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The first Deutsche Mark coins were issued by the Bank deutscher Länder in and From , the inscription Bundesrepublik Deutschland Federal Republic of Germany appeared on the coins.
These coins were issued in denominations of 1, 2, 5, and 10 pfennigs. The 1- and 2-pfennig coins were struck in bronze clad steel although during some years the 2 pfennigs was issued in solid bronze while 5 and 10 pfennigs were brass clad steel.
In , cupronickel pfennig and 1-mark coins were released, while a cupronickel 2 marks and a. Cupronickel replaced silver in the 5 marks in The 2- and 5-mark coins have often been used for commemorative themes, though typically only the generic design for the 5 marks is intended for circulation.
Commemorative silver mark coins have also been issued which have periodically found their way into circulation. Unlike other European countries, Germany retained the use of the smallest coins 1 and 2 pfennigs until adoption of the euro.
The weights and dimensions of the coins can be found in an FAQ of the Bundesbank. Unlike other countries such as Australia there was no attempt or proposal suggested for the withdrawal of the 1- and 2-pfennig coins.
Both coins were still in circulation in and supermarkets in particular still marked prices to the nearest pfennig. This penchant for accuracy continues with the euro while Finland or the Netherlands for example, price to the nearest 5 cents with the 1-cent coin still encountered in Germany.
There were a considerable number of commemorative silver DM 5 and DM 10 coins , which actually had the status of legal tender but were rarely seen outside of collectors' circles.
On 27 December , the German government enacted a law authorizing the Bundesbank to issue, in , a special. The coin had the exact design and dimensions of the circulating cupro-nickel DM 1 coin, with the exception of the inscription on the reverse, which read "Deutsche Bundesbank" instead of "Bundesrepublik Deutschland" , as the Bundesbank was the issuing authority in this case.
A total of one million gold 1-mark coins were minted , at each of the five mints and were sold beginning in mid through German coin dealers on behalf of the Bundesbank.
The issue price varied by dealer but averaged approximately United States dollars. German coins bear a mint mark, indicating where the coin was minted.
The mint mark A was also used for German mark coins minted in Berlin beginning in following the reunification of Germany.
These mint marks have been continued on the German euro coins. Between July 1, the currency union with East Germany and July 1, , East German coins in denominations up to 50 pfennigs continued to circulate as Deutsche Mark coins at their face value, owing to a temporary shortage of small coins.
These coins were legal tender only in the territory of the former East Germany. In colloquial German the pfennig coin was sometimes called a groschen cf.
Likewise, sechser sixer could refer to a coin of 5 pfennigs. Both colloquialisms refer to several pre currencies of the previously independent states notably Prussia , where a groschen was subdivided into 12 pfennigs, hence half a groschen into 6.
After , 12 old pfennigs would be converted into 10 pfennigs of the mark, hence pfennig coins inherited the "Groschen" name and 5-pfennig coins inherited the "sechser" name.
Both usages are only regional and may not be understood in areas where a Groschen coin did not exist before In particular, the usage of "sechser" is less widespread.
A reserve series BBk II was commissioned on July 1, , consisting of 10, 20, 50 and mark banknotes. The notes were printed between and in fear if the Eastern Bloc would start systematically counterfeiting the BBk I series of banknotes to cripple the economy, then they would quickly be replaced by emergency notes.
The design of German banknotes remained unchanged during the s, s and s. During this period, forgery technology made significant advances and so, in the late s, the Bundesbank decided to issue a new series of Deutsche Mark banknotes.
Famous national artists and scientists were chosen to be portrayed on the new banknotes. Male and female artists were chosen in equal numbers.
The buildings in the background of the notes' obverses had a close relationship to the person displayed e. The reverses of the notes refer to the work of the person on the obverse.
The new security features were: The reason for this gradual introduction was, that public should become familiar with one single denomination, before introducing a new one.
The last three denominations were rarely seen in circulation and were introduced in one step. Furthermore, the colours were changed slightly to hamper counterfeiting.
The German name of the currency is Deutsche Mark fem. In German, the adjective "deutsche" adjective for "German" in feminine singular nominative form is capitalized because it is part of a proper name, while the noun "Mark", like all German nouns, is always capitalized.
The English loanword "Deutschmark" has a slightly different spelling and one syllable fewer possibly due to the frequency of silent e in English , and a plural form in -s.
In Germany and other German speaking countries, the currency's name was often abbreviated as D-Mark fem. Like Deutsche Mark , D-Mark and Mark do not take the plural in German when used with numbers like all names of units , the singular being used to refer to any amount of money e.
Gib mir mal ein paar Märker "Just give me a few marks" and Die lieben Märker wieder "The lovely money again", with an ironic undertone. The subdivision unit is spelled Pfennig masc.
The official form is singular. Before the switch to the euro, the Deutsche Mark was the largest international reserve currency after the United States dollar.
The percental composition of currencies of official foreign exchange reserves from to Related Words for value profit , price , rate , amount , cost , expense , use , power , quality , sense , meaning , content , importance , benefit , purpose , significance , import , valuation , appraisal , charge.
Contemporary Examples of value But there's a ton of value for me in my background and my history, and losing it would be a shame.
Your Husband Is Definitely Gay: Historical Examples of value Obulus, plural Oboli —A small coin, about the value of a penny. Philothea Lydia Maria Child.
Brave and Bold Horatio Alger. Ancient Man Hendrik Willem van Loon. Clarissa, Volume 1 of 9 Samuel Richardson. A principle, standard, or quality considered worthwhile or desirable.
An assigned or calculated numerical quantity. Published by Houghton Mifflin Company. Value at risk VaR is a measure of the risk of loss for investments.
It estimates how much a set of investments might lose with a given probability , given normal market conditions, in a set time period such as a day.
