200 000 Mark

Bad Kösen's municipal savings bank issued this note during the Weimar hyperinflation at a denomination that, by mid-1923, bought progressively less with each passing week. The Stadtsparkasse, like hundreds of German municipal and commercial institutions, resorted to Notgeld when the Reichsbank could not supply enough physical currency to keep pace with collapsing purchasing power — a logistical failure as much as a monetary one.

A. E. Heyner was a local Kösen printer, not a security printing house, which is typical for provincial emergency issues of this period. Print quality and paper consistency vary across surviving examples.