100 000 Mark Handelsschutzverband der Pfalz

The Handelsschutzverband der Pfalz — a trade protection association in the Palatinate — was one of thousands of commercial and civic bodies that issued emergency currency during the hyperinflationary spiral of 1923, when the Reichsbank's output could not keep pace with the collapsing purchasing power of the mark. This 100,000-Mark denomination, enormous by any prewar measure, would have been effectively worthless within weeks of issue given that by mid-1923 inflation was doubling prices every few days.

Notgeld from trade associations tends to be less studied than municipal issues, and the Pfalz series carries an additional complication: the region was under French military occupation at the time, and separatist agitation briefly produced a short-lived Rhenish Republic in October 1923.