ineffective, but the Ostmark was accepted as a means of payment. In return, the western commanders issued DM notes in their sectors from June 24, 1948. These took into account the special status of Berlin by distinguishing them from the notes in the western zones with a "B" stamp or a corresponding perforation ("bear mark").

This meant that two currencies recognized as means of payment were now in circulation in West Berlin. The Western Allies, however, deliberately kept the DM tight. Wages and salaries in West Berlin (with a few exceptions) were paid a maximum of a quarter in DM. For groceries, rents, electricity, gas and all city taxes, the payment was made in Ostmark.

In contrast, in East Berlin and the Soviet occupation zone and later in the GDR, possession of DM was forbidden until 1974. Nevertheless, a kind of inner-city currency trading developed on the black market . To dry it out, the Western Allies allowed exchange offices, which began operations on August 2, 1948. The first exchange rates came about on the basis of DM 1 = 2.20 Ostmarks and later changed to a range of four to seven Ostmarks.

On the night of June 24, 1948, the Soviet blockade of the land and waterways between the western zones and the western sectors of Berlin began. To justify the blockade, the SMAD also cited the currency reform in the western zones. The larger context but called Stalin on August 2, 1948 compared to the ambassadors of the three Western powers in Moscow: the blockade could be lifted if'll assurance that the implementation of the decisions of the Western Foreign Ministers Conference in London would reset. In the negotiations of the Four Powers to end the Berlin blockade, the Soviet side finally no longer raised the demand in the spring of 1949 that there should be a single common currency in Germany. On March 20, 1949, the Western powers therefore declared the DM to be the only legal tender in the western part of the city. The DM notes that were now in circulation there were no longer marked with a "B".

Old credit balances at West Berlin credit institutions were not converted to DM until 1953.

Judgment on the currency reform

Control of the money supply

With the currency reform of 1948, the money supply was effectively reduced by the changeover. “With this measure, according to a calculation by the Bank for International Settlements, the RM portfolio was converted into DM in a ratio of 1: 12.6.” The money functions came back into force and the central bank controlled the creation of money. From June 27 to August 8, 1948, money creation was only possible to a modest extent by means of bill credits and did not increase again until October 1948.

Goods rationing and the price freeze were partially lifted on June 24, 1948, but finally not until 1950 and 1952, respectively. The wage freeze also expired on November 3, 1948.

The governing body of the BDL, the Central Bank Council, was initially bound by the orders of the Allied Banking Commission. The BDL was able to control the commercial banks through its monetary policy instruments (minimum reserve, discount, Lombard and open market policy). The commercial banks were able to act again by cleaning their balance sheets.

Perception in the population

On Saturday, June 19, 1948, many shops still closed with the grounds “illness”, “renovation” or “sold out”. On June 20, 1948, on the other hand, the shop windows (sometimes with explanatory signs such as: "No hoarded goods") filled with groceries, toiletries, schnapps, chocolate and cigarettes. Often unimportant luxury goods were bought spontaneously with the bounty. Because of the limited bounty, there was a reluctance to buy from Monday, June 21, 1948. Overall, the currency reform was the most striking collective experience in the West German post-war period after 1945, especially because Ludwig Erhard associated it with the almost complete abolition of the “management” (rationing) of everyday goods: “ Suddenly everything was there! "

Macroeconomic Impact

Effects in the western zones of occupation

For details on the effects in the Soviet Zone and in East Berlin, see The 1948 Currency Reform in the Soviet Occupation Zone

The prices rose significantly from August to December 1948. The relatively low monetary demand from the initial equipment was offset by a sufficient supply of goods from hoarding camps immediately after the reference date. However, these were soon exhausted and the range of goods was now limited to current production. This range of goods was opposed to a steadily expanding amount of money and demand. However, the price increases were brought to a standstill at the beginning of 1949 due to the restrictive credit policy of the central bank. In addition, production rose back to pre-war levels within a short period of time. Private households were hardly able to save because of the great pent-up demand. The achievable market prices brought the companies high profits, which were immediately reinvested.

The trading was resumed on July 14, 1948 in Frankfurt am Main. The stock index at that time , which in June 1948, calculated in RM, was just under 96% of the level of March 22, 1945, initially fell to just under 13%, calculated in DM. After the currency reform, those who invested their assets in stocks were at least twice as good as those with bank balances and savings (compulsory exchange at a ratio of 100 RM to 6.5 DM), and the stock exchange prices soon rose again, so that the index rose In 1949 it more than doubled compared to the low after the currency conversion, in 1954 it again reached the value of June 1948 and, as part of the economic miracle, was soon well above the maximum pre-war values .

