100 000 Mark

Stadtbank Spremberg was one of hundreds of municipal savings institutions that issued emergency currency during the hyperinflation of 1923, when the Reichsbank could not print fast enough to meet demand. Local printers were pressed into service across Germany, and Zum Gleich — a Spremberg firm with no specialized banknote printing background — produced this note for its own town's bank.

The watermarked paper is worth noting: many Notgeld issues of this period used plain commercial stock, so the presence of a watermark here suggests some attempt at security, however modest, against counterfeiting at a denomination that would itself be obsolete within weeks.