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98-511: The Luisenpark was built between 1892 and 1903, formed upon the legacy of scientist Carl William Casimir Fox, who bequeathed 20,000 Deutsche Marks in his will to the city of Mannheim for the making of a new park. This amount was not sufficient for total financing, but formed a foundational start. Construction work began at the end of 1892. The design of the park was done by the Siesmayer brothers, Frankfurt landscape gardeners. Conditions for

196-524: A Braille representation of the notes denomination), colour-shifting ink (on the DM ;500 and DM 1000 denominations), a see-through registration device and ultraviolet-visible security features. First to be issued were the DM 100 and DM 200 denominations on 1 October 1990 (although the banknote shows " Frankfurt am Main , 2. Januar 1989"). The next denomination was DM 10 on 16 April 1991, followed by DM 50 on 30 September 1991. Next

294-539: A bank. However, Bank of England notes that are withdrawn from circulation generally cease to be legal tender but remain redeemable for current currency at the Bank of England itself or by post. All paper and polymer issues of New Zealand banknotes issued from 1967 onwards (and 1- and 2-dollar notes until 1993) are still legal tender; however, 1-, 2- and 5-cent coins are no longer used in New Zealand . A cashless society

392-728: A colorless inorganic oxide mixture applied to the security thread. Banknotes featuring that were designated BBk Ia within the Bundesbank. All banknotes of the third series bore the penalty for counterfeiting and forgery on the upper right corner of the reverse, from German penal code section 146: " Wer Banknoten nachmacht oder verfälscht, oder nachgemachte oder verfälschte sich verschafft und in Verkehr bringt, wird mit Zuchthaus/Freiheitsstrafe nicht unter zwei Jahren bestraft. " ("Who falsifies or counterfeits banknotes, or procures falsified or counterfeit banknotes and releases them into circulation,

490-408: A contract for the sale of goods, do not need to accept legal tender and may instead require payment using electronic methods, foreign currencies or any other legally recognized object of value. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques , credit cards , and similar non-cash methods of payment are usually not. Some jurisdictions may include

588-630: A currency value indicated on them which is far below the value of the metal the coin contains: these coins are known as non-circulating legal tender or NCLT . The Australian dollar , comprising notes and coins, is legal tender in Australia . Australian notes are legal tender by virtue of the Reserve Bank Act 1959 (Cth) s 36(1), without an amount limit. The Currency Act 1965 (Cth) similarly provides that Australian coins intended for general circulation are also legal tender, but only for

686-459: A formal monetary agreement with the EU, unilaterally adopted the euro in 2002 as their de facto domestic currency to ensure monetary stability and to continue to avoid the high/hyper inflation seen in preceding decades: this means that the euro is not a legal tender there, however it is treated as such by the government and the people. Legal tender was enacted the first time for gold and silver coins in

784-452: A greatly expanded market for German exports. Overnight, consumer goods appeared in the stores, because they could be sold for higher prices. While the availability of consumer goods is seen as a giant success story by most historians of the present, the perception at the time was a different one: prices were so high that average people could not afford to shop, especially since prices were free-ranging but wages still fixed by law. Therefore, in

882-778: A mint mark, indicating where the coin was minted. D indicates Munich, F Stuttgart, G Karlsruhe and J Hamburg. Coins minted during the Second World War include the mint marks A (Berlin) and B (Vienna). The mint mark A was also used for German mark coins minted in Berlin beginning in 1990 following the reunification of Germany. These mint marks have been continued on the German euro coins . Between 1 July 1990 (the currency union with East Germany ) and 1 July 1991, East German coins in denominations up to 50 pfennig s continued to circulate as Deutsche Mark coins at their face value, owing to

980-584: A number of other banks including the Bank of New Zealand , the Bank of New South Wales , the National Bank of New Zealand and the Colonial Bank of New Zealand were created by Acts of Parliament and authorized to issue bank-notes backed by gold, however these notes were not legal tender. The 1893 Bank Note Issue Act allowed the government to declare a bank's right to issue legal tender. This enabled

1078-457: A period of time; only Ireland continues to do so. Legally, those coins and banknotes were considered non-decimal sub-divisions of the euro. When the so-called "Swiss" dinar ceased to be legal tender in Iraq , it still circulated in the northern Kurdish regions. Despite lacking government backing, it had a stable market value for more than a decade. This is also true of the paper money issued by

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1176-652: A rate of 1:1 for the first M 4,000 and 2:1 for larger amounts. Before reunification, each citizen of East Germany coming to West Germany was given Begrüßungsgeld (welcome money), a per capita allowance of DM 100 in cash. The government of Germany and the Bundesbank were in major disagreement over the exchange rate between the East German mark and the German mark. France and the United Kingdom were opposed to German reunification, and attempted to influence

