20 000 000 000 Mark Hannoversche Maschinenbau-AG

HANOMAG — the Hannover locomotive and heavy machinery manufacturer — was among hundreds of German industrial firms forced to print their own emergency money during the hyperinflation of 1923, when the Reichsbank could not supply currency fast enough for payroll. At twenty billion marks, this note dates from the autumn phase of the crisis, when denominations were climbing by orders of magnitude week to week and a single note might not cover a tram fare by the time the ink dried.

The watermarked paper suggests HANOMAG sourced stock from a commercial supplier rather than improvising entirely, which was not always the case with Notgeld of this period.