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| 正面描述 | The obverse is printed in black and teal-green on plain white paper with a lilac-tinted security panel at right. A large ornate calligraphic initial 'Z' vignette occupies the left portion, rendered in intricate scrollwork. The denomination '20' appears in large guilloche numerals at upper right, with 'MILLIONEN' in bold letterpress across the lower centre as an underprint. The date 'Berlin, den 25. Juli 1923' and the issuing authority 'Reichsbankdirektorium' are inscribed centrally, accompanied by two circular Reichsbank eagle seals and multiple manuscript signatures of the board members. |
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| 正面铭文 | 登录 以查看详情 |
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| 防伪描述 | Oak leaves arranged along a vertical thread, visible when the note is held to light |
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By the time this note entered circulation in mid-1923, Germany's hyperinflation had already destroyed any meaningful relationship between printed denominations and purchasing power. Twenty million marks sounds enormous; within weeks of issue it would not buy a loaf of bread. The Reichsbank was printing faster than the economy could denominate, and this note — like dozens of others released that year — was obsolete almost on the day it left the press.
The watermark is the sole security feature, a detail that speaks to how little counterfeiting concerned authorities when the currency itself was collapsing faster than any forger could profit.