German gold mark

The  Goldmark  (officially just Mark, sign: ℳ) was the currency used in the German Empire from 1873 to 1914. The Papiermark refers to the German currency from 4 August 1914 when the link between the Mark and gold was abandoned.

History

Before unification, the different German states issued a variety of different currencies, though most were linked to the Vereinsthaler, a silver coin containing 16⅔ grams of pure silver. Although the Mark was based on gold rather than silver, a fixed exchange rate between the Vereinsthaler and the Mark of 3 Mark = 1 Vereinsthaler was used for the conversion. Southern Germany had used the Gulden as the standard unit of account, which was worth ⁴⁄₇ of a Vereinsthaler and, hence, became worth 1.71 (1+⁵⁄₇) Mark in the new currency. Bremen had used a gold based Thaler which was converted directly to the Mark at a rate of 1 gold Thaler = 3.32 (3+⁹⁄₂₈) Mark. Hamburg had used its own Mark prior to 1873. This was replaced by the Goldmark at a rate of 1 Hamburg Mark = 1.2 Goldmark.