The economic, monetary and social union of West Germany and the GDR comes into force on 1 July 1990. The changes spell the end of the Eastern mark. GDR citizens finally have access to the Western mark, a long-time symbol of West German prosperity.
Adults can change up to 4,000 Eastern marks at a rate of 1:1. For pensioners the maximum is 6,000. Savings in excess of those limits will be changed at a rate of 2:1. Wages and pensions are converted 1:1, and debts are halved.
