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Extracts from the British Military Government Law No. 61: First Law for Monetary Reform [Currency Law] (June 20, 1948)

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Conversion of Currency

1. With effect from 21st June 1948 the Deutsche Mark is introduced as the legal currency. The Deutsche Mark, which is divided into one hundred Deutsche Pfennigs, shall constitute the unit of calculation.
2. The following shall be the only legal tender as from 21st June 1948:—
(i) Notes and coins, denominated in Deutsche Marks or Pfennigs, which are issued by the Bank deutscher Laender.
(ii) The following notes and coins, at one tenth of their previous face value:—
(a) Allied Military Mark notes put into circulation in Germany of 1 and ½ Mark denomination.
(b) Rentenbank notes of 1 Mark denomination.
(c) Coins of 50, 10, 5 and 1 Reichspfennig or Rentenpfennig. (The auxiliary notes issued by the Laender of the French Zone of 50, 10 and 5 Pfennig are also legal tender in the French Zone.)
3. Subject to their being called in earlier, the Allied Military Mark notes and the Rentenmark notes described in paragraph 2 (ii) above shall cease to be legal tender on 31st August, 1948.

Where in Laws, ordinances, acts of the administration or declarations relating to legal transactions the unit Reichsmark, Goldmark or Rentenmark is used, it shall, subject to special provisions for particular cases, be replaced by the unit Deutsche Mark.

Money debts may be contracted in a currency other than Deutsche Marks only with the permission of the competent foreign exchange control agency. The same rule applies to money debts the Deutsche Mark amount of which is to be fixed in terms of the exchange rate for some other currency, or by the price or quantity of fine gold or other goods or performances.

A moratorium is granted for all Reichsmark obligations. The moratorium ends on the expiry of 26th June, 1948.

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