10 Mark Mansfeldsche Kupferschiefer bauende Gewerkschaft

The Mansfeldsche Kupferschiefer bauende Gewerkschaft was one of the oldest continuously operating mining enterprises in Europe — copper shale extraction in the Mansfeld district of Saxony-Anhalt dates back to the thirteenth century, and the Gewerkschaft (a form of mining cooperative under German law) formalized operations that had been running for centuries before most central banks existed. During the hyperinflation of 1922–23, hundreds of German industrial firms issued their own emergency currency — Notgeld — to pay workers when Reichsbank notes became functionally useless within days of printing.

The watermark is notable: most Notgeld of this period used plain stock. Its presence here suggests the Gewerkschaft drew on better-quality paper reserves, possibly sourced through their own industrial supply chains.