5 000 000 Mark Reichsbahndirektion

The Reichsbahndirektion Stuttgart was one of several regional railway directorates that issued emergency currency — Notgeld — during the hyperinflationary collapse of 1923. German state railways operated with enough institutional weight to have their scrip accepted locally, and Stuttgart's directorate produced notes in the millions-of-marks range as the Reichsmark's purchasing power evaporated week by week. By August and September of that year, five million marks would not have covered a tram fare.

Railway-issued Notgeld is somewhat less documented than municipal issues, and the Stuttgart directorate series attracts specialist attention precisely because of the institutional rather than civic origin of the obligation.