200 000 000 000 Mark

Amorbach is a small town in the Odenwald, Bavaria — the kind of municipality that would never normally issue currency. It did so in late 1923 because it had no choice. The Reichsbank's printing infrastructure had completely collapsed under the velocity of hyperinflation, and thousands of German towns, counties, and private firms obtained emergency authorization to issue their own Notgeld to meet local payroll and retail demand. By the time two-hundred-billion-mark denominations were necessary, the inflation was already in its terminal weeks; the Rentenmark stabilization came in November 1923.

The watermarked paper on a municipal note of this type is worth noting — many late-inflation Notgeld issuers used whatever stock was at hand, and security features were inconsistently applied across the series.