250 Mark

Mühlhausen issued this note during the acute phase of the 1922 German inflation, when municipal and commercial Notgeld had shifted from the charming small-denomination collector pieces of 1920–21 into emergency high-denomination instruments that people actually needed for daily transactions. By mid-1922, the Reichsbank could not keep pace with currency demand, and hundreds of German municipalities were legally authorized to fill the gap.

Paul Fischer was a local Mühlhausen printer — not a specialist securities firm — which was entirely normal for this wave of emergency issues. K. Ullrich's design credit is unusual enough to survive in the record, which suggests some civic pride in the commission.