1 000 000 Mark Reichsbahndirektion

The German state railways — the Reichsbahn — became an emergency currency issuer during the hyperinflation of 1923, a situation so extreme that employers needed to pay workers in installments simply because denominations became obsolete within days. The Reichsbahndirektion Frankfurt am Main was one of dozens of regional railway directorates authorized to print Notgeld to meet payroll obligations when Reichsbank supply could not keep pace with demand.

One million marks sounds extraordinary; by autumn 1923 it was inadequate for a tram fare.