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| 正面描述 | Typeset letterpress note printed in dark green on cream paper, enclosed within a double decorative border of interlocking scrollwork and foliate ornaments. The issuer legend "NOTGELD DER STADTGEMEINDE BADEN-BADEN" appears in bold capitals at the top, with the denomination "Fünf Milliarden Mark" in large display type at centre. Below, the place and date "Baden-Baden, den 29. Oktober 1923" is set in medium type, with a red-printed serial number prefixed "Nr. AA" at lower left, two manuscript signatures beneath the titles "Der Oberbürgermeister" and "Der Stadtkassendirektor", and a validating clause in small text at lower left. |
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| 正面铭文 | NOTGELD DER STADTGEMEINDE BADEN-BADEN Fünf Milliarden Mark Baden-Baden, den 29. Oktober 1923. Nr. AA Der Oberbürgermeister: Der Stadtkassendirektor: Dieses Notgeld wird von allen städt. Kassen in Zahlung genommen und verliert vier Wochen nach Aufruf seine Gültigkeit. |
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Baden-Baden's five billion Mark note was issued during the hyperinflationary peak of late 1923, when municipal and regional authorities across Germany were forced to print their own emergency currency — Notgeld — simply to meet payroll and enable daily commerce. The Reichsbank could not supply denominations fast enough to keep pace with the collapse, so localities like Baden-Baden commissioned local printers. Johannes Pfeiffer was a Baden-Baden trade printer, not a security press, which shows in the relatively modest production values typical of provincial Notgeld at these denominations.
By November 1923, five billion Marks would buy roughly a loaf of bread.