20 000 000 000 Mark G. Gagstätter

Senden is a small town on the Iller river in Bavaria, and G. Gagstätter's sawmill and planing works had no business issuing currency — except that in the autumn of 1923, virtually every German employer of any size did exactly that. This is Notgeld at its most industrial and mundane: a private firm printing payroll scrip because Reichsbank notes were arriving too slowly and depreciating too fast to cover wages by the time workers walked home.

The twenty-billion-mark denomination locates this note precisely within the hyperinflationary peak of October–November 1923. Dr. Karl Höhn in Ulm was a local job printer pressed into service by dozens of regional issuers simultaneously.