100 000 000 Mark Bayerische Staatsbank

The Bayerische Staatsbank was one of several German regional and private institutions forced into emergency currency production during the hyperinflation of 1923. By August of that year, the Reichsbank had lost effective control of the money supply, and state banks, municipalities, and even private firms were authorized — or simply compelled by circumstance — to issue their own Notgeld to meet payroll and commerce. A 100-million Mark denomination, unthinkable eighteen months earlier, was already becoming inadequate within weeks of printing.

Bavaria's political situation in 1923 added another layer: the state government was in open friction with Berlin, and local institutions operated with unusual autonomy that autumn — the same months that produced the Beer Hall Putsch in November.