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• How much old German paper money is worthon the market today?
  This page is about how past amounts in Marks can beconverted to past and present US dollars.
  • Formarket values of old German bills you may have, I suggest looking onebay under:
    Ebay > Currency > Germany.
  • Sammler.com has a pageCollector Values of Old German banknotes with lots of information.
  • Richard Holmes was a collector of 1920s GermanNotgeld (inflationary "emergency" money) until 1997. He put together anexcellentNotgeld website with historical background, scans and links, and a page onhow they can be valued (scroll down for tables). [links updated 8/2/10, thanks to Harry Brown]

1. First, using the tables immediately below, convert the 1938 Marks to 1938 dollars.
   In 1938, 2.49M=$1 or 12.4M=1£ means 6000M=$2409= £484.
2. Now go to theinflation calculators section below, and see what $2409 (or £484) in 1938 would be worth today (the MeasuringWorth.com calculator is excellent--I think it might be more accurate to use theUK calculator than theUS calculator, as Germany's economic indicators may have tracked those more closely). Inflating to the year 2017 the various indexes yield the following results:
   £29,400 or $41,900 using the Consumer Price Index
   £27,500 or $33,700 using the GDP deflator
                      $98,100 using the value of consumer bundle [reconverting in 2017: £70,700]
   £78,500 or $91,000 using the average earnings / unskilled wage *
   £132,000 or $214,000 using the nominal GDP per capita [good for estimating the "status" of that income]
   £183,000 or $537,000 using the relative share of GDP [good for estimating the share of national wealth]
3. Which measure would be most appropriate? Read the explanatory page on the MeasuringWorth.com site,Choosing the Best Indicator to Measure Relative Worth. For asalary or annual income, you will see that the "Consumer Bundle" or "GDP per capita" would be the best measures.
   Thus Fritz's salary would be between $98,100 and $214,000 today [Or $170,000 inflating the UK £.]
   Or using the UK inflator andconverting the £ to $: £132,000 = $170,000 in 2017 would be the high end instead of $214k.
   For the value of asimple commodity (loaf of bread, gallon of gas), you'd use the CPI.
   For thecost of a building or public works project, you'd use the GDP deflator.

Good luck with your historical conversion!

• Thetables on the left below were scanned from R.L. Bidwell,Currency Conversion Tables: A Hundred Years of Change (London: Rex Collings, 1970), 22-24.

• Thetables on the rightwere generated at the Economic History Association'seh.net site. In 2007 moved to:

• MeasuringWorth.com is a site created by Profs. Lawrence Officer and Samuel Williamson with precisely this question in mind. With asingle calculator you can choose up to 7 different measures for bringing US $ values from the late 1700s up to any year until 2006. For a discussion of which of the different measures is most meaningful for the amount you want to convert, see the discussion on theirMeasures of Worth page.
• For links to additional inflation calculators, see theLinks section, below.
• For historicalPounds to dollars andFrench Francs to dollars conversions, again seeLinks section, below.

• CPI-based inflation calculator, from1800 to present for US $ (westegg.com)
  • The Consumer Price Index is good for comparing goods in daily use (salaries, food).
  • created by Steven Morgan Friedman, a 1998 history major from UPenn, who became an excellent programmer-web designer (Friedman's CV).
• US Gov't CPI table, 1913-present, indexed 1982-84=100 (for US cities); monthly+annual avg.
  • Thesame 1913-present table, but with annual averages, and annual percentages
  • 1800-present table of annual averages, with 1967=100
  • Inflation calculator, 1913-present, for US $, by US gov't Bureau of Labor & Statistics
• NASA's inflation calculator page (for US $, 1940 to 2009), includes links to:
  • a CPI index running from 1913 to 2003.The CPI index is best for consumer goods.
  • a GDP Deflator Inflation Calculator, which isbetter for industrial goods and construction projects.
• for a discussion comparing CPI, GDP and other measures see thispage at measuringworth.com.
  • The CPI is, of course,most accurate for consumer goods.
• For additional historical currency links, see thisH-German e-mail exchange, Aug. 2005, which includes the following table:
• Implicit GNP Deflator 1913=100 (Germany, 1901-1995, gap 1914-1924)
  Table based on one submitted by Prof. Albrecht Ritschl (Humboldt University, Berlin.), who used the source: Albrecht Ritschl and Mark Spoerer,: "Das Bruttosozialprodukt in Deutschland nach den amtlichen Volkseinkommens- und Sozialproduktsstatistiken 1901-1995," in:Jahrbuch fuer Wirtschaftsgeschichte (1997), part 2, 11-37. The article title translates as: "Gross National Product in Germany based on the Official National Income and Product Statistics, 1901-1995."
• Roy Davies, University of Exeter librarian, has aCurrent Value of Old Money page, with links toOn-line tools & sources (they start with the eh.net site I used, above [note 2008: the eh.net site has become measuringworth.com]).
• Pounds to Dollars Historical Conversion of Currency by Eric Nye, Department of English, University of Wyoming(source years: 1264-1983; target years 1913-2007)
• French Franc-to-Euro consumer price index equivalencies, 1901-2001, in English, from the FrenchInstitut National de la Statistique et des Études Économiques:www.insee.fr.
• from 2002: Euro-to-Euro CPI
• pre-1800 German currency, athudsonrivervalley.net (with conversion rates at the bottom of the page) and1632.org/1632Slush/1632money.rtf:
  The thaler (from thal, "valley") originally came from the coins minted from the silver from a rich mine at Joachimsthal (St. Joachim's Valley, Czech: Jáchymov) in Bohemia. Thalers/dollars were thus silver coins, while Guilders or Florins were gold (florin: name of gold coin minted in Florence in 1252). Here are some equivalencies
  1 Karolin       = 11 rhenish florins
  1 Dukaten     =   5 fl rhein. (since 1559)
  1 Laubtaler    =  2 fl 45 Kreuzer rhein.
  1 Königstaler =  1 fl 20 Kreuzer rhein.
  1 Reichsthaler = 1.5 fl rhein. = 24 groschen = (theoretically) 12 pfennigs
  (depended on copper vs. silver supply; latter became scarce during 30 years war, 1618-1648)
  1 gulden  =   4 mark = 24 albus = 48 schilling = 288 heller; 1 Gulden = 1 Guilder (Dutch)
  1 groschen = 1 shilling (?)
  or:
  1 fl rhein. = 15 Batzen =  20 Groschen = 60 Kreuzer = 240 Denar (Pfennig) = 480 Heller
  1 Albus = 1 1/2 Batzen =  2 Groschen =   6 Kreuzer =   24 Denar = 48 Heller
  1 Batzen   =   4 Kreuzer = 16 Denar = 32 Heller
  1 Groschen = 3 Kreuzer = 12 Denar = 24 Heller
  1 Kreuzer   = 4 Denar = 8 Heller
  1 Denar      = 2 Heller