10 000 Mark Reichsbanknote

By early 1922, the Reichsbank was already printing in denominations unthinkable three years prior. The 10,000 Mark note entered circulation as the mark's external value collapsed following Germany's failure to meet Versailles reparations payments — the French and Belgian occupation of the Ruhr was still months away, but the inflationary spiral was already self-reinforcing. At 12,175,000 printed, the run was substantial, yet within a year the denomination itself was rendered nearly worthless by hyperinflation that would eventually require notes of 100 trillion marks.

The watermark is the sole mechanical security feature — a sign of how quickly anti-counterfeiting priorities had been outpaced by the sheer volume demands on the Reichsdruckerei.