20 000 000 000 Mark Reichsbahndirektion

The Reichsbahndirektionen — regional railway directorates — became emergency money issuers during the hyperinflation peak of late 1923 because the Reichsbank simply could not print and distribute currency fast enough to keep pace with collapsing purchasing power. Stuttgart's directorate was among dozens of regional authorities, municipal bodies, and private firms that filled the gap with their own notgeld, denominated in figures that would have been unimaginable two years earlier.

By the time twenty-billion-mark notes were being issued, the denomination was covering little more than a tram fare. The Rentenmark reform of November 1923 rendered the entire series worthless within weeks of issue.