10 000 000 Mark Reichsbahn in Bayern

Railway emergency money — Eisenbahn-Notgeld — proliferated rapidly in the summer and autumn of 1923 as Germany's hyperinflation outpaced the Reichsbank's ability to supply denominated currency fast enough for payroll. The Reichsverkehrsministerium's Bavarian branch issued its own notes to pay railway workers directly, bypassing the central banking system entirely. At 10,000,000 Mark, this note was already obsolete within weeks of printing; by November 1923 the Reichsmark had been replaced by the Rentenmark at a rate of one trillion to one.

Railway-issued Notgeld from this period is frequently found with paymaster's stamps or handwritten countersignatures applied at individual depots — an authentication measure that also complicates attribution today.