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| 正面描述 | Green guilloche border frames the entire face, with the issuer title 'Bayerische Banknote' and denomination '1,000,000 Eine Million Mark' rendered in bold Gothic blackletter script against a fine engine-turned underprint. The place and date of issue, 'München, den 20. August 1923', appear in the central field below the denomination, with the issuing authority 'Bayerische Notenbank' inscribed beneath. Four manuscript signatures appear at the foot of the note, attributed respectively to the Staatskommissär, Aufsichtsrat, and Direktion, with a red serial number printed at the top. |
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| 正面铭文 | 登录 以查看详情 |
| 背面描述 | Printed entirely in green on plain paper, the reverse centres on a large oval vignette with the denomination '1 MILLION MARK' in bold sans-serif lettering, surrounded by intricate lathe-work and foliate guilloche ornaments. The issuer legend 'BAYERISCHE NOTENBANK' runs across the top in capital letters. Anti-counterfeiting and redemption notices appear in two text columns at the lower left and lower right, referencing German penal law and the redemption terms effective 1 January 1924. |
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The Bayerische Notenbank was one of four German state banks still legally permitted to issue currency under the Reichsbank framework — a holdover from the pre-unification banking structure that became suddenly consequential during the hyperinflation of 1923. This million-mark note was not a curiosity when issued; by late 1923 a single tram ticket in Munich cost more.
Bavaria's political situation that autumn compounded everything. The state was under a right-wing emergency government, and the Reichsbank's authority over monetary policy was effectively ignored in several southern districts. Notes from the Bayerische Notenbank circulated alongside Reichsbank issues without clear hierarchy.
The note was printed locally in Munich — unusual for high-denomination emergency issues of this period, when many regional authorities outsourced to Leipzig or Berlin printers under time pressure.