1 000 000 Mark

Bad Reichenhall's million-mark note dates from the summer of 1923, when Germany's central hyperinflationary spiral forced municipal authorities — Stadträte with no printing mandate — to issue emergency Notgeld simply to meet payroll and keep local commerce moving. By August of that year, the Reichsbank could not supply currency fast enough; towns across Bavaria printed their own, usually for days or weeks before the denomination became worthless anyway.

Regional Notgeld at this level was typically printed by local job shops on whatever stock was available, which accounts for the variable paper quality and ink registration seen across surviving examples of Bavarian municipal issues from this period.