20 000 000 000 Mark Altkloster

Altkloster is a small locality near Buxtehude in Lower Saxony, and this 20 billion Mark note is a product of the Papiermark's final, spectacular collapse in autumn 1923 — the denomination alone dates it precisely to late October or November, when municipal and regional authorities across Germany were printing emergency Notgeld faster than the Reichsbank could supply official currency. H. Baerr & Co., operating under the Volksblatt imprint in Harburg an der Elbe, served numerous small municipalities in the Hamburg hinterland during this period, which means the printing quality here is competent but clearly a commercial newspaper job rather than a specialist security printer.

The issuing municipality had fewer than a few hundred residents, making surviving circulation figures essentially meaningless.