Although the number of unemployed increased by leaps and bounds after the currency reform, the number of employees remained constant at around 13.5 million people over the same period: The increase in the number of unemployed is explained by the termination of many bogus jobs that had helped to provide additional food rations. and from the population growth from the constant influx of refugees.

In the course of the first few months after the currency reform, there were individual protests, which culminated in the only general strike in the history of the Federal Republic on November 12, 1948.

The Joint Export-Import Agency (JEIA), an institution of the Western occupying powers, issued a fixed dollar rate for foreign trade in 1948. This rate - one US dollar equal to 3.33 RM or DM - was valid from May 1, 1948 to September 18, 1949. From September 19, 1949 the exchange rate was reduced to US $ 1 = 4, due to the devaluation of the British pound. 20 DM. The exports initially only comprised raw materials and were only later expanded to include semi-finished and finished products. In the first few years, imports outweighed exports. The payment deficit was made up with funds from the Marshall Plan and Government Aid and Relief in Occupied Areas (GARIOA).

Legal measures for currency reform

In order to introduce a new stable currency and secure it permanently, the military governments in the respective occupation areas enacted four laws (in the French zone “ordinances”) to reorganize the monetary system . The basic currency laws for currency conversion were supplemented by several implementing regulations. This was preceded by the law establishing the Bank of German States .

First law

The introduction of the D-Mark itself was regulated in the First Law on the Reorganization of the Monetary System of June 20, 1948 - it was therefore also known as the Currency Law , WiGBl. 1948 Appendix 5, p. 1.

Among other things, were specified here

  • the day the Deutsche Mark was introduced as the new currency
  • Validity as the sole means of payment in the relevant occupation zones
  • the exclusive right of the Bank of German States to issue banknotes and (until 1950) coins (specified in the Second Law on the Reorganization of the Monetary System)
  • the conversion of current payments from Reichsmarks to D-Marks at a ratio of 1: 1
  • Payment of the legendary head amount of DM 40 against payment of 40 Reichsmarks immediately and a further 20 D-Marks for 20 Reichsmarks within two months
  • the expiry of the Reichsmark holdings in cash or credits by June 26, 1948, if they have not been delivered or registered with banks and other authorized institutions by that day
  • the initial provision of the regional authorities (states, municipalities) with D-Mark amounting to one sixth of the actual income from October 1, 1947 to March 31, 1948 without taking into account borrowing during this period
  • the initial equipment of railway and postal administrations in the same way, but only in the amount of one twelfth of the actual income

Second law

The Second Law for the Reorganization of the Monetary System of June 20, 1948, also known as the Emissions Law , WiGBl. 1948 Appendix 5, p. 11. assigned the Bank deutscher Länder the sole right to issue valid coins and banknotes as well as to call old coins and banknotes (i.e. to collect old and issue new coins). An upper limit of ten billion D-Marks for the sum of the money in circulation was also set as a target. An increase of a maximum of one billion Deutschmarks was only permitted if at least three quarters of the members of the Central Bank Council and at least six countries agreed.

Third law

The Third Law on the Reorganization of the Monetary System of June 20, 1948, also known as the Conversion Law , WiGBl. 1948 Appendix 5, p. 13. classified the old money stocks and balances according to natural and legal persons, organizations etc. and regulated their conversion or replacement accordingly. For example, all money holdings of the Reichsbank, the regional authorities, railway and postal administrations, but also the dissolved NSDAP and the associations and organizations affiliated to it were declared null and void.

The (initial) exchange rate for old credit from 10 Reichsmarks to 1 D-Mark was also set here. It was linked to the condition that only half of the new stock in D-Mark was immediately available. The other half initially remained in a Sperrmark account.

Fourth law

The Fourth Law on the Reorganization of the Monetary System of October 4, 1948, also called a supplement to the Conversion Law , decided on the further usability of these blocked credit balances , WiGBl. 1949 Enclosure 1 p. 15. It decreed that 70% of the value of the blocked credit was canceled, 20% was freely available and the remaining 10% remained tied - the latter was released in 1954.

This finally resulted in the well-known final exchange rate of 100 Reichsmarks to 6.50 D-Marks.

Example calculation: 100 RM old credit → 10 DM new credit

10 DM new credit → 5 DM available immediately + 5 DM blocked

5 DM blocked → 3.50 DM canceled + 1 DM available + 0.50 DM bound (and released in 1954)

Accounting Act of August 21, 1949

It prescribed the creation of a “DM opening balance sheet” with new values ​​for all stock corporations (WiGBl. 1949, p. 279).

