20 000 000 000 Mark

Rastatt's 20 billion Mark note dates from the absolute peak of Weimar hyperinflation — by late 1923, municipal authorities across Germany were issuing their own emergency currency (Notgeld) simply because the Reichsbank could not print or distribute denominations fast enough to keep pace with daily price movements. Stadt Rastatt was one of hundreds of small cities legally empowered to do so under emergency provisions, and the denominations escalated with brutal speed over just a few weeks.

The watermarked paper is notable — at these quantities and this pace of production, many municipal issuers abandoned security features entirely. That Rastatt retained it suggests either advance-ordered stock or a printer with remaining inventory.