2 000 000 Mark

Berlin issued its own emergency currency during the hyperinflation of 1923 — one of hundreds of German municipalities forced to produce notgeld simply to keep commerce moving when Reichsbank notes couldn't be printed fast enough to match the collapsing mark. The Magistrat der Reichshauptstadt Berlin had the institutional weight to produce relatively substantial runs, and this two-million mark denomination reflects the acceleration phase of the inflation: by mid-1923, what had been an extraordinary figure became a routine transaction amount within weeks.

The watermarked paper distinguishes Berlin's municipal issues from much of the rougher provincial notgeld printed on whatever stock was available. Keller 339f places this within a documented sequence of Berlin overprints and new printings issued in rapid succession as denominations were rendered obsolete almost immediately after printing.