10 000 000 000 Mark

Berchtesgaden's 10 billion Mark note dates from the absolute peak of Weimar hyperinflation — by late 1923, the Reichsbank simply could not print fast enough, and thousands of municipalities, savings banks, and private firms were authorized to issue their own emergency currency (Notgeld) to meet payroll and daily commerce. This is one of those local stop-gap issues, not a product of any central monetary authority.

The watermarked paper is notable for a municipal issue of this kind — many comparable Notgeld pieces from smaller Bavarian towns used whatever stock was available, watermark or not. Its inclusion here likely reflects a printer with existing commercial paper stocks rather than any deliberate security measure.