10 000 000 000 Mark

Giengen an der Brenz — a small Württemberg town best known today as the birthplace of the Steiff teddy bear — was one of hundreds of German municipalities forced to print their own emergency currency during the hyperinflation of 1923. By October of that year, the Reichsbank simply could not supply denominations fast enough to keep pace with price collapse, and Notgeld at the ten-billion-mark level was not extraordinary.

The watermarked paper suggests the city sourced stock from a commercial printer with access to security paper rather than improvising entirely. Whether this was a single issue or part of a short series in the same denomination run is not firmly established in the secondary literature.