20 000 000 Mark

Zittau's August 1923 hyperinflation notes are a rare example of a tripartite issuance — the district authority, the municipal council, and a private commercial bank jointly guaranteeing the same instrument. This arrangement was not altruism; it was a legal hedge, spreading liability across three entities because no single one of them could credibly back it alone. The Güttler brothers printed locally, which was common by mid-1923 as the Reichsdruckerei in Berlin was simply too overwhelmed to service every municipality scrambling to keep wages payable.

Twenty million marks bought diminishing amounts even by the week of issue.