20 000 000 Mark Neustadt an der Waldnaab

One of thousands of Notgeld emissions produced by German municipal authorities during the hyperinflation of 1923, this 20-million-Mark note from Neustadt an der Waldnaab is notable mainly for being printed locally — F. Enders operated in the town itself, which was unusual even by the decentralized standards of the period. Most comparable municipalities contracted with Leipzig or Munich commercial printers. The result was rougher registration and thinner ink coverage than professionally produced emergency currency, and surviving examples often show inconsistent strike pressure across the face.