VaR is typically used by firms and regulators in the financial industry to gauge the amount of assets needed to cover possible losses.
For a given portfolio, time horizon, and probability p , the p VaR can be defined informally as the maximum possible loss during the time if we exclude worse outcomes whose probability is less than p.
This assumes mark-to-market pricing, and no trading in the portfolio. A loss which exceeds the VaR threshold is termed a "VaR breach".
For instance, assume someone makes a bet that flipping a coin seven times will not give seven heads. VaR has four main uses in finance: VaR is sometimes used in non-financial applications as well.
Important related ideas are economic capital , backtesting , stress testing , expected shortfall , and tail conditional expectation.
The reason for assuming normal markets and no trading, and to restricting loss to things measured in daily accounts , is to make the loss observable.
In some extreme financial events it can be impossible to determine losses, either because market prices are unavailable or because the loss-bearing institution breaks up.
Some longer-term consequences of disasters, such as lawsuits, loss of market confidence and employee morale and impairment of brand names can take a long time to play out, and may be hard to allocate among specific prior decisions.
VaR marks the boundary between normal days and extreme events. Institutions can lose far more than the VaR amount; all that can be said is that they will not do so very often.
Although it virtually always represents a loss, VaR is conventionally reported as a positive number.
Another inconsistency is that VaR is sometimes taken to refer to profit-and-loss at the end of the period, and sometimes as the maximum loss at any point during the period.
The original definition was the latter, but in the early s when VaR was aggregated across trading desks and time zones, end-of-day valuation was the only reliable number so the former became the de facto definition.
As people began using multiday VaRs in the second half of the s, they almost always estimated the distribution at the end of the period only.
It is also easier theoretically to deal with a point-in-time estimate versus a maximum over an interval. Therefore, the end-of-period definition is the most common both in theory and practice today.
Moreover, there is wide scope for interpretation in the definition. The distinction is not sharp, however, and hybrid versions are typically used in financial control , financial reporting and computing regulatory capital.
To a risk manager, VaR is a system, not a number. The system is run periodically usually daily and the published number is compared to the computed price movement in opening positions over the time horizon.
There is never any subsequent adjustment to the published VaR, and there is no distinction between VaR breaks caused by input errors including Information Technology breakdowns, fraud and rogue trading , computation errors including failure to produce a VaR on time and market movements.
A frequentist claim is made, that the long-term frequency of VaR breaks will equal the specified probability, within the limits of sampling error, and that the VaR breaks will be independent in time and independent of the level of VaR.
This claim is validated by a backtest , a comparison of published VaRs to actual price movements. In this interpretation, many different systems could produce VaRs with equally good backtests , but wide disagreements on daily VaR values.
For risk measurement a number is needed, not a system. A Bayesian probability claim is made, that given the information and beliefs at the time, the subjective probability of a VaR break was the specified level.
VaR is adjusted after the fact to correct errors in inputs and computation, but not to incorporate information unavailable at the time of computation.
Rather than comparing published VaRs to actual market movements over the period of time the system has been in operation, VaR is retroactively computed on scrubbed data over as long a period as data are available and deemed relevant.
The same position data and pricing models are used for computing the VaR as determining the price movements.
Although some of the sources listed here treat only one kind of VaR as legitimate, most of the recent ones seem to agree that risk management VaR is superior for making short-term and tactical decisions today, while risk measurement VaR should be used for understanding the past, and making medium term and strategic decisions for the future.
When VaR is used for financial control or financial reporting it should incorporate elements of both. For example, if a trading desk is held to a VaR limit, that is both a risk-management rule for deciding what risks to allow today, and an input into the risk measurement computation of the desk's risk-adjusted return at the end of the reporting period.
VaR can also be applied to governance of endowments, trusts, and pension plans. Essentially trustees adopt portfolio Values-at-Risk metrics for the entire pooled account and the diversified parts individually managed.
Instead of probability estimates they simply define maximum levels of acceptable loss for each. Doing so provides an easy metric for oversight and adds accountability as managers are then directed to manage, but with the additional constraint to avoid losses within a defined risk parameter.
VaR utilized in this manner adds relevance as well as an easy way to monitor risk measurement control far more intuitive than Standard Deviation of Return.
Use of VaR in this context, as well as a worthwhile critique on board governance practices as it relates to investment management oversight in general can be found in Best Practices in Governance.
Risk managers typically assume that some fraction of the bad events will have undefined losses, either because markets are closed or illiquid, or because the entity bearing the loss breaks apart or loses the ability to compute accounts.
Therefore, they do not accept results based on the assumption of a well-defined probability distribution. The term "VaR" is used both for a risk measure and a risk metric.
This sometimes leads to confusion. Sources earlier than usually emphasize the risk measure, later sources are more likely to emphasize the metric.
The VaR risk measure defines risk as mark-to-market loss on a fixed portfolio over a fixed time horizon. There are many alternative risk measures in finance.
Given the inability to use mark-to-market which uses market prices to define loss for future performance, loss is often defined as a substitute as change in fundamental value.
For example, if an institution holds a loan that declines in market price because interest rates go up, but has no change in cash flows or credit quality, some systems do not recognize a loss.
Also some try to incorporate the economic cost of harm not measured in daily financial statements , such as loss of market confidence or employee morale, impairment of brand names or lawsuits.
Rather than assuming a static portfolio over a fixed time horizon, some risk measures incorporate the dynamic effect of expected trading such as a stop loss order and consider the expected holding period of positions.
The VaR risk metric summarizes the distribution of possible losses by a quantile , a point with a specified probability of greater losses.
A common alternative metrics is expected shortfall. Supporters of VaR-based risk management claim the first and possibly greatest benefit of VaR is the improvement in systems and modeling it forces on an institution.
In , Philippe Jorion wrote:
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