2 000 000 Mark

Freital was created in 1921 by the forced merger of three Saxon industrial towns — Döhlen, Potschappel, and Deuben — making it one of the youngest municipalities in Germany when it issued this note barely two years later. The 2,000,000 Mark denomination places it squarely in the summer of 1923, when German hyperinflation was accelerating fast enough that denominations in the millions were already becoming inadequate within weeks of printing.

Johannes Pässler was a Dresden-Neustadt commercial printer, not a specialist security firm, which is precisely why the watermarked paper mattered — it was the most accessible fraud deterrent available to a small municipal issuer with no relationship to Reichsdruckerei.