100 000 000 000 Mark Wolgast

Wolgast issued this note at the absolute peak of the German hyperinflation spiral — one hundred billion marks, a denomination that would have been incomprehensible two years earlier. The Magistrat der Stadt Wolgast was among hundreds of municipal authorities forced into emergency currency production when the Reichsbank simply could not print fast enough to meet daily demand. By October 1923, even these astronomical face values were becoming inadequate within days of issue.

The watermark is notable for a Notgeld piece of this period; most municipal issuers at this stage cut corners wherever possible. Its presence here suggests the printer still had access to quality stock, even as the system collapsed around them.