23 years after adopting the euro, the Germans are still handing over the old German mark

Yesterday, official figures showed that nearly a quarter of a century after adopting the single European currency (the euro), Germans are still exchanging huge amounts of their previous currency.

According to data from the German Central Bank, about 53 million German marks, worth about 27.2 million euros, were exchanged in 2024, a slight decline from 2023, when about 58 million German marks were exchanged. Germany is one of six countries, along with Austria, Ireland, Estonia, Latvia and Lithuania, that still allow their previous currencies to be exchanged for the euro.

The euro was officially implemented on January 1, 2002. The euro zone currently includes 20 countries. After more than 20 years, the German Central Bank estimates that up to 12.2 billion German marks, worth about 6.24 billion euros, have not yet been exchanged.

In total, an average of 542 German Marks were transferred in 98,165 transactions with the German Central Bank in 2024.

A number of major discoveries have been reported over the past year, including a family who discovered a box containing 250 German Mark notes in their garden, worth around €4,600.

Some old banknotes and coins may never be exchanged, for example, because they are in the hands of collectors or abroad.

Burkard Baltz, a member of the German Central Bank’s Board of Directors, said: “The German mark was an internationally recognized currency and was also used outside Germany, so there may still be large quantities of the German mark abroad.”