1 000 000 Mark Leusch & Co, Berlin und Ludwigshafen am See

Leusch & Co. was a private banking firm — a Kommanditgesellschaft, meaning it carried the personal liability of at least one general partner — and this note is one of the notgeld issues that firm floated during the hyperinflation peak of 1923, when the Reichsmark was collapsing fast enough that million-mark denominations became routine within weeks of introduction. Private commercial banks issuing their own emergency currency was not unprecedented in Germany, but it was a measure of how thoroughly the Reichsbank had lost control of the payments system by mid-1923.

The dual city designation — Berlin and Ludwigshafen am See — reflects the firm's branch structure rather than any split printing arrangement.