Further development

The law on the establishment of the Bank of German States and the Issuance Act were replaced by the Bundesbank Act in 1957 . The amendment to the Conversion Act was never officially repealed, but is no longer listed in the reference list and is therefore no longer in force. The Conversion Act, on the other hand, is still valid law. Finally, the Currency Act was only replaced on January 1, 2002 by the Third Euro Introductory Act. As a relic from the time before the Basic Law came into force, it formed the legal basis of the D-Mark over the years of its existence.

Decision No. 1

With the decision No. 1 of the Council of the High Allied Commission of September 28, 1949, no objections were raised to set the conversion rate for the German mark to the US dollar set by the federal government at US $ 0.238095 for DM 1.00. The Federal Government had previously discussed the devaluation of the Deutsche Mark and the exchange rate adjustment in the third cabinet meeting on September 21, 1949 in order to improve the balance of payments; nevertheless, in autumn 1949 the Central Bank Council refrained from devaluing it.

Complementary laws to mitigate social injustices

The general exchange rate of 100 RM: 10 DM only applied to debt claims. Cash reserves and bank balances were ultimately exchanged at a ratio of 100 RM: 6.50 DM. The public loans to private individuals were declared worthless. A ratio of 1: 1 was set for prices and wages. Anyone who illegally hoarded goods before the conversion was a winner, as was the owner of property (businesses, real estate and goods). The savers and the unemployed were the losers.

In order to alleviate these social injustices, the following corrections were made after 1948:

  • In 1948, insurance benefits were only changed at a ratio of 10: 1. The pension laws of 1951, 1956 and 1963 increased the conversion rates. As compensation, the insurance companies received pension compensation claims against the federal government.
  • In 1952 the Burden Equalization Act came into being ; It was based on the basic idea of ​​compensating for unjust distributions between lost and retained assets, because property owners initially had advantages through the currency reform, especially if they had repaid mortgages with "cheap money" before the currency reform. The Burden Equalization Act stipulated, among other things, that all private real estate be charged with compulsory mortgages in the amount of half their value on June 21, 1948 (one day after the 1948 currency reform) in favor of the Federal Republic, which had to be repaid in quarterly installments over 30 years as a "special tax" . 
  • A currency equalization for displaced persons was regulated in 1952.
  • In order to alleviate cases of hardship, the rule was introduced in 1953 that credits from the period before January 1, 1940 were only devalued at a ratio of 5 RM to 1 DM.
  • Old savings systems that had already existed on January 1, 1940 were increased to 20% of the nominal amount by the Old Savers Act of 1953.

Other complementary laws

  • Reichsmark liabilities to foreign creditors were converted by the Foreign Debt Agreement of 1953 at a ratio of 1: 1.
  • the claims of the non-banks against the Reich were converted into a redemption loan by the Consequences of War Act of 1957.


  • Christoph Buchheim: The currency reform of 1948 in West Germany . In: Vierteljahrshefte für Zeitgeschichte , vol. 36 (1988), issue 2, pp. 189–231 pdf 1.8 MB .
  • Michael Brackmann: From total war to economic miracle. The history of the West German currency reform in 1948. Dissertation . Social and economic history at the Ruhr University, Bochum 1992.
  • G. Colm, M. Dodge, W. Goldsmith: A Plan for the Liquidation of War Finance and the Financial Rehabilitation of Germany. In: Journal for the entire political science. 111 Vol., 1955, pp. 204-243. (English)
  • Siegfried Freick: The 1948 currency reform in West Germany. Setting the course for half a century . Schkeuditzer Buchverlag, Schkeuditz 2001.
  • P. Lebee: Contribution à l'étude de la réforme monétaire allemande. In: E. Vermeil (Ed.): Études économiques allemandes. Paris 1951, pp. 101-148. (French)
  • J. Priese, F. Rebentrost: Commentary on the laws for the reorganization of the monetary system taking into account the implementing regulations . Iserlohn 1948.
  • Michael W. Wolff: The currency reform in Berlin: 1948/49 . Volume 77 of: Publications of the Historical Commission in Berlin at the Friedrich Meinecke Institute of the Free University of Berlin. Publications of the Section for the History of Berlin, Walter de Gruyter, new edition 1991, ISBN 978-3-11-012305-0 .
  • Monika Dickhaus: The Bundesbank in Western European Construction - The International Monetary Policy of the Federal Republic of Germany 1848 to 1958 ( Quarterly Issues for Contemporary History , Volume 72); R. Oldenbourg Verlag , Munich 1996, ISBN 3-486-64572-2 .

