1 000 000 Mark

Freienwalde an der Oder was a small spa town in Brandenburg, and like hundreds of German municipalities in 1923, its savings bank — operating out of the town hall — was forced into emergency currency issuance as Reichsbank notes became worthless faster than they could be printed. These Notgeld issues at the million-mark level reflect the peak inflationary spiral of mid-1923, when the mark's collapse was measured in days, not months.

The watermarked paper is notable for a local issue of this type — many comparable municipal Notgeld from the same period used plain stock. Whether this reflects a specific paper supplier relationship or a deliberate attempt at rudimentary security is unrecorded.