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| 正面描述 | Brown-toned notgeld voucher with the Kiel city arms (a heraldic shield with a crowned lion) in the upper left corner and the text 'Stadt Kiel' printed vertically along the left margin. The central text block, set in Gothic blackletter script, reads 'Gutschein der Stadt Kiel' in a banner vignette, followed by the redemption clause and date 'Kiel, den 28. Februar 1923'. A bold black overprint bar cancels the original denomination 'Zehntausend Mark', replaced by a large blackletter overprint at the foot reading 'Einer Million Mark'. Four manuscript facsimile signatures with official titles appear across the lower centre, and a red serial number is printed vertically along the left edge alongside the notation '10000 Mark'. |
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| 正面铭文 | Gutschein der Stadt Kiel Gegen Einlieferung dieses Scheins zahlt die Stadthauptkasse Kiel den Betrag von Zehntausend Mark Kiel, den 28. Februar 1923 Einer Million Mark |
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Kiel's municipal treasury, like dozens of German cities in 1923, ran out of road before the Reichsbank could supply adequate denominations to match runaway inflation. Rather than print entirely new notes, the city applied a 1 000 000 Mark overprint directly onto existing 10 000 Mark stock — a shortcut that compressed two distinct inflationary episodes into a single piece of paper. The underlying note had been current only weeks before the overprint rendered it a hundredfold undervalued.
The gap between the face value of the base note and the stamped overprint tells you something precise about the velocity of the collapse: 10,000 Mark was a meaningful sum in early 1923 and scarcely worth printing by August.