5 000 000 000 Mark Bayerische Notenbank

The Bayerische Notenbank was one of four German state banks still holding note-issuing rights under the Reichsbank system, and during the hyperinflation crisis of 1923 it printed its own emergency currency independently of Berlin. This five-billion-mark note dates from the acceleration phase of that collapse — by November 1923, the denomination was worth fractions of a US cent. Bavaria's political situation compounded matters: the state was in open friction with the central government in Berlin, and local authorities were reluctant to depend entirely on Reichsbank supplies.

The Munich printing location is confirmed — no contracted foreign printer was involved at this stage, unlike some contemporaneous issues.