20 000 000 Marks

Saalfeld an der Saale was a small Thuringian town with no business issuing its own currency under normal conditions. But by mid-1923 the Reichsbank simply could not print and distribute denominations fast enough to keep pace with hyperinflation, and hundreds of German municipalities filled the gap with their own Notgeld. This 20-million-Mark note is late-stage emergency currency — by the time it was printed, a denomination that would have been unthinkable eighteen months earlier was barely sufficient for basic transactions.

Wiedemannsche Druckerei AG was a local commercial press in Saalfeld itself, which meant turnaround was fast but quality control was minimal. Most municipal issues of this period were redeemed and pulped within weeks of the November 1923 stabilization.