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20 000 000 Mark Reichsbahndirektion

Emittent Deutsche Reichsbahn, Reichsbahndirektion Karlsruhe
Jahr 1923
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Form Rectangular
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Vorderseitenbeschreibung Printed in deep red on a salmon-pink guilloche underprint, the obverse carries the heading "Deutsche Reichsbahn, Gutschein" in Gothic blackletter at the top, with the denomination "Zwanzig Millionen Mark" in large bold script spanning the width of the note over a central vignette of allegorical figures in a classical scene set within a lozenge-shaped frame. A serial number appears at the upper left, a series letter "R" at the lower left, and a circular denomination cartouche reading "20 Millionen Mark" is printed at the right margin; below the central vignette, a three-line redemption text names the issuing authority, the date "Karlsruhe, den 20. August 1923, Reichsbahndirektion," and a manuscript signature.
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Rückseitenbeschreibung The reverse is printed entirely in salmon-pink on an uncoloured paper ground, composed of an elaborate lace-effect guilloche underprint of interlocking floral and foliate scrollwork covering the full field. At the centre, an ornate cartouche in the form of a pointed oval, surrounded by chrysanthemum rosettes and acanthus scrolls, contains the denomination numerals "20" above the Gothic script legend "Millionen Mark." A fine repeating ornamental border frames the entire design.
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Anmerkungen

The Deutsche Reichsbahn issued its own emergency currency in 1923 because the hyperinflationary collapse of the Reichsmark left the railway administration unable to pay wages in any meaningful denomination — the central banking system simply could not print and distribute notes fast enough. Rail directorates across Germany became de facto issuers, each printing for its own workforce and local vendors. The Karlsruhe directorate covered Baden and parts of the Palatinate, a major freight and passenger hub connecting southwest Germany to France and Switzerland.

By the time 20-million-Mark notes were necessary, the denomination was already depreciating within days of issue. Notgeld at this scale was less a currency than a payroll mechanism.

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