1274-549: A rather short life. While previously damaged notes could be replaced from reserve stocks, this stock was also coming to an end, necessitating a reprint. Typical security features at the time were guilloches, a multi-level head watermark and a security thread. Note numbers that fluoresced under UV light and green, yellow, and blue. 27 fluorescent fibers embedded in the paper appeared on most banknotes; however, some specimens without these features were in circulation. Starting in 1976, banknotes were equipped with machine-readable feature -

1372-775: A replacement for the Indian rupee for circulation exclusively outside the country with the Reserve Bank of India Amendment Act of 1 May 1959. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling. Kuwait and Bahrain eventually replaced the Gulf rupee with their own currencies (the Kuwaiti dinar and the Bahraini dinar ) after gaining independence from Britain in 1961 and 1965, respectively. On 6 June 1966, India devalued

1470-722: A series of Hawaii overprint notes as an emergency issue after the attack on Pearl Harbor. The intent of the overprints was to easily distinguish United States dollars captured by the Imperial Japanese Armed Forces in the event of an invasion of Hawaii (which never happened) and render the notes worthless via demonetisation. Demonetisation is currently prohibited in the United States, and the Coinage Act of 1965 applies to all US coins and currency regardless of age. The closest historical equivalent in

1568-540: A small number of D-Mark coins or bills, e.g. Gib mir mal ein paar Märker ("Just give me a few marks") and Die lieben Märker wieder ("The lovely money again", with an ironic undertone). The subdivision unit is spelled Pfennig ( masc. ; [ˈpfɛnɪç] ), which unlike Mark does have a commonly used plural form: Pfennige ( [ˈpfɛnɪɡə] ), but the singular could also be used instead with no difference in meaning. (e.g.: ein (one) Pfennig , dreißig (thirty) Pfennige or dreißig (thirty) Pfennig ). The official form

1666-457: A specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. The term legal tender is from Middle French tendre (verb form), meaning to offer . The Latin root is tendere (to stretch out), and the sense of tender as an offer is related to the etymology of the English word extend (to hold outward). Demonetization

1764-623: A tax of 10%, per annum, on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed". These Acts effectively put an end to the issue of notes by the trading banks and the Queensland Treasury. The Reserve Bank Act 1959 expressly prohibits persons and states from issuing "a bill or note for the payment of money payable to bearer on demand and intended for circulation". In general, Canadian dollar banknotes issued by

1862-410: A temporary shortage of small coins. These coins were legal tender only in the territory of the former East Germany. In colloquial German the 10pf coin was sometimes called a groschen (compare: groat ). Likewise, sechser ('sixer') could refer to a coin of 5pf. Both colloquialisms refer to several pre-1871 currencies of the previously independent states (notably Prussia ), where a groschen

1960-444: A thousand-guilder bill, you have to be able to state how you came by it and provide proof. They can still be used to pay taxes, but only until next week. The five-hundred notes will lapse at the same time. Gies & Co. still had some unaccounted-for thousand-guilder bills, which they used to pay their estimated taxes for the coming years, so everything seems to be above board. Piet Lieftinck 's measure of demonetizing 100-guilder notes

2058-426: A view to curb counterfeiting, tax evasion and the parallel economy . The Reserve Bank of India outlined a scheme for holders of such banknotes to either deposit them into their bank accounts for full, unlimited value, or to exchange the banknotes for new, subject to a cap. New Zealand has a complex history of legal tender. English law applied, as applicable to local circumstances, either from 6 January 1840 (when

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2156-605: A window from marauding soldiers attempting to take the castle in Karlsruhe . The park contains a number of amusements and gardens, including a Chinese garden, rose garden, arboretum , and greenhouses for display and for tree ferns . 49°28′57.69″N 8°29′50.63″E  /  49.4826917°N 8.4973972°E  / 49.4826917; 8.4973972 Deutsche Marks The Deutsche Mark ( German: [ˈdɔʏtʃə ˈmaʁk] ; "German mark "), abbreviated " DM " or " D-Mark " ( [ˈdeːˌmaʁk] ),

2254-617: Is Maundy money . Some currency issuers, particularly the Scottish banks, issue special commemorative banknotes which are intended for ordinary circulation (though no Scottish banknotes nor notes from Northern Ireland are legal tender in the United Kingdom). As well, some standard coins are minted on higher-quality dies as uncirculated versions of the coin, for collectors to purchase at a premium; these coins are nevertheless legal tender. Some countries issue precious-metal coins which have

