Monday 16 September 2013

(GERMANY)DEUTSCHE DEMOKRATISCHE REPUBLIK-1968-10 PFENNING

The East German mark commonly called the eastern mark , in East Germany only Mark, was the currency of the German Democratic Republic (East Germany). Its ISO 4217 international currency code was DDM. The currency was known officially as the Deutsche Mark from 1948 to 1964,Mark der Deutschen Notenbank from 1964 to 1967, and from 1968 to 1990 as the Mark der DDR (Mark of the GDR); it was referred to colloquially as simply the Mark. It was divided into 100 Pfennig (Pf).
On 18 June 1948 a currency reform was announced for the western zones. Subsequently on 20 June 1948, the Reichsmark and the Rentenmark were abolished in the western occupation zones and replaced with the Deutsche Mark issued by the Bank Deutscher Lander (later the Deutsche Bundesbank).
From 1964 to 1967, the East German mark was officially designated as the Mark der Deutschen Notenbank (MDN). With the constitutional amendments of 1968 and 1974, the leadership of East Germany moved away from the original goal of a unified Germany, using the phrase "... of the GDR" where earlier they would simply have said "German ...". In this way the name of the currency was changed from MDN to Mark der Deutschen Demokratischen Republik (Mark der DDR) (M), or "Mark of the GDR", and the name of the state bank from Deutsche Notenbank to Staatsbank der DDR.  Coins minted prior to the renaming, with the legend Deutsche Mark (i.e., in 1 and 2 DM denominations), continued to circulate for several years, but they were gradually replaced by the early 1980s by coins with the legendMark.
With the Monetary, Economic, and Social Union of Germany on 1 July 1990 (in preparation for German reunification on 3 October 1990) the Deutsche Mark became the currency of East Germany. Around 4500 tonnes of now-obsolete East German coins were melted down at the Rackwitz metal works in 1990.
The first issue of Eastern coins was released in 1948, showing the name "Deutschland", and consisted of aluminium 1, 5 and 10 Pfennig denominations, depicting a wheat sprig on top of a cogwheel, with aluminium-bronze 50 Pfennig coins added in 1950 depicting a factory. The 1952 series of the smaller coins depict a compass and hammer in addition to wheat.
Starting with the 1 Pf. in 1960, followed by the 10 Pf. in 1963, and the 5 Pf. in 1968, the old style coins were gradually replaced with new coins depicting the state name "Deutsche Demokratische Republik." Aluminium 1 Mark, 2 Mark and 50 Pfennig pieces were released for circulation in 1956, 1957 and 1958, respectively. In 1969, brass 20 Pfennig coins were introduced, with nickel-bronze (later cupro-nickel) 5 Mark coins issued from 1968. In 1973 and 1974, 1 and 2 Mark coins were redesigned dropping the former "Deutsche Mark" title. The nickel-bronze 20 Pfennig coins were issued partly because pay telephones had a standard charge of 20 Pf. and were having problems with smaller aluminium coins jamming due to their light weight. Commemorative 5, 10, and 20 Mark coins of various types have also occasionally made it into circulation.
For several months after the July 1990 adoption of the Deutsche Mark, low value GDR coinage (up to 50 Pfennig) continued to circulate in the former GDR as legal tender, because the Bundesbank could not deliver enough small coins quickly enough to replace the former GDR coins.
This type of coin was first issued in 1963 by minting 21,063,000 coins and lastly in 1990 with 14,000 coins and in 1968 207,461,000 coins were minted, it was the highest. Least mintage was in 1981 with 40 coins This coin was designed by Hogner and Rudi. The major theme of the aluminium was Oak leaves, Hammers, Wheat ears, Compasses. It's Weight is 1.5 grams and a diameter of 21 mm. The coin was minted by Berlin State Mint (Staaliche Munzen Berlin), Berlin, Germany(A mint Mark).

About 765,121,665 coins were minted. 
Now the coin costs more than $5.

No comments:

Post a Comment