1 000 000 000 Mark Reichsbanknote

By September 1923, the Reichsbank was issuing denominations in the billions simply to keep pace with daily price movements — a loaf of bread that cost 250 Mark in January 1923 would exceed 200,000 Million Mark by November. The one-billion Mark note was not an aberration; it was briefly a routine transaction unit. The Reichsdruckerei printed these at such volume that standard security protocols were compressed, and the watermark — present in earlier high-denomination issues — remained largely symbolic against a backdrop of industrial-scale overproduction.

Pick 114 was superseded within weeks by notes of still larger face values, ultimately rendered worthless by the Rentenmark stabilization of November 1923.