200 Mark Bond

The Reichsschuldenverwaltung was the body responsible for managing Germany's domestic debt obligations, and by 1922 that task had become almost farcical. Inflation was accelerating toward its hyperinflationary peak of 1923, meaning a 200 Mark bond issued that year was losing real value faster than the ink could dry. These instruments were not banknotes in the transactional sense — they were fixed-income debt certificates, issued to finance Reich obligations while the currency they were denominated in collapsed beneath them.

The embossed seal was the primary authentication device, a low-cost security measure typical of domestic bond instruments when engraved printing was reserved for currency proper.