1/2 Deutsche Mark

The Bank Deutscher Länder was a transitional institution — created by the Western Allied occupation authorities in March 1948 specifically to manage the currency reform that followed three months later in June. The reform was one of the most abrupt monetary resets in postwar European history, replacing the Reichsmark at a punishing conversion rate and effectively wiping out accumulated wartime savings overnight. This half-Mark note was part of that founding issue.

American Bank Note Company printed the entire series in New York well before the reform's public announcement, a logistical necessity given the secrecy required. The notes were shipped to Germany under military security and held in reserve until the June 20th cutover date.