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20 Mark Darlehnskassenschein

发行方 Reichsschuldenverwaltung
年份 1918
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参考资料 P#57
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背面描述 The reverse carries an allegorical vignette of an armoured male figure at left and a standing female figure at right, both rendered in a classical intaglio style. The serial number is printed in red below the two vignettes. The denomination and note title appear as the principal inscriptions.
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防伪类型 Watermark
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备注

The Darlehnskassenscheine — literally "loan treasury notes" — were a parallel paper currency issued outside the Reichsbank framework, a legal fiction that allowed the German state to finance wartime expenditure without formally expanding the money supply. By 1918 the pretense had worn thin. This 20 Mark note belongs to the final and largest wave of Darlehnskasse emissions, issued as military defeat and hyperinflationary pressure were already converging.

Pick 57 remained legal tender well into the early Weimar period. The watermark is the sole mechanical security feature — entirely inadequate for a note of this denomination circulating during a period of extreme monetary stress, though counterfeiting was less of a concern than outright currency collapse.

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