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| 正面描述 | Blue letterpress note with an ornate border composed of scrollwork and wave guilloche patterns, with circular vignettes at each corner bearing a helmeted female head in profile. The denomination 'Hunderttausend Mark' is printed in large blackletter script across the centre, above a light blue floral underprint, with the header legend 'Schuldschein über 100000 Mk.' in roman type. The issuing places 'Speyer / Pirmasens' and the date '1. September 1923' appear in the lower left, with a red stamped serial number and prefix to the right, and the issuer's name 'Handelsschutzverband der Pfalz' in blackletter script at the lower right. |
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| 正面铭文 | Schuldschein über 100000 Mk. wörtlich: Hunderttausend Mark zahlbar nach Beseitigung des bestehenden Kleingeldmangels. Jedes pfälzische Verbandsmitglied nimmt diesen Schein in Zahlung. Speyer Pirmasens, den 1. September 1923. Handelsschutzverband der Pfalz. |
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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.