20 000 000 Mark

Frankfurt's municipal administration began issuing its own emergency currency — Notgeld — when the Reichsbank could no longer supply denominations fast enough to keep pace with hyperinflation. By mid-1923, the printing presses were struggling to stay ahead of the daily price collapse; a note denominated in millions was, within weeks of issue, effectively worthless for any meaningful purchase. The Stadt Frankfurt turned to local printer J. Maubach & Co. rather than compete for capacity at the overloaded national printers.

The twenty-million mark figure itself marks a specific window: late summer 1923, before the introduction of the Rentenmark in November effectively ended the crisis.