The coins were the smallest units of Deutschmark
(DM), a currency that was previously used by the Federal Republic of Germany until the euro was introduced in 2002.
Many Germans were reluctant to give up the Deutschmark
, which symbolised Germany's post-war economic revival.
Germany's pre-Euro currency, the deutschmark
, was divided into 100 what?
currency (DM), yearned for by some adults but almost unknown amongst children, can still be swapped for euros at the rate fixed back in 2001.
The AfD only launched last February, but its proposal to kill the euro and resurrect Germany's beloved former currency, the Deutschmark
, or at least to kick the weaker economies of southern Europe out of the euro, got instant traction.
Draghi gambles, you pay," read one sign held up by the Alternative for Germany (AfD) party, which wants Europe's top economy to ditch the single currency and says bringing back the once-beloved deutschmark
"must not be taboo".
Furthermore, only a minority of the respondents would like to see the reintroduction of the Deutschmark
If Germany reverts to the Deutschmark
, what then for the EU?
Those countries that were left behind would be merely part of "a greater Deutschmark
zone", he said.
Putin's remarks gain additional significance as they follow reports that Germany is planning to restore the Deutschmark
- its former national currency - in case the Euro collapses.
Because Germany joined the euro when the deutschmark
was cheap compared to German economic fundamentals, the common currency effectively enshrined a competitive pricing edge for German producers within Europe.
If they want the Euro to be successful (and I am not convinced in its present form that it can be made to work across Europe) Germany must pull out of the Euro and revert back to the Deutschmark
and the other nations would eventually set their own rate.