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20 000 000 Mark Reichsbahndirektion
| Issuer | Reichsbahndirektion Karlsruhe (Deutsche Reichsbahn) |
|---|---|
| Year | 1923 |
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| In circulation to | 1923 |
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|---|---|
| Obverse lettering | Deutsche Reichsbahn Gutschein Zwanzig Millionen Mark Sämtliche Reichsbahnkassen des Direktionsbezirkes nehmen diese Scheine in Zahlung und lösen sie nach Aufruf in der Karlsruher Zeitung und Bekanntmachung auf den Bahnhöfen zum Nennwert ein. Karlsruhe, den 20. August 1923. Reichsbahndirektion. Millionen 20 Mark |
| Reverse description | The reverse is printed entirely in rose-red and consists of a dense lace-like guilloche underprint of floral and scroll motifs arranged symmetrically around the entire field, with large stylised flower clusters flanking a central denomination panel. Within an elongated oval cartouche at centre, the numeral '20' is set above the legend 'Millionen Mark' in Gothic script. A decorative border of repeating geometric and foliate elements frames the composition. |
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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.