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| 正面铭文 | Bayerische Staatsbank Gutschein 100.000.000 München, den 20. September 1923 Bayerische Staatsbank Direktorium Hundert Millionen Mark Dieser Gutschein wird zu einem durch das Bayerische Staatsministerium der Finanzen im Reichsanzeiger und Bayer. Staatsanzeiger bekanntzumachenden Zeitpunkte zur Einlösung aufgerufen. Ein Jahr nach Ablauf der Einlösungsfrist erlischt jeder Anspruch aus diesem Gutschein. |
| 背面描述 | The reverse is printed in olive-brown tones on plain paper with a dense, all-over guilloche underprint forming a central cartouche of ornate lathe-work. At the top, a dark horizontal banner carries the legend 'Gutschein der Bayerischen Staatsbank' in white Gothic script. The central cartouche contains the denomination '100 Millionen Mark' in large Gothic blackletter. A counterfeiting warning in small Gothic text runs across the lower margin, all enclosed within the characteristic sawtooth outer border consistent with the obverse. |
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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.