1 000 000 Mark Hausham, Bergwerksdirektion

Hausham's coal mining directorate — the Bergwerksdirektion — issued notgeld during the hyperinflation of 1923 when the Reichsmark's collapse made orthodox wage payment nearly impossible. Mining operations needed to pay workers weekly, sometimes daily, and the central banking system simply could not supply physical currency fast enough. Industrial issuers like this one stepped in out of necessity, not authority.

The watermarked paper distinguishes this from the cheaper emergency issues printed on whatever stock was available. Someone made a deliberate procurement decision here.