20 Mark

Berchtesgaden's municipal council issued this note during the acute coin shortage of 1922, when German towns and cities were producing emergency currency — Notgeld — in staggering volume to keep local commerce moving as hyperinflation accelerated. By this point the Reichsbank had largely lost control of small-denomination circulation, and thousands of municipal, commercial, and corporate issuers filled the vacuum with their own paper.

The Reinbold attribution and watermark security feature place this among the more deliberately produced examples of Bavarian municipal Notgeld — not a hasty stopgap but something the council apparently wanted done properly, even as the currency it was denominated in was losing value by the week.