1 000 000 000 000 Mark

The Sächsische Bank zu Dresden was one of four German private note-issuing banks still operating alongside the Reichsbank in 1923, and its authorization to print emergency currency during the hyperinflation crisis made notes like this one a practical necessity rather than a policy choice. By the time one trillion Mark denominations were required, the purchasing power of the currency was collapsing faster than the presses could keep up — this note's face value would have bought a loaf of bread for perhaps a day before becoming insufficient.

Johannes Pässler printed locally in Dresden, which was typical for Saxony's regional emergency issues. The Sächsische Bank lost its right to issue notes when the Rentenmark stabilization took hold in late 1923.