100 Mark Sächsische Bank

The Sächsische Bank zu Dresden was one of four German private note-issuing banks that retained the right to circulate their own banknotes after the Reichsbank's establishment in 1876 — the others being the Bayerische, Badische, and Württembergische Notenbanken. This right was explicitly preserved under the Banking Act of 1875 as a political concession to the federated states, not out of any monetary necessity. Dresden's bank kept issuing well into the Imperial period, competing in practice with Reichsbank notes of identical denomination.

Giesecke & Devrient, operating from Leipzig — barely forty kilometers away — handled the printing throughout the series run. The proximity was no accident; G&D had deep institutional ties with Saxon financial authorities dating back decades before German unification.