5 Deutsche Mark

The Bank Deutscher Länder was established in March 1948 as a deliberate decentralization measure — the Western Allies were determined that no single central bank headquartered in one city would control the new West German monetary system. This note was part of the June 1948 currency reform that replaced the Reichsmark, one of the more abrupt monetary transitions in postwar European history: Germans received 40 Deutsche Mark per person in exchange for old notes, with savings above certain thresholds heavily devalued.

American Bank Note Company handled the printing in New York, the logistics of which required shipping finished currency across the Atlantic under strict secrecy — the reform's date was guarded to prevent speculative hoarding ahead of