100 000 000 Mark

Kiel issued its own emergency currency — Notgeld — because the Reichsbank simply could not print fast enough to keep pace with hyperinflation in 1923. By the time a 100-Million-Mark note reached a citizen's hands, its purchasing power had often already halved. Municipal and regional authorities across Germany stepped in to fill the gap, with Kiel among dozens of cities authorized to issue their own paper.

The watermarked paper is notable — many late-hyperinflation Notgeld issues dispensed with security features entirely as costs and time pressures mounted.