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| 表面の説明 | Green guilloche underprint with ornate interlocking rosette borders along both vertical edges frames the note. The title inscription 'Gutschein der Stadt Cottbus' appears at the top in bold serif lettering, with the denomination 'Zehn Millionen Mark' in large display type at centre. A circular city seal of Cottbus is visible as a pale underprint at centre-right, flanked by the date, validity clause, and two manuscript signatures above the serial number at lower left, with the printer's imprint at the base. |
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| 表面の銘文 | Gutschein der Stadt Cottbus über Zehn Millionen Mark Dieser Gutschein verliert einen Monat nach Aufruf im Cottbuser Anzeiger seine Gültigkeit. Cottbus, den 17. September 1923 Der Magistrat. |
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Cottbus was one of hundreds of German municipalities forced into emergency currency production during the hyperinflation spiral of 1923, but printing locally — as Cottbus did through Otto Enke — was relatively uncommon. Most cities of similar size contracted out to established security printers in Leipzig or Berlin. That Enke, a local firm, handled a denomination this large suggests the issue was produced under extreme time pressure, when waiting for an outside printer was no longer practical.
By August 1923, when notes in the tens of millions of marks were entering circulation, the purchasing power of any given denomination could halve within days. These were functional instruments of a collapsing system, not monetary policy.