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| 正面描述 | Printed in dark brown-black on cream paper with a dense guilloche border of repeating stars and ornamental dots framing the entire note. The denomination '20 000 000' appears in large numerals at the upper left, with 'Mark' below it in dotted letterpress, while a winged railway wheel vignette occupies the upper right corner. The central text identifies the note as a 'Gutschein der Deutschen Reichsbahn' for 'Zwanzig Millionen Mark', with series letter 'A', a serial number, date of issue 'Köln, den 11. August 1923', the issuing authority 'Reichsbahndirektion Köln', two manuscript signatures, and a circular purple 'Deutsche Reichsbahn' eagle stamp at lower left; the background carries dense microtext drawn from the Weimar Constitution. |
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| 正面铭文 | 20 000 000 Mark Gutschein der Deutschen Reichsbahn Reihe A No über Zwanzig Millionen Mark Dieser Gutschein wird von allen Eisenbahn- und andern öffentlichen Kassen in Zahlung genommen. Er verliert seine Gültigkeit einen Monat nach Aufkündigung in den Kölner Ortsblättern. Köln, den 11. August 1923. Reichsbahndirektion Köln DEUTSCHE REICHSBAHN |
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The Reichsbahndirektion Köln was one of the regional directorates of the Deutsche Reichsbahn empowered to issue emergency money — Notgeld — during the hyperinflation of 1923, when the central banking system had effectively lost the ability to supply denominations fast enough to keep pace with collapsing purchasing power. Railway administrations across Germany became de facto local issuers out of necessity: workers needed wages in usable denominations, and the Reichsbank could not deliver them in time.
By the time a 20-million-Mark note was practical currency in Cologne, that sum would buy roughly a loaf of bread. The note's utility was measured in days.