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 Replies: 13 / Views: 2,593 |
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Pillar of the Community
Poland
3201 Posts |
I'd like to ask if in Germany, Deutsche Mark coins are still being exchanged for euros. If so, how much longer are they exchangable?
The reason I'm asking is that DM coin lots are going for moon money (when compared to let's say lots of French Francs) here, and I'd like to know if it's due to this or some other reason. Thanx.
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Moderator
 Australia
16832 Posts |
Yes, and you're probably at least partially correct. The German Bundesbank has said it has no deadline at all for exchanging deutsche marks to euros; it's "indefinite". Spain, Ireland and Austria also have an "indefinite" or unrestricted exchange period. The French deadlines were 10 years for notes and 3 years for coins, so French coins are already demonetized, and their notes are to follow in 2012. This table on the Bundesbank website gives the details for al the Eurozone countries. There are also more coin collectors in Germany than there are in France, and "nostalgia" for the deutsche mark is still running pretty high. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
 Poland
3201 Posts |
Thank you  This explains a lot. |
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Pillar of the Community
Canada
1082 Posts |
It's good to know that...I'm sitting on a huge pile of German coin, but probably not enough to do anything with, other than sell off. It's doubtful that I'll go to Germany to change it in and the postage to get it there wouldn't justify sending it.
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Pillar of the Community
Poland
3201 Posts |
I'd say it depends on what kind of coins you've got. Due to the prices for lots containing 0.50DM and higher coins it's nearly impossible to collect them (here). However, the 1-10 pfenning coins are very common and do not usually find any buyers.  Edited by DL20K
11/20/2009 10:23 am
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Bedrock of the Community
United States
10045 Posts |
Quote:
Due to the prices for lots containing 0.50DM and higher coins it's nearly impossible to collect them (here) How high are we talking in terms of price? I'm going to a coin show today and will check their prices--what years/denominations do you need? |
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Pillar of the Community
Canada
1082 Posts |
There we go -- the bulk of what I have is likely 1, 2, 5, and 10 pf. coins. Takes a lot of them to be worthwhile.
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Pillar of the Community
Poland
3201 Posts |
Quote:
How high are we talking in terms of price? I'm going to a coin show today and will check their prices--what years/denominations do you need? Well they're bidding almost up to the exchange rate (but never over), that's what made me assume they must be exchanging them for euros. I would be interesting in knowing if they're in fact cheaper there  Thanx. |
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Pillar of the Community
Canada
1248 Posts |
Please note:
to exchange German Marks to Euros
You can only exchange them directly at a branch of the German Bundesbank, or at some selected Head quarters of individual State banks.
And they will only exchange coins and bills starting with DM 5 coins.
Nothing smaller. There is an exception for immense quantities of the smaller coins. It is not officially advertised anywhere, but if you have a quantity of a minimum of DM 500, and you deliver it sorted to the Bundesbank only, they will exchange it for a 20% service fee.
there is NO fees to exchange 5 marks and larger.
when exchanging old DM, they will ask for valid ID and will record it.
I went through the process 2 years ago in Germany and was lucky to be the last before this Department closed for lunch. I asked the fellow who helped me if he knew a good place for lunch....so we went, I bought and got all sort of info...
apparently they have also someone who sorts these coins for rarities which will then be sold in their Numismatic department, or in numismatic lots at auctions.
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Pillar of the Community
Germany
1238 Posts |
Now that is strange. Yes, you need to take the DM cash to a Bundesbank branch office (state banks existed until 2002 only) or mail it to their cash center. But they do exchange everything, including 1 Pfennig coins, and there is definitely no service fee. Actually you simply "pour" your unsorted coins into a machine, it will display the total value, and you get the money. Have done this myself a few times, and I see people do it whenever I go to our local Bundesbank branch to pick new commemorative or collector coins up ...
Christian
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Pillar of the Community
Germany
1238 Posts |
By the way, from time to time stores in Germany have "D-Mark Days". Of course this is primarily a marketing gag, but since there are less than 50 branch offices of the Bundesbank in DE, and they are usually open Mon-Fri until 13h only, such days may be welcome opportunities to spend whatever DM cash you may have found. Just a few days ago, the "real,-" supermarkets (I think you have them in Poland too) had a "DM week" http://blog.supermarktcheck.de/wp-c...-225x300.jpg , and every store of that chain would accept DM cash. The DM coins and notes are of course not legal tender any more, but since they can be redeemed without any fee or deadline, why not make such offers? Christian Edited by chrisild
11/29/2009 1:59 pm
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Valued Member
Finland
294 Posts |
There is at least one money exchange company here in Scandinavia (Forex) which still exchanges some old pre-euro notes for euros. I returned one Belgian "junk note" and got something like five euros from it last summer. Of course the rate is a little lower than in the Belgian Central Bank.
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Pillar of the Community
Germany
1238 Posts |
I know of one exchange service here in Germany, GFC, which is very convenient but somewhat expensive. You mail them what you have (pre-euro notes or coins from any euro country), they will pick what can still be exchanged and send you the corresponding euro amount. Costs a fee of 30 percent - which is an awful lot if you have paper money only, and from one country only. But with coins and/or several countries involved, the service is not actually bad.
Christian
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Valued Member
Australia
432 Posts |
Sounds interesting! Unfortunately, I have a good few Kg of 1-, 2-, 5-, 10- and 50-Pfg coins, that would probably cost me just as much to POST as I would get back! :) It doesn't matter tho; I have to go through all the different denom's one day with the Neugebauer Katalog, looking for interesting variants...
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Replies: 13 / Views: 2,593 |
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Posted 11/20/2009 09:33 am
