2 000 000 Mark

Tübingen's municipal finance office — the Stadtpflege, not a bank — issued this note during the summer of 1923 hyperinflation peak, when municipal and commercial entities across Germany were legally permitted to print their own emergency currency, Notgeld, to compensate for the Reichsbank's inability to supply enough physical cash to match collapsing purchasing power. A denomination of 2,000,000 Mark sounds extraordinary but was already becoming unremarkable by mid-1923; within weeks, values would climb into the billions.

The watermarked paper distinguishes this from cheaper Notgeld issues of the same period, suggesting the Stadtpflege drew on better stock than many comparable municipal issuers.