5 000 000 Mark Bayerische Notenbank

The Bayerische Notenbank was one of four German state banks legally permitted to issue their own currency under the Reichsbank Law of 1875, a privilege that made Bavaria's inflation notes technically distinct from Reichsbank paper. By August 1923, when this 5,000,000 Mark denomination entered circulation, the figure was already nearly worthless — the hyperinflationary collapse was accelerating so rapidly that denominations in the millions became obsolete within weeks of printing.

Bavaria's separate note-issuing authority ended with the currency reform of November 1923, when the Rentenmark stabilized the system and the state banks lost their circulation privileges permanently.