1 000 000 Mark Sächsische Staatsbank

Saxony's state bank — the Sächsische Staatsbank — was among the regional and municipal institutions authorized to issue emergency Notgeld during the hyperinflation peak of 1923, when the Reichsbank could not print fast enough to meet demand. By the time million-mark denominations became necessary, the face value of such notes was depreciating faster than they could be distributed; a note worth a loaf of bread in the morning might not cover it by afternoon.

The watermarked paper distinguishes this from the more roughly produced municipal issues of the same period, indicating the Staatsbank retained access to security paper stock even as the monetary system collapsed around it.