100 000 000 Mark

Heilbronn issued this 100-million Mark note during the most acute phase of the German hyperinflation — August and September 1923, when municipal authorities across the Reich were authorized to print their own emergency currency, Notgeld, simply to meet payroll. The Reichsbank could not produce denominations fast enough to keep pace with depreciation, so cities filled the gap themselves.

By the time notes of this denomination were circulating, the figure on the face was already obsolete within days of issue. The Rentenmark reform of November 1923 rendered the entire series worthless at a conversion rate of one trillion paper Marks to one new Rentenmark.