German banknotes 1948–1959

In 1948 the Western Allies occupying the western part of Germany decided to give it a new start.

One of the measures was a currency reform. From 20 June 1948, according to the original account, West Germany received the new Deutsche Mark.

Ten old marks (RM) could be exchanged for new marks (DM). The banknotes were printed in the United States, except for small pfennig denominations, which were printed in Germany.

As West Germany was occupied by the USA, the United Kingdom and France, later in 1948 some of these new banknotes were also printed by companies in the United Kingdom and France.