100 Mark

Quedlinburg's 1922 Notgeld issue came out of the same municipal desperation that drove hundreds of German localities to print emergency currency that year — the Reichsbank simply could not produce small-denomination notes fast enough to keep pace with accelerating inflation. Stadt und Landkreis Quedlinburg, a combined urban-rural authority in the Harz foothills, held the right to issue jointly, which was administratively unusual and explains the dual authority designation on this note.

The watermarked paper and official stamp were the issuing authority's primary hedge against forgery — by mid-1922, even local Notgeld was worth counterfeiting, briefly.