5 000 000 Mark

Nuremberg's municipal treasury issued its own emergency currency throughout the hyperinflation crisis of 1923, a period when the Reichsbank could not physically print and distribute notes fast enough to keep pace with collapsing purchasing power. By the time denominations reached seven figures, a single tram fare or loaf of bread could consume notes that would have represented years of wages just eighteen months earlier. The Stadtkasse operated alongside dozens of other German municipal and commercial issuers producing Notgeld — a parallel paper economy born of institutional failure.

E. Nister was an established Nuremberg printer with a commercial book and chromolithography background, which shows in the relatively refined production quality compared to some hastily printed municipal issues of the same period.