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100 000 000 000 Mark Reichsbanknote

Issuer Reichsbank
Year 1923
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Size 135 × 65 mm
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Obverse description Typographically austere note printed in blue-grey on cream paper, dominated by the large ornate Gothic letterpress denomination "EINHUNDERT MILLIARDEN MARK" across the upper and central fields, surmounted by the title "REICHSBANKNOTE" in spaced Roman capitals. The lower portion carries the payment clause in smaller letterpress text, flanked on the left by a vertical anti-counterfeiting warning, and bears two circular Reichsbankdirektorium dry-stamp seals enclosing the Imperial eagle, with twelve facsimile signatures of the Reichsbank directorate arranged in three rows between them; the numeral "100" appears in large format at the lower right.
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Protection description Oak leaves watermark on the right portion of the note
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Comments

By the time this note was authorized in late October 1923, the Reichsbank was issuing denominations that would have been unimaginable eighteen months earlier. The 100 billion Mark note sits near the top of the hyperinflationary spiral that saw the Mark lose essentially all value between the summer and November 1923 — when Stresemann's government finally introduced the Rentenmark at a conversion rate of one trillion old Marks to one new unit.

Printing at this scale created genuine logistical problems. Paper supply, ink, and press time were all strained; some notes from this period were printed on one side only, or on whatever stock was available. P#126 was produced in Berlin, but regional emergency issuers were simultaneously flooding the country with their own Notgeld to compensate for the Reichsbank's inability to keep up with demand.

Circulation life was measured in hours.

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