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20 000 000 Mark Reichsbahndirektion
| Issuer | Reichsbahndirektion Karlsruhe (Deutsche Reichsbahn) |
|---|---|
| Year | 1923 |
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| Shape | Rectangular |
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| Obverse description | Printed in deep rose-red on a cream paper ground, the obverse carries an intricate guilloche underprint of repeating scroll and ribbon motifs covering the entire field. A central vignette in lighter tone depicts a group of robed figures in a classical or allegorical scene. The denomination 'Zwanzig Millionen Mark' is set in large Gothic blackletter type across the centre, with a bold numeral '20' flanked by 'Millionen' and 'Mark' in a cartouche to the right margin. The issuing authority, date 'Karlsruhe, den 20. August 1923', and a manuscript signature of the Reichsbahndirektion official appear in the lower portion. |
|---|---|
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| Protection type | Guilloche underprint |
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| Comments |
This is a Notgeld emission, not a Reichsbank instrument. During the hyperinflation peak of 1923, German railway directorates were among the non-banking institutions authorized to issue emergency currency to meet payroll obligations — the Reichsbahndirektion Karlsruhe being one of several regional rail authorities that did so. The notes were essentially wage tokens, printed locally and intended to move immediately into the regional economy before their face value became meaningless, often within days.
The guilloche underprint was a minimal anti-counterfeiting gesture; at twenty million marks, the denomination itself was the only real security against forgery — nobody bothered to fake notes that depreciated faster than they could be printed.