1 Mark Darlehnskassenschein

The Darlehnskassenschein series — literally "loan treasury notes" — was first introduced in 1914 as a wartime emergency instrument, legally distinct from Reichsbank currency and intended to be temporary. By the time this 1920 issue appeared, "temporary" had long since lost its meaning. The Reichsschuldenverwaltung, the Reich Debt Administration, inherited a monetary system under severe strain, and these small notes filled the gap left by hoarded and melted coin.

The 1920 reissue of the 1 Mark denomination is common in circulated grades but notoriously difficult to find without the characteristic horizontal fold lines — these passed through millions of hands before inflation made them functionally worthless within three years.