2352-599: Is an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins. Cashless societies have existed, based on barter and other methods of exchange. In modern usage, the term usually refers to financial transactions conducted by transfer of digital information (usually an electronic representation of money) between the transacting parties. Sometimes currency issues such as commemorative coins or transfer bills may be issued that are not intended for public circulation but are nonetheless legal tender. An example of such currency

2450-612: Is at liberty to set the commercial terms upon which payment will take place before the contract for supply of the goods or services is entered into. If a provider of goods or services specifies other means of payment prior to the contract, then there is usually no obligation for legal tender to be accepted as payment. This is the case even when an existing debt is involved. However, refusal to accept legal tender in payment of an existing debt, where no other means of payment/settlement has been specified in advance, conceivably could have consequences in legal proceedings. Australia Post prohibits

2548-539: Is compared to other currencies, as in its 53-year history, the purchasing power of the German mark was reduced by over 70%. The first Deutsche Mark coins were issued by the Bank deutscher Länder in 1948 and 1949. From 1950, the inscription Bundesrepublik Deutschland (Federal Republic of Germany) appeared on the coins. These coins were issued in denominations of 1pf, 2pf, 5pf, 10pf, and 50pf. The 1pf and 2pf coins were struck in bronze clad steel (although during some years

2646-500: Is intended for circulation. Commemorative silver DM10 coins have also been issued which have periodically found their way into circulation. Unlike other European countries, Germany retained the use of the smallest coins (1pf and 2pf) until adoption of the euro. denomination below denomination below The weights and dimensions of the coins can be found in an FAQ of the Bundesbank . Unlike other countries (such as Australia) there

2744-475: Is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. Sellers offering to enter into contractual relationship, such as

2842-833: Is liable to imprisonment for at least two years". The third series banknotes entered circulation on 10 February 1961, with the DM 20 note. DM 100 and DM 50 followed next year, and DM 5 and DM 10 in 1963. High-denomination DM 1000 and DM 500 followed in 1964 and 1965, respectively. The banknotes were printed exclusively in West Germany; in Bundesdruckerei in West Berlin and in Giesecke+Devrient in Munich . The third series banknotes ceased to be legal tender on 30 June 1995, when

2940-691: Is named after princess Luise Marie Elizabeth of Prussia , a close relative of three German emperors: William I was her father, Frederick III was her brother and William II was her nephew. On September 26, 1856, when she was eighteen-years old, she married the Prince Regent, later Grand Duke of Baden , Frederick I . She carried out crucial pioneering work for the Wohlfahrtspflege in Baden. As an eighty-year-old, she, along with her daughter, Queen Victoria of Sweden , had to flee through

3038-497: Is part of a proper name, while the noun "Mark", like all German nouns, is always capitalized. The English loanword "Deutschmark" has a slightly different spelling and one syllable fewer (possibly due to the frequency of silent e in English, or due to English's lack of adjectival endings), and a plural form in -s . In Germany and other German speaking countries, the currency's name was often abbreviated as D-Mark ( fem. , [ˈdeːmaʁk] ) or simply Mark ( fem. ) with

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3136-428: Is restored as legal tender. Coins and banknotes may cease to be legal tender if new notes of the same currency replace them or if a new currency is introduced replacing the former one. Examples of this are: Thousand-guilder notes are being declared invalid. That'll be a blow to the black marketeers and others like them, but even more to people in hiding and anyone else with money that can't be accounted for. To turn in

3234-571: Is singular. Before the switch to the euro, the Deutsche Mark was the largest international reserve currency after the United States dollar . The percental composition of currencies of official foreign exchange reserves from 1995 to 2022. Legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt . Each jurisdiction determines what

3332-808: Is the de facto legal tender currency in India . The Indian rupee is also legal tender in Nepal and Bhutan , but the Nepalese rupee and Bhutanese ngultrum are not legal tender in India. Both the Nepalese rupee and Bhutanese ngultrum are pegged with the Indian rupee. The Indian rupee used to be an official currency of several other countries, including the Straits Settlements (now Singapore and parts of Malaysia ), Iraq , Kuwait , Bahrain , Qatar ,

3430-411: Is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency: The current form or forms of money is or are pulled from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country completely replaces the old currency with new currency. The opposite of demonetization is remonetization, in which a form of payment

3528-609: The Deutsche Bundesbank . The Deutsche Mark earned a reputation as a strong store of value at times when other national currencies succumbed to periods of inflation . It became a source of national pride and an anchor for the country's economic prosperity, particularly during the years of the Wirtschaftswunder in the 1950s. The population in the Saar Protectorate rejected in a referendum

