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“Number One in Europe”: The Startling Emergence of the Deutsche Mark, 1968–1969

Published online by Cambridge University Press:  13 April 2006

William Glenn Gray
William Glenn Gray
Affiliation:
Purdue University
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Abstract

The dollars—and pounds, and francs—came pouring in. Speculators and small savers across Western Europe raced to exchange their currencies for the Deutsche Mark. “Hot money” flowed into Germany at astounding rates. The reserves of West Germany's central bank, the Bundesbank, shot up by DM 9.4 billion ($2.15 billion) in the first three weeks of November 1968—with DM 7.3 billion arriving in just three days of trading. Airports in Germany barred exchanges of more than one hundred francs at a time; train stations in Zurich stopped accepting French notes altogether.

Type
Research Article
Information
Central European History , Volume 39 , Issue 1 , March 2006 , pp. 56 - 78
Copyright
© 2006 Conference Group for Central European History of the American Historical Association

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