5 000 000 Marks Markt Oberdorf

Markt Oberdorf is a small market town in the Allgäu region of Bavaria, and like hundreds of German municipalities in 1923, it issued its own emergency currency — Notgeld — as the Reichsbank's hyperinflationary spiral made centrally issued notes functionally worthless within days of printing. A five-million mark denomination, staggering by any pre-war standard, was by mid-1923 barely sufficient for routine transactions. The watermarked paper suggests the Marktgemeinde was still sourcing reasonably quality stock, though that supply chain itself was under strain by the summer and autumn of that year.

Municipal issuers at this level rarely maintained formal printing records, so precise production figures are unknown.