3626-544: The Bank of Canada and coins issued under the authority of the Royal Canadian Mint Act are legal tender in Canada . However, commercial transactions may legally be settled in any manner agreed by the parties involved with the transactions. For example, convenience stores may refuse $ 100 bank notes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that

3724-791: The Central Bank of Ireland and such persons as may be designated by the Minister by order, shall be obliged to accept more than 50 coins denominated in euro or in cent in any single transaction." The Decimal Currency Act, 1970 governed legal tender prior to the adoption of the euro and laid down the analogous provisions as in United Kingdom legislation (all inherited from previous UK law ), namely: coins denominated above 10 pence became legal tender for payment not exceeding £10, coins denominated not more than 10 pence became legal tender for payment not exceeding £5, and bronze coins became legal tender for payment not exceeding 20 pence. The Indian rupee

3822-598: The Confederate States of America during the American Civil War . The Confederate currency became worthless by its own terms after the war, since it could only be redeemed a stated number of years after a peace treaty was signed between the Confederacy and the United States (which never happened, as the Confederacy was defeated and dissolved ). During World War II the United States printed

3920-580: The Eurozone on 1 January 2002. Although one side of the coins is used for different national marks for each country, all coins and all banknotes are legal tender throughout the eurozone . Although some eurozone countries do not put 1 cent and 2 cent coins into general circulation (prices in those countries are by general understanding always rounded to whole multiples of 5 cent ), 1 cent and 2 cent coins from other eurozone countries remain legal tender in those countries. Council Regulation (EC) No 974/98 limits

4018-742: The French Penal Code of 1807 (art. 475, 11°). In 1870, legal tender was extended to all notes of the Banque de France . Anyone refusing such coins for their whole value would be prosecuted (French Penal Code art. R. 642–3). According to the Economic and Monetary Union Act 1998 of the Republic of Ireland , which replaced the legal tender provisions that had been re-enacted in Irish legislation from previous British enactments, "No person, other than

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4116-643: The French franc . On 9 July 1959 the Deutsche Mark replaced the Saar franc at a ratio of 100 francs = DM 0.8507. The Deutsche Mark played an important role in the reunification of Germany. It was introduced as the official currency of East Germany in July 1990, replacing the East German mark ( Mark der DDR ), in preparation for unification on 3 October 1990. East German marks were exchanged for Deutsche Marks at

4214-659: The German gold mark was based on gold rather than silver (at 2.79 marks per gram of fine gold), a fixed exchange rate between the Vereinsthaler and the mark of 3 marks = 1 Vereinsthaler was used for the conversion. The first mark, known as the Goldmark , was introduced in 1873. With the outbreak of World War I , the mark was taken off the gold standard. The currency thus became known as the Papiermark , especially as high inflation , then hyperinflation occurred and

4312-632: The Ostmark —literally Eastmark ) was introduced a few days afterwards in the form of Reichsmark and Rentenmark notes with adhesive stamps to stop the flooding in of Reichsmark and Rentenmark notes from the West. In July 1948, a completely new series of East German mark banknotes was issued. Later in 1948, the Bank deutscher Länder ("Bank of the German States") assumed responsibility, followed in 1957 by

4410-598: The Reserve Bank , established in 1934, did not have the right to issue coins as legal tender. Coins had to be issued by the Minister of Finance .) The history of bank notes in New Zealand was considerably more complex. In 1840 the Union Bank of Australia started issuing bank notes under provisions of British law but these were not automatically legal tender. In 1844, ordinances were passed by NZ Parliament making

4508-649: The Soviet Union to stop it. However, in late 1989 France extracted German commitment to the Monetary Union in return for support for German reunification. The German mark had a reputation as one of the world's most stable currencies; this was based on the monetary policy of the Bundesbank . The policy was "hard" in relation to the policies of certain other central banks in Europe. The "hard" and "soft"

4606-691: The Trucial States (now the UAE ), Oman , Aden Colony and Aden Protectorate (now parts of Yemen ), British Somaliland , British East Africa , and Zanzibar . In 1837, the Indian rupee was made the sole official currency of the Straits Settlements, as it was administered as a part of India. In 1845, the British replaced the Indian rupee with the Straits dollar after administration of

4704-608: The Union Bank banknotes legal tender and authorizing the government to issue debentures in small denominations, thus creating two sets of legal tender. These debentures were circulated but were traded at a discount to their face value because of distrust of the colonial government amongst the settler population. In 1845 the British Colonial office disallowed the Ordinance, namely the Debentures Act 1844 (NZ), and

