MARK

German monetary unit. In the 19th century the mark was a common small coin in the German states, but its value varied between states. In 1873, soon after the creation of the German empire, the gold mark, equal to 100 pfennigs, was adopted as the standard of value and the money of account for the empire. The current unit is the deutsche mark (DM; German mark). The early history of the term can be traced back at least to the 11th century, when the mark was mentioned in Germany as a unit of weight (approximately eight ounces) most commonly used for gold and silver. As a unit of account, it was employed during the Middle Ages for payment of large sums; the small silver coins of varying size and quality were melted and cast into lumps on which were stamped the weight and purity of the silver. The latter were called Usualmark.