100 000 Mark

Wald was an industrial town in the Bergisches Land, absorbed into the city of Solingen by municipal merger in 1929 — so the issuing authority on this note no longer exists as an administrative entity. The note belongs to the vast German Notgeld inflation wave of 1923, when municipal and commercial bodies across the Reich printed emergency currency to meet payroll as the Reichsmark collapsed faster than the Reichsbank could supply notes. At its worst, 100,000 Mark would buy a loaf of bread for a matter of days before becoming worthless.

The printer, listed in some references as Stlofreshoff of Solingen, was a local firm serving regional municipal clients — Wald was geographically adjacent to Solingen, making the choice practical rather than incidental.