4802-451: The 2pf was issued in solid bronze) while 5pf and 10pf were brass clad steel and the 50-pfennig was in cupronickel . In 1950, cupronickel DM1 coins were released, while a cupronickel DM2 and a .625 silver DM5 were released in 1951. Cupronickel replaced silver in the DM5 in 1975. The DM2 and DM5 coins have often been used for commemorative themes, though typically only the generic design for the DM5

4900-532: The Allies each zone was governed independently as regards monetary matters. The US occupation policy was governed by the directive JCS 1067 (in effect until July 1947), which forbade the US military governor "to take any steps to strengthen German financial structure". As a consequence a separate monetary reform in the U.S. zone was not possible. Each of the Allies printed its own occupation currency . The Deutsche Mark

4998-403: The Bundesbank decided to issue a new series of Deutsche Mark banknotes. The colours for each denomination remained unchanged from the previous series but the designs underwent significant changes and a DM 200 denomination was introduced. Famous national artists and scientists were chosen to be portrayed on the new banknotes. Male and female artists were chosen in equal numbers. The buildings in

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5096-493: The Bundesbank in Germany. Banknotes and coins can even be sent to the Bundesbank by mail. In 2012, it was estimated that as many as 13.2 billion marks were in circulation, with one poll from 2011 showing a narrow majority of Germans favouring the currency's restoration (although only a minority believed this would bring any economic benefit). Polls in the early 2020s indicated only a minority of Germans supported reintroduction of

5194-494: The Coinage Act authorized a specific New Zealand coinage and removed legal-tender status from British coins. In the same year the Reserve Bank of New Zealand was established. The bank was given a monopoly on the issue of legal tender. The Reserve Bank also provided a mechanism through which the other issuers of legal tender could phase out their bank notes. These banknotes were convertible into British legal tender on demand at

5292-623: The DM 5 coin used to be also called a Heiermann , whereas in Bavaria the DM 2 coin was called Zwickl and this expression is now used for the €2 coin in the region. There were four series of German mark banknotes: The notes with a value greater than DM 200 were rarely seen. A reserve series (BBk II) was commissioned on 1 July 1960, consisting of DM 10, DM 20, DM 50 and DM 100 banknotes. 670 million BBk II banknotes in value of 25 billion marks were printed. The notes were printed between 1963 and 1974 in fear if

5390-596: The Deutsche Mark. A mark had been the currency of Germany since its original unification in 1871. Before that time, the different German states issued a variety of different currencies, the most common being the North German thaler and the South German gulden . By 1857, both currencies were linked to the Vereinsthaler , a silver coin containing 16 + 2 ⁄ 3 grams of pure silver. Although

5488-440: The Eastern Bloc would start systematically counterfeiting the BBk I series of banknotes to cripple the economy, then they would quickly be replaced by emergency notes. Another reserve series for West Berlin (BBk IIa) was commissioned on 1 July 1963, consisting of DM 5, DM 10, DM 20, DM 50 and DM 100 banknotes. 115 million West Berlin banknotes were printed, total value 4 billion marks. 15 billion marks worth of

5586-427: The Eurozone. For example, the Netherlands, Italy, Belgium, Finland, and Ireland have de jure or de facto removed the use of 1 cent and 2 cent coins and adopted cash rounding to the nearest multiple of 5 cents. National laws may also impose restrictions as to maximal amounts that can be settled by coins or notes. Kosovo and Montenegro , which are not members of the European Union and the Eurozone and do not have

5684-399: The Federal Republic of Germany's official currency from its founding the following year. On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. In 1999, the Deutsche Mark was replaced by the euro; its coins and banknotes remained in circulation, defined in terms of euros, until

5782-509: The Governor of New South Wales by proclamation annexed New Zealand) or from 14 January 1840 (when Captain Hobson (of the Royal Navy) was sworn in as Lieutenant-Governor of New Zealand). The English Laws Act 1858 subsequently confirmed that English legislation passed prior to 14 January 1840 was and had been the law of New Zealand, as applicable to local circumstances. The (UK) Coinage Act 1816 therefore applied and British coins were confirmed as legal tender in New Zealand . (Unusually, until 1989,

5880-424: The Nazis, and which the Allies had not removed. He did this, as he often confessed, on Sunday because the offices of the American, British, and French occupation authorities were closed that day. He was sure that if he had done it when they were open, they would have countermanded the order. The introduction of the new currency was intended to protect western Germany from a second wave of hyperinflation and to stop

