On June 18th a new currency, the Deutsche Mark, was announced; three days later it was placed in circulation (the banknotes had been printed in great secrecy in the US and transported to Frankfurt under US Army escort). The old Reichsmark was withdrawn, with every German resident entitled to exchange just forty of them for the new marks at a 1:1 ratio, thereafter at a ratio of 10:1. Initially unpopular (because it destroyed savings, pushed up real prices and put goods beyond most people’s reach) the currency was quickly accepted, as stores filled up with goods that farmers and traders were now
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