Luftwaffe and Allied Air Forces Discussion Forum

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Beginning in 1931, Germany created different categories of the blocked mark for the sale of assets such as the Kreditsperrmark, Auswanderersperrmark, Effektensperrmark, Notensperrmark, and Registersperrmark, Konversionsperrmark. Two series have been provided which better reflect changes in the market value of the mark during the 1930s and World War II. The first is the Registermark (XRDERM), which was used for tourists and investments made in Germany, and the second is Effektensperrmark, which was used for the sale of securities in Germany. The League of Nations provided gold parity values for these exchange rates in London and Zurich, and they have been converted into dollar rates. Quarterly data are given for III and IV/1943.

When the German Reich occupied countries, they usually created a new exchange rate of the former currency into Reichsmark, which was used more for official than practical purposes. For more information on exchange rates during World War II, see the League of Nations Yearbooks for 1937 to 1944/45, which provide information on exchange rates for both Germany and occupied countries.

Once the allies liberated occupied countries, new official exchange rates were introduced, though these often varied significantly from black market rates. The Allies used an exchange rate of 10 Reichsmark to the dollar beginning in October 1944 and introduced the Allied Militarbehorde Mark, which was eventually converted into the Deutsche Mark. Black market rates begin in July 1946. On June 20, 1948, the currency was reformed with salaries and pensions converted at 1:1 and all other payments converted at 10 Reichsmark to the Deutsche Mark. The exchange rate was initially set at 1 U.S. Dollar = 3.33 Deutsche Mark, revised to 4.20 Deutsche Mark on September 18, 1949. A special currency, the Sperrmark, was created on March 31, 1951 to enable foreigners to purchase German securities. The Sperrmark hit a low of 8.06 Sperrmark to the U.S. Dollar in December 1951, and the Sperrmark accounts were consolidated in September 1954 making them convertible. The mark was revalued to 1 U.S. Dollar = 4 Deutsche Mark on March 6, 1961 and to 3.66 Deutsche Mark on October 29, 1969.

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