200 000 000 000 Mark Deutsche Reichsbahn

The Deutsche Reichsbahn issued its own emergency currency during the hyperinflation of 1923 because the Reichsbank simply could not produce notes fast enough to meet demand. Railway administrations, municipalities, and private firms across Germany all entered the money-printing business that year — the Reichsbahn's issues were among the more authoritative, backed by a state enterprise rather than a local chamber of commerce.

Rudolf Oeser, whose signature appears here as Reichsverkehrsminister, died in office in October 1923 — the same month the hyperinflation peaked before the Rentenmark stabilization in November brought the entire notgeld apparatus to an abrupt halt.