20 Deutsche Mark

The 20 Mark issued under the Deutsche Reichsbank header in 1948 is an oddity of postwar administrative inertia — the Reichsbank had been formally dissolved by Allied Control Council Law No. 43 in March 1948, yet notes bearing its name continued to be prepared and distributed through the occupation period. This note belongs to the German Mark currency introduced in the Soviet occupation zone, not the Deutschmark launched simultaneously in the western zones.

A print run of just over 12 million is modest for a circulating denomination, and attrition has been considerable. The single watermark is the only security feature — relatively thin coverage for a note that circulated in economically turbulent conditions.