20 000 000 000 Mark

Darmstadt's municipal treasury issued this note at the absolute peak of German hyperinflation — the autumn of 1923, when the Reichsmark was collapsing so rapidly that denominations in the billions and trillions became routine municipal paperwork. Stadtkassen across Germany were legally empowered to issue Notgeld at this stage, filling the void left by a central banking system that simply could not print fast enough to keep pace with daily price movements.

Dr. Glässing signed as Oberbürgermeister, lending the note the only institutional authority available at the time. Within weeks of notes like this entering circulation, the Rentenmark reform of November 1923 rendered them worthless by official decree.