10 000 000 Mark

Ulm's municipal administration, like hundreds of German cities in the summer and autumn of 1923, was forced into the notgeld business not by choice but by arithmetic — the Reichsbank simply could not print and distribute currency fast enough to keep pace with hyperinflation. The 10,000,000 Mark denomination, staggering by any prewar measure, was already being rendered inadequate within weeks of issue as prices doubled and redoubled.

Dr. Karl Höhn was a local Ulm printer, not a specialist currency firm. That matters — quality control and paper security varied enormously among municipal emergency issues, and Höhn's output was civic infrastructure pressed into emergency monetary service.