100 Mark

Gotha's municipal emergency currency from 1922 sits in the dense middle period of German Notgeld inflation issues, when local authorities were printing money not as a novelty but out of necessity — Reichsbank notes were being hoarded faster than they could be distributed. The Stadtrat had both practical motivation and, notably, geography on its side: Gotha was home to Justus Perthes Verlag and had a strong local printing tradition, which gave many Thuringian municipal issues a production quality that outpaced comparable Notgeld from less print-capable towns.

The watermarked paper is the detail worth noting here — relatively few Stadtrat Gotha issues at this denomination bother with it.