5978-422: The Straits Settlements separated from India earlier in that same year. After partition of India and Pakistan in 1947 , the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with the word "Pakistan". New coins and banknotes were issued in 1948. The Gulf rupee , also known as the Persian Gulf rupee (XPGR), was introduced by the Government of India as

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6076-453: The U.S. and Britain launched an airlift of food and coal and distributed the new currency in West Berlin as well. Since the 1930s, prices and wages had been controlled, but money had been plentiful. That meant that people had accumulated large paper assets, and that official prices and wages did not reflect reality, as the black market dominated the economy and more than half of all transactions were taking place unofficially. The reform replaced

6174-517: The UK (Scotland and Northern Ireland) are not legal tender, but one of the criteria for legal protection under the Forgery and Counterfeiting Act is that banknotes must be payable on demand, therefore withdrawn notes remain a liability of the issuing bank without any time limits. In the case of the euro, coins and banknotes of former national currencies were in some cases considered legal tender from 1 January 1999 until various dates in 2002. Most countries continued to exchange pre-euro notes and coins for

6272-679: The US, other than Confederate money, was from 1933 to 1974, when the government banned most private ownership of gold bullion , including gold coins held for non- numismatic purposes. Now, however, even surviving pre-1933 gold coins are legal tender under the 1964 act. Banknotes and coins may be withdrawn from circulation, but remain legal tender. United States banknotes issued at any date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $ 1,000 bills remain legal tender even if they are removed from circulation as they arrive at

6370-410: The advance of forgery technology, the Bundesbank decided to introduce additional security features on the most important denominations (DM 50, DM 100 and DM 200) as of 1996. These were a hologram foil in the center of the note's obverse, a matted printing on the note's right obverse, showing its denomination (like on the reverse of the new euro banknotes ), and the EURion constellation on

6468-437: The ascent of the Luisenparks for supraregional meaning was the resolution of the Mannheimer local council on November 18, 1969, to develop the Luisenpark as well as the Herzogenriedpark (to accomplish the Bundesgartenschau 1975). At that time the park was extended to a size of 41 hectares by the inclusion of a former racecourse. The sales of 186,000 season tickets, which was not even reached by all federal horticultural shows,

6566-495: The background of the notes' obverses had a close relationship to the person displayed (e.g., place of birth, place of death, place of work), as well as the second background picture (Lyra and the musician Schumann). The reverses of the notes refer to the work of the person on the obverse. The new security features were: a windowed security thread (with the notes' denominations in microprinting), watermarks, microprinting, intaglio printing (viewing-angle dependent visibility as well as

6664-450: The banknotes were held in Bundesbank's custom-built underground bunker in Cochem in Rheinland-Pfalz , the rest was stored in Bundesbank's vault in Frankfurt . In 1957, with Bank deutscher Länder and the states' central banks merging to form the Bundesbank, new banknotes were being designed, as "Bank deutscher Länder" on the previous series was no longer correct. The previous series' notes had been made out of less durable paper and had

6762-420: The case of coins of a denomination greater than $ 10, a payment is a legal tender for no more than the value of a single coin of that denomination. Where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day. In the People's Republic of China, the official currency renminbi serves as

6860-407: The currency became exclusively made up of paper money. The Papiermark was replaced by the Rentenmark (RM) from 15 November 1923, and the Reichsmark (ℛ︁ℳ︁) in 1924. During the first two years of occupation the occupying powers of France, United Kingdom, United States, and the Soviet Union were not able to successfully negotiate a possible currency reform in Germany. Due to the strains between

6958-467: The debentures were recalled, not without first causing a panic among holders. In 1847, the Colonial Bank of Issue became the only issuer of legal tender. In 1856, however, the Colonial Bank of Issue was disbanded; and through the Paper Currency Act 1856 the Union Bank was confirmed once again as an issuer of legal tender. The Act also authorized the Oriental Bank to issue legal tender - but this bank ceased operations in 1861. Between 1861 and 1874,

7056-608: The economy. The currency reforms were simultaneous with the $ 1.4 billion in Marshall Plan money coming in from the United States, which primarily was used for investment. In addition, the Marshall plan forced German companies, as well as those in all of Western Europe, to modernize their business practices, and take account of the wider market. Marshall plan funding overcame bottlenecks in the surging economy caused by remaining controls (which were removed in 1949), and opened up

7154-501: The following amounts: The 1c and 2c coins were withdrawn from circulation from February 1992 but remain legal tender. Although the Reserve Bank Act 1959 and the Currency Act 1965 establishes that Australian banknotes and coins have legal tender status, Australian banknotes and coins do not necessarily have to be used in transactions and refusal to accept payment in legal tender is not unlawful. A provider of goods or services

