10 000 000 000 Mark G. Gagstätter

Senden is a small town on the Iller river, just outside Ulm — and G. Gagstätter was a sawmill and timber-planing operation, the kind of mid-sized industrial firm that found itself forced to print its own emergency money during the hyperinflation peak of late 1923. The denomination here — ten billion Mark — reflects where Germany stood by October of that year, when the Reichsbank rate briefly exceeded four trillion Mark to the dollar.

Dr. Karl Höhn in Ulm handled the printing, a practical choice given geographic proximity. Notgeld issued by private industrial firms rather than municipalities or savings banks is less commonly encountered; Gagstätter's notes circulated among employees and local traders as a payroll substitute when Reichsbank notes simply couldn't keep pace with daily revaluation.