Web links

Commons : Currency Reform 1948 (West Germany)  - Collection of pictures, videos and audio files
  • Currency reform 1948 (PDF; 1.86 MB) Source material for schoolchildren in the archive news of the Baden-Württemberg State Archives


Individual evidence

  1. ^ Christoph Buchheim: The currency reform 1948 in West Germany . In: Vierteljahrshefte für Zeitgeschichte , vol. 36 (1988), issue 2, pp. 189–231 pdf 1.8 MB .
  2. ^ Angela Stent: Russia and Germany Reborn: Unification, the Soviet Collapse, and the New Europe . Princeton University Press, 2000, ISBN 0-691-05040-6 .
  3. Philip Malcolm Waller Thody: Europe since 1945. Routledge, 2002, ISBN 1-134-62296-1 , p 27th
  4. a b c d Ann Tusa, John Tusa: The Berlin Blockade. Coronet Books, 1989, ISBN 0-340-50068-9 .
  5. ^ Ludwig Erhard : German economic policy. Econ Verlag, Düsseldorf / Vienna / Frankfurt 1962, p. 67.
  6. ^ THE NATIONS: Operation Bird Dog. June 28, 1948 (English).
  7. 60 years of currency reform The start-up capital: Six billion D-Marks. In: , June 20, 2008.
  8. Günter Stiller: 60 years ago: When the D-Mark came to Germany. In: Hamburger Abendblatt . June 13, 2008, p 21 website of the Hamburger Abendblatt, August 1st 2008, 18:00 .
  9. To starboard. In: Der Spiegel . 26/1948, June 26, 1948.
  10. ^ G. Colm, J. Dodge, RW Goldsmith: A plan for the liquidation of War Finance and the Finance Rehabilitation of Germany. In: Journal for the entire political science. 111 Vol., 1955, pp. 204-243.
  11. ^ Matthias Judt: GDR history in documents: resolutions, reports, internal materials and everyday testimonies . Ch. Links Verlag, 2013, ISBN 978-3-86284-273-5 .
  12. a b Transcript excerpts from audio documents of the German Broadcasting Archive on the currency reform of June 20, 1948
  13. Stiftung Deutsches Rundfunkarchiv (Ed.): The currency reform 1948 in historical audio documents Historical audio documents on the occasion of the 60th anniversary of the currency reform
  14. J. Priese, F. Rebentrost: Commentary on the laws for the reorganization of the monetary system . Iserlohn 1948, pp. 22-23.
  15. ^ Süddeutsche Zeitung: Go to the bank on Sunday . People in an exchange point in Hamburg
  16. City Archives Kiel: "Bounty" for every resident ( Memento from January 24, 2017 in the Internet Archive )
  17. Michael Utecht: Currency reform and black market 1948 . Peine City Archives (Ed.) Pdf 338 kB
  18. Stadtarchiv Rosenheim: The currency reform 1948
  19. ^ Der Spiegel : On Sunday, June 20, 1948, the currency reform came into effect in West Germany on the orders of the Allies . Reports from contemporary witnesses and those affected pdf
  20. J. Priese, F. Rebentrost: Commentary on the laws for the reorganization of the monetary system . Iserlohn 1948, p. 68.
  21. Old Savers Act. BGBl. I 1953, p. 495.
  22. ^ For the time being, one to one , in: Der Spiegel from June 26, 1948 PDF 571 kB
  23. ^ Michael W. Wolff: The currency reform in Berlin: 1948/49 . Volume 77 of: Publications of the Historical Commission in Berlin at the Friedrich Meinecke Institute of the Free University of Berlin. Publications of the Section for the History of Berlin, Walter de Gruyter, new edition 1991, ISBN 978-3-11-012305-0 .
  24. Thomas Wieke: Das DDR-Mark Gedenkbuch: Stories and anecdotes about the aluminum chip. Bassermann Verlag, 2013, ISBN 978-3-641-09729-5 .
  25. ^ Allied Museum : The Berlin Airlift. ( Memento from April 19, 2009 in the Internet Archive ) pp. 8, 9, accessed on April 18, 2009.
  26. G. Schmölders: Currency Reform. In: Concise dictionary of business administration. Volume 4, 3rd edition. 1961, col. 6133.
  27. ^ Emmi Füllenbach: The currency reform (1948). Contemporary witness report about the first purchase from the bounty.
  28. Roland Flade: Hope that grew out of ruins. 1945 to 1948: Würzburg's most dramatic years. Mainpost, Würzburg 2008, ISBN 978-3-925232-60-2 , pp. 245-252: shop windows full overnight.
  29. P. LEBEE: Contribution à l'étude de la reforme monetaire allemande. In: E. Vermeil (Ed.): Etudes économiques allemandes. Paris 1951, p. 146, Tableau IV, V.
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