1 Goldmark Zentralverband des badischen Einzelhandels

The Zentralverband des badischen Einzelhandels — the Central Association of Baden Retailers — issued Goldmark-denominated emergency notes through its local branches in late 1923 as Germany's hyperinflation rendered Reichsmark notes functionally worthless between printing and spending. Pegging scrip to the Goldmark was a practical hedge: it gave the notes a stable theoretical value at a time when official currency was losing purchasing power by the hour.

The Todtnau branch was a small mountain-town issuer in the Black Forest. Notes from minor Ortsgruppen like this one typically had very short circulation windows and low print runs, which cuts both ways for survival rates.