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| 正面描述 | Cream-toned note with a wave-pattern guilloche underprint covering the entire field, framed by a zigzag-edged border. At the top, the bold letterpress title GOLDSCHATZANWEISUNG / DES LANDES BADEN is set above a central vignette of the Baden coat of arms supported by two heraldic griffins, with the authorising law reference Gesetz v. 27. Okt. 1923 inscribed beneath it. The denomination 10 to the left and the dollar-cent equivalent 2.38 to the right flank the arms, with the value legend Pfennig Gold = Dollarcents / Nordamerika in script below; the lower section carries a redemption text, the place and date Karlsruhe, 28. Oktober 1923, the issuing authority Badische Staatsschuldenverwaltung, a manuscript signature, and two circular official seals in the lower corners, while the serial number and series letter appear in red on the left margin. |
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| 背面描述 | Plain cream paper reverse printed entirely in letterpress with three paragraphs of German text in a clean serif typeface, setting out the conditions of redemption. The text states that the Land Baden is liable for the debt with its entire assets, that repayment will be made from the state's timber revenues in the currency prevailing on the due date converted at the official Berlin mid-rate for New York between 15 March and 15 April 1927, and that the redemption claim lapses if the note is not presented within five years of the maturity date. Two faint circular official seals are visible in the lower corners. |
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Baden's 1923 Goldschatzanweisung series was an attempt by regional German authorities to issue gold-denominated emergency currency during the hyperinflation catastrophe — the nominal value pegged not to paper marks but to gold pfennig, which gave these notes a technical stability the Reichsmark had catastrophically lost. The Badische Staatsschuldenverwaltung, Baden's state debt administration, had no actual gold to back them; the "gold" designation was a unit of account, anchored to pre-war parity.
A print run of over twelve million for a 10 Pfennig note reflects the sheer volume demands of the period. Small denominations in gold-equivalent issues were consumed almost instantly in daily transactions.