7252-459: The fourth series notes had been in circulation for 3–5 years. There were a total of five issues of the third series, main differences being the dates, and signatures of the Presidents and Vice Presidents of Bundesbank: The design of German banknotes remained unchanged during the 1960s, 1970s and 1980s. During this period, forgery technology made significant advances and so, in the late 1980s,

7350-475: The government to make such a declaration to assist the Bank of New Zealand when in 1895 the bank encountered financial difficulties that could have led to its failure. In 1914, the Banking Amendment Act gave legal-tender status to bank notes from any issuer and removed the requirement that banks authorized to issue bank notes must redeem them on demand for gold (the gold standard ). In 1933,

7448-549: The introduction of euro notes and coins on 1 January 2002. The Deutsche Mark ceased to be legal tender immediately upon the introduction of the euro—in contrast to the other eurozone states, where the euro and legacy currency circulated side by side for up to two months. Mark coins and banknotes continued to be accepted as valid forms of payment in Germany until 1 March 2002. The Deutsche Bundesbank has guaranteed that all German marks in cash form may be changed into euros indefinitely, and one may do so in person at any branch of

7546-414: The latter term also often used in English. Like Deutsche Mark , D-Mark and Mark do not take the plural in German when used with numbers (like all names of units), the singular being used to refer to any amount of money (e.g. eine (one) Mark and dreißig (thirty) Mark ). Sometimes, a very colloquial plural form of Mark , Märker [ˈmɛʁkɐ] was used either as hypocoristic form or to refer to

7644-410: The note's reverse. Furthermore, the colours were changed slightly to hamper counterfeiting. The German name of the currency is Deutsche Mark ( fem. , German pronunciation: [ˈdɔʏtʃə ˈmaʁk] ); its plural form in standard German is the same as the singular. In German, the adjective "deutsche" (adjective for "German" in feminine singular nominative form) is capitalized because it

7742-461: The number of 8.1 million visitors, and the removal of the Luisenpark fence, convinced the city council to operate the Luisenpark as city park with entrance fee. On October 21, 1975, the decision was made for a closed Luisenpark with an entrance fee. At first they agreed on two trial years, but over 38,000 annual tickets sold were a convincing argument to keep the park in this form. The Luisenpark

7840-420: The number of coins that can be offered for payment to fifty. Governments that issue the coins must establish the euro as the only legal tender. Due to variations on the legislative meaning of legal tender in various member states and the ability of contract law to overrule the status of legal tender, it is possible for merchants to choose to refuse to accept euro banknotes and coins within specific countries within

7938-406: The old money with the new Deutsche Mark at the rate of one new per ten old. This wiped out 90% of government and private debt, as well as private savings. Prices were decontrolled, and labor unions agreed to accept a 15% wage increase, despite the 25% rise in prices. The result was the prices of German export products held steady, while profits and earnings from exports soared and were poured back into

8036-583: The proposal to turn it into a "European territory". Despite French pre-referendum claims that a "no" vote would mean that the Saar would remain a French protectorate it in fact resulted in the incorporation of the Saar into the Federal Republic of Germany on 1 January 1957. The new German member state of the Saarland maintained its currency, the Saar franc , which was in a currency union at par with

8134-787: The protection of the public. Queensland Treasury notes were issued by the Queensland Government and were legal tender in that state. Notes of both categories continued in circulation until 1910, when the Commonwealth Parliament passed the Australian Notes Act 1910 and the Bank Notes Tax Act 1910 . The Australian Notes Act 1910 prohibited the circulation of state notes as money, and the Bank Notes Tax Act 1910 imposed

8232-540: The rampant barter and black market trade (where cigarettes were used as currency). Although the new currency was initially only distributed in the three western occupation zones outside Berlin, the move angered the Soviet authorities, who regarded it as a threat. The Soviets promptly cut off all road, rail and canal links between the three western zones and West Berlin , starting the Berlin Blockade . In response,

8330-421: The retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice. Under the Currency Act , there are limits to the value of a transaction for which only coins are used. A payment in coins is a legal tender for no more than the following amounts for the following denominations of coins: In

8428-435: The reverse, which read Deutsche Bundesbank (instead of Bundesrepublik Deutschland ), as the Bundesbank was the issuing authority in this case. A total of one million gold DM 1 coins were minted (200,000 at each of the five mints) and were sold beginning in mid-2001 through German coin dealers on behalf of the Bundesbank . The issue price varied by the dealer but averaged approximately US$ 165. German coins bear

8526-700: The rupee. To avoid following this devaluation, several of the states using the rupee adopted their own currencies. Qatar and most of the Trucial States adopted the Qatar and Dubai riyal , whilst Abu Dhabi adopted the Bahraini dinar . Only Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound. Oman later replaced the Gulf rupee with its own rial in 1970. On 8 November 2016, Prime Minister Narendra Modi announced that existing INR 500 and INR 1000 banknotes would no longer be accepted as legal tender with

8624-519: The sending of coins or banknotes, of any country, except via registered post . In 1901, notes in circulation in Australia consisted of bank notes payable in gold coin and issued by the trading banks, and Queensland Treasury notes. Bank notes circulated in all states except Queensland , but were not legal tender except for a brief period in 1893 in New South Wales . There were, however, some restrictions on their issue and other provisions for

8722-405: The status of legal tender but were rarely seen outside of collectors' circles. On 27 December 2000, the German government enacted a law authorizing the Bundesbank to issue, in 2001, a special .999 pure gold DM 1 coin commemorating the end of the German mark. The coin had the exact design and dimensions of the circulating cupro-nickel DM 1 coin, with the exception of the inscription on

8820-620: The summer of 1948 a giant wave of strikes and demonstrations swept over West Germany, leading to an incident in Stuttgart where strikers were met by US tanks ("Stuttgarter Vorfälle"). Only after the wage-freeze was abandoned, Deutschmark and free-ranging prices were accepted by the population. In the Soviet occupation zone of Germany (later the German Democratic Republic ), the East German mark (also named "Deutsche Mark" from 1948 to 1964 and colloquially referred to as

8918-546: The unlimited legal tender for all transactions. It is illegal for any public institution or individual to refuse the currency when settling public or private debts. In June 2021, El Salvador became the first country to accept Bitcoin as legal tender, after the Legislative Assembly had voted 62–22 to pass a bill submitted by President Nayib Bukele classifying the cryptocurrency as such. Euro coins and banknotes became legal tender in most countries of

9016-479: Was aimed at war profiteers . Individual coins or banknotes can be demonetised and cease to be legal tender (for example, the pre-decimal United Kingdom farthing or the Bank of England 1 pound note), but the Bank of England does redeem all Bank of England banknotes by exchanging them for legal tender currency at its counters in London (or by post) regardless of how old they are. Banknotes issued by retail banks in

9114-629: Was in respect to the aims of inflation and political interference. This policy was the foundation of the European Central Bank 's present policy towards the euro. The German mark's stability was greatly apparent in 1993, when speculation on the French franc and other European currencies caused a change in the European Exchange Rate Mechanism . However, it should be remembered that "hard" is relative only if it

9212-555: Was no attempt or proposal suggested for the withdrawal of the 1pf and 2pf coins. Both coins were still in circulation in 2001 and supermarkets in particular still marked prices to the nearest pfennig. This penchant for accuracy continues with the euro (while Finland or the Netherlands for example, price to the nearest 5 cents) with the 1-cent coin still encountered in Germany. There were a considerable number of commemorative silver DM 5 and DM 10 coins , which actually had

9310-405: Was officially introduced on Sunday 20 June 1948 by Ludwig Erhard . Large amounts were exchanged for 10 ℛ︁ℳ︁ to 65pf. In addition, each person received a per capita allowance of DM 60 in two parts, the first being DM 40 and the second DM 20. A few weeks later Erhard, acting against orders, issued an edict abolishing many economic controls which had been originally implemented by

9408-436: Was subdivided into 12 pfennig s, hence half a groschen into 6. After 1871, 12 old pfennig s would be converted into 10pf of the mark, hence 10pf coins inherited the groschen name and 5pf coins inherited the sechser name. Both usages are only regional and may not be understood in areas where a groschen coin did not exist before 1871. In particular, the usage of sechser is less widespread. In northern Germany

9506-472: Was the DM 20 note on 20 March 1992 (printed on 2 August 1991). The reason for this gradual introduction was, that public should become familiar with one single denomination, before introducing a new one. The change was finished with the introduction of the DM 5, DM 500, and DM 1000 denominations on 27 October 1992. The DM 500, and DM 1000 denominations were rarely seen in circulation due to value and all were introduced in one step. With

9604-469: Was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was typically called the " Deutschmark " ( / ˈ d ɔɪ tʃ m ɑːr k / DOYTCH -mark ). One Deutsche Mark was divided into 100 pfennigs . It was first issued under Allied occupation in 1948 to replace the Reichsmark and served as

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