The basic monetary unit of the former German Democratic Republic, equal to 100 pfennigs.
- Problems were made worse when the German currency union took effect, following the decision to convert East German Ostmarks at an artificially high rate into Deutschmarks.
- There is even a hotel in the town of Zittau where guests can change their euros into Ostmarks, be ignored by hotel staff and spied upon by secret service agents.
- In addition, the exchange rate of the Ostmark against the Deutsche Mark underwent substantial revaluation with the currency reform which converted Ostmarks into DM at 1:1 with large holdings being exchanged at 2:1.
German, literally 'east mark' (see mark2).
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