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| 正面描述 | The obverse is printed in dark brown and red on a light green guilloche underprint framed by an ornate green floral border. The heading 'BAYERISCHE BANKNOTE' appears in a decorated cartouche at the top, with 'ZAHLBAR MIT' below it, followed by the numeral '5000000' in large red Gothic lettering across the centre and the denomination 'Fünf Millionen Mark' in bold black Fraktur script beneath. The place and date of issue 'MÜNCHEN DEN 20. AUGUST 1923' and the bank name 'Bayerische Notenbank' are inscribed in the lower central field, with signature lines for the Staatskommissär, Aufsichtsrat, and Direktion accompanied by multiple manuscript signatures at the foot. |
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| 防伪类型 | Watermark |
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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.