quotes:
Their key laws, enacted by the occupying powers, enter into force on 20 June 1948. The Deutsche Mark replaces the Reichsmark in the three western zones. The Deutsche Mark banknotes had already been printed in the United States at the end of 1947 and then brought to Frankfurt as part of the secret “Operation Bird Dog”.
The banknotes are distributed as of Sunday, 20 June. In exchange for 60 Reichsmark, every citizen of the western zones receives 40 Deutsche Mark directly from the ration offices, followed by a further 20 Deutsche Mark in a second tranche shortly thereafter. As of 21 June, the Deutsche Mark is the sole legal tender. Everyday payments such as wages, salaries, insurance and rents are converted at a rate of 1:1. However, those with savings are hit hard: Reichsmark balances are gradually converted to Deutsche Mark at a rate of less than 1:10.
The transition to the new currency was tough. Many savers faced financial ruin. At the same time, however, the huge monetary overhang from the Nazi era was radically reduced.
I guess I have that in my future if I last long enough.