D-Mark

DEFINITION of 'D-Mark'

The official currency of Germany until it adopted the euro in 2002. D-mark is an abbreviation of Deutsche Mark, whose official currency code is DEM. The sub-unit of the D-mark was the pfennig, with each Deutsche mark divided into 100 pfennig.

BREAKING DOWN 'D-Mark'

The D-mark was first issued in 1948, replacing the Reichsmark, when the Allies occupied Germany after World War II. With the introduction of the euro, the European Central Bank fixed the irrevocable exchange rate for the D-mark at 1.95583 per euro, effective January 1, 1999.

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