200 000 000 Mark Allgemeine Deutsche Credit-Anstalt

The Allgemeine Deutsche Credit-Anstalt was one of Germany's major joint-stock banks, and its Chemnitz branch issued notgeld during the hyperinflationary peak of 1923 — a period in which private commercial banks were legally permitted to issue emergency currency to meet payroll and commercial demand when Reichsbank supply could not keep pace with denomination requirements. By late summer 1923, 200 million marks represented a few hours' worth of purchasing power at best.

The watermarked paper distinguishes this from the cheapest emergency issues of the period, suggesting the branch was still sourcing stock from established paper suppliers rather than improvising.