20 Reichsmark Reichsbanknote

The 1924 Reichsmark series was introduced following the Rentenmark stabilization that ended the catastrophic hyperinflation of 1921–1923. The Reichsbank's return to a note denominated in Reichsmark — pegged under the Dawes Plan framework — marked the first time in years that a German banknote could plausibly hold its value between the morning and afternoon of the same day. The Reichsdruckerei had itself been strained during the inflation period, running presses around the clock to produce notes that were obsolete before the ink dried.

P#176 is among the earlier emissions of the stabilized currency. Circulated examples often show heavy use — these notes were actually spent.