1 000 000 Mark

Stuttgart issued this one-million Mark note in 1923 as Notgeld — emergency municipal currency — at the absolute peak of Weimar hyperinflation. By the time such notes reached circulation, the denomination was already losing value faster than the ink dried. Cities, towns, and even private firms were authorized to print their own money simply because the Reichsbank could not produce currency quickly enough to keep pace with the collapse.

The Keller reference places this within the documented Stuttgart municipal series. The watermarked paper distinguishes it from cheaper, unlisted varieties in the same series — a meaningful technical distinction for attribution purposes.