5 000 000 000 Mark

Schneeberg, a small silver-mining town in the Erzgebirge, was among hundreds of German municipal bodies forced to print their own emergency denominations as the Reichsmark collapsed through 1923. By the time this five-billion-mark note was issued in the autumn of that year, the inflation had long since outpaced any practical logic — a denomination of this size would have been rendered inadequate within days of printing. The Girokasse functioned as the town's savings and giro institution, and its emergency currency had legal circulation only within the immediate district.

The watermark security feature is notable for a note at this tier of hyperinflationary issue, where many comparable municipal emitters abandoned such measures entirely as costs and production speeds made them impractical.