1 000 000 Mark overprint on 100 Mark

Goslar's million-mark overprint on an existing 100 Mark note is a direct artifact of the German hyperinflation of 1923, when municipal authorities across the country resorted to rubber-stamping or typographically overprinting old stock rather than commissioning entirely new issues — there was simply no time. The underlying 100 Mark note became, overnight, worth a ten-thousandth of its face value once the overprint was applied.

The watermarked paper predates the overprint, inherited from the original 100 Mark production run.