200 000 000 Mark Gelsenkirchener Bergwerks-Aktien-Gesellschaft

Gelsenkirchener Bergwerks-AG was one of the Ruhr's dominant coal and steel conglomerates — by the early 1920s it controlled mines, coking plants, and steelworks across the industrial basin. Like many large German industrial firms, it issued its own notgeld during the hyperinflation of 1923, partly to pay its own workforce when Reichsbank notes became functionally useless between paydays. A 200-million-mark denomination sounds staggering; by late 1923 it was barely adequate for a week's provisions.

The watermarked paper suggests the firm sourced security stock rather than plain commercial paper — an unusual level of care for emergency industrial scrip at this denomination level.