20 000 000 Mark Reichsbahndirektion

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.