1 000 000 Mark

Blaubeuren is a small town in Württemberg with a population that barely exceeded three thousand in the early 1920s. That a municipality this size was printing million-mark notes in 1923 says everything about how completely the Reichsbank's supply chain had collapsed during the hyperinflation peak — local authorities printed their own Notgeld simply because waiting for central bank currency meant workers went unpaid for days while denominations became worthless in transit.

Dr. Karl Höhn was a local printer, not a specialist currency producer. The note's survival depends almost entirely on whether it escaped the mass redemptions and pulpings that followed stabilization under the Rentenmark in November 1923.