100 000 000 000 Mark Overath

Overath is a small town in the Bergisches Land east of Cologne, and like hundreds of German municipalities in late 1923, it issued its own emergency currency — Notgeld — when the Reichsbank's printing presses could no longer keep pace with hyperinflation. By the time notes in the hundred-billion-mark range were being produced, the denomination itself was almost immediately obsolete; the Rentenmark stabilization of November 1923 came within weeks of most such issues.

Municipal Notgeld of this period was typically printed locally on short notice, which accounts for the variation in paper quality and typographic execution seen across surviving examples. Overath's issue is unexceptional as a financial instrument but sits in the very last stratum of the inflation collapse.