10 000 000 000 Mark

Bruchsal's municipal administration became a currency issuer by necessity, not ambition. By late 1923, the Reichsbank could not print fast enough to keep pace with hyperinflation, so hundreds of German municipalities and commercial entities issued their own emergency notes — Notgeld — under emergency authorization. This 10-billion Mark piece represents the upper registers of that collapse: denominations in the ten-figure range were common only in the final weeks before the Rentenmark stabilization of November 1923.

Heinrich Bürst Schletter AG was a local printer, not a specialist security printing house, which makes the inclusion of a watermark paper stock notable — sourced rather than produced in-house.