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| 正面描述 | The obverse is printed in dark red and black on cream paper with a repeating geometric guilloche border framing the entire note. The denomination "Zwanzig Millionen Mark" is set in large bold Fraktur script at centre, with a pale ochre underprint of the numerals "20 MILLIONEN" behind it. The issuing authority "Stadtrat Bad Reichenhall" appears below the date line "Bad Reichenhall, 10. September 1923", accompanied by a circular official ink stamp bearing the Bavarian arms and the legend "STADTRAT BAD REICHENHALL", flanked by five manuscript signatures. A vertical panel of redemption text in Gothic script runs along the right margin. |
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| 正面铭文 | Gutschein Zwanzig Millionen Mark Bad Reichenhall, 10. September 1923 Stadtrat Bad Reichenhall Dieser Gutschein wird sofort nach Behebung des Bargeldmangels zur Einlösung aufgerufen. Die Einlösung erfolgt durch die Bayer. Dereinsbank Filiale Bad Reichenhall, Bayer. Hypotheken- und Wechselbank Filiale Bad Reichenhall, Stadthauptkasse Bad Reichenhall. |
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Bad Reichenhall issued this 20-million Mark note in 1923 as Notgeld — emergency municipal currency printed to cope with hyperinflation that had made Reichsbank denominations functionally useless almost as fast as they could be distributed. By mid-1923, municipal and commercial issuers across Germany were producing their own paper simply to make payroll; the Stadtrat here was doing the same as hundreds of other local authorities that summer and autumn.
The note was printed locally, which is consistent with its period — turnaround time mattered more than engraving quality when denominations were doubling weekly.