5 000 000 Mark

Fulda's municipal administration issued this note in the summer of 1923 as part of the broader Notgeld emergency — Berlin's central authorities had effectively ceded local currency decisions to municipalities, districts, and private firms when the Reichsmark collapsed faster than the Reichsdruckerei could print. By the time denominations reached the millions, the notes were often losing value between morning issue and afternoon use.

The embossed seal was the Magistrat's attempt at a forgery deterrent. Whether it worked is debatable — at hyperinflation's peak, the effort required to counterfeit a note that would be worth less tomorrow than today was itself a deterrent.