2 Mark Gold Arbeitgeberverband der Edel- und Unedelmetall-Industrie

Schwäbisch Gmünd was the center of Germany's goldsmithing and silverware industry, and in 1923 the employer association covering that trade — encompassing both precious and base metal manufacturers and their auxiliary trades — issued this note to meet payroll obligations that Reichsbank currency simply couldn't fulfill fast enough. Hyperinflation made weekly, then daily wage payments logistically impossible through normal channels, so industry associations issued their own Notgeld denominated in gold-based units rather than inflating paper marks.

The gold Mark denomination was a deliberate hedge — pegging to a stable unit of account while the Papiermark collapsed around it. An official stamp served as the primary authentication, typical of hastily organized employer-issued emergency scrip.