100 000 Mark

Stadtgirokasse Löbau was the municipal savings and giro institution of Löbau, a small industrial town in Upper Lusatia. Like hundreds of German municipalities in 1923, it was legally authorized to issue Notgeld during the hyperinflation crisis when Reichsbank currency was depreciating faster than it could physically be printed and distributed to regional economies. The 100,000 Mark denomination places this note squarely in the summer-to-autumn 1923 window, when that figure shifted within weeks from a substantial sum to near-worthless paper.

Paul Schmorrde Nachf. was a local Löbau printer — the "Nachf." (Nachfolger, meaning successor) indicating the firm had changed hands at some point prior to issue. Provincial job printers like this one were pressed into emergency currency production precisely because Berlin could not keep pace with demand.