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| 正面铭文 | Reichsbanknote Zwei Millionen Mark zahlt die Reichsbankhauptkasse in Berlin gegen diese Banknote dem Einlieferer. Vom 1. September1923 ab kann diese Banknote aufgerufen und unter Um= tausch gegen andere gesetzliche Zahlungsmittel ein= gezogen werden Berlin, den 9. August 1923 Reichsbankdirektorium Wer Banknoten nachmacht oder verfälscht oder nachgemachte oder verfälschte sich verschafft und in Verkehr bringt, wird mit Zuchthaus nicht unter zwei Jahren bestraft (Translation: Two Million Marks The Reichsbank Main Branch in Berlin will pay the holder of this note 2 million marks. Beginning September 1st 1923, this note may be recalled and collected in exchange for other legal tender. Berlin, the 9th of August, 1923 Reichsbank Directorate Whosoever copies or falsifies banknotes or acquires and puts copied or falsified banknotes into circulation will be punished with no less than two years of prison.) |
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| 防伪描述 | P#104a: Hooked stars watermark; P#104b: Rings watermark; P#104c: Grid watermark |
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By August 1923, when this denomination entered circulation, the Reichsbank was printing notes faster than it could distribute them. The 2,000,000 Mark figure — grotesque by any prewar standard — was already insufficient within weeks. Retailers were quoting prices in the billions before the month was out, and notes of this value were being used in bundles simply to buy bread.
The watermark is the sole security feature, a detail that speaks to how little counterfeiting concerned authorities at this stage. Who would bother forging a note that lost most of its purchasing power between printing and distribution?