Germans Hoard €6.6 Billion Worth Of Obsolete Deutschmarks – 26 December 2014

RT logoDespite the currency being replaced by the euro, Germans are still have some 12.9 billion in old Deutschmarks, an equivalent of €6.6 billion, the German central bank estimated. Nostalgia is the primary motive for keeping the old coins and notes.

Germany abolished the Deutschmark in 2002, when it entered the Eurozone. When European currencies were unified the Bundesbank started changing marks into euros at a fixed rate of about DM 1.96 per euro and will continue to do so indefinitely.

But a large number of the obsolete banknotes and coins remain, if not in circulation then in possession of the general populace, the bank reported this week. Its estimates say Germans hold 169 million notes and 24 billion coins of various denominations. Divided by Germany’s population of 81 million, this translates into an average of 82 euros per person.

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