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| 正面铭文 | Bayerische Staatsbank Gutschein der Bayerischen Staatsbank über Fünf Millionen Mark München, den 1. August 1923 BAYERISCHE STAATSBANK Direktorium 5 MILLIONEN Dieser Gutschein wird zu einem durch das Bayer. Staatsministerium der Finanzen im Reichsanzeiger und Bayer. Staatsanzeiger bekanntzumachenden Zeitpunkte zur Einlösung aufgerufen. |
| 背面描述 | The reverse is printed entirely in olive-green on an unprinted cream ground, enclosed within a repeating floral-motif guilloche border. The denomination is stated in large Gothic numerals '5' at left and right flanking the central text 'Millionen Mark', with the numeral '5 000 000' below in roman type; a faint letterpress underprint of 'BAYERISCHE STAATSBANK' runs diagonally across the centre field. Two paragraphs of legal text in Gothic script below warn against forgery and specify the redemption conditions. |
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The Bayerische Staatsbank was one of several German regional institutions forced to issue emergency high-denomination notes during the hyperinflationary collapse of 1923. Bavaria maintained its own state banking apparatus separate from the Reichsbank, and the Staatsbank exercised that authority aggressively in the summer and autumn of that year as the mark shed value by the hour. The 5,000,000 Mark denomination, unthinkable two years earlier, had become effectively small change by October 1923, when the exchange rate briefly exceeded 10 billion marks to the dollar.
The watermark — relatively costly to implement during crisis printing — suggests this note was not pure Notgeld but an instrument the Staatsbank intended to treat with some institutional seriousness.