200 000 Mark

Haspe was an independent industrial town in the Ruhr district — home to iron and steel works — before being absorbed into Hagen in 1929. Like hundreds of German municipalities during the hyperinflation of 1923, it issued its own Notgeld to keep local commerce functioning as the Reichsbank's denominations became obsolete almost as fast as they could be printed. The 200,000 Mark value places this squarely in the middle phase of the crisis, before the autumn collapse drove denominations into the billions.

G. Kannengiesser was a local printer, not a specialist banknote house. Municipal issues from small local presses like this one tend to show cruder registration and thinner paper stock than contemporary issues from Frankfurt or Leipzig printers.