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| 防伪类型 | Watermark panel |
| 防伪描述 | Vertical watermark panel at right margin of obverse reading '1 MILLIARDE MARK' in an ornamental cartouche, printed in light purple. |
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The Bayerische Notenbank was one of four surviving German state banks still legally authorized to issue currency under the Reichsbank Law of 1875, a status that became acutely relevant in 1923 when the Reichsbank's own output could not keep pace with hyperinflation's demands. This billion-Mark note — a denomination unimaginable eighteen months earlier — was printed in Munich as a practical response to a collapse already beyond rational measurement. By November 1923, it would be worth a fraction of a US cent.
The watermark panel is the sole security feature, a telling indication of how quickly anti-counterfeiting considerations had become irrelevant when forgery could not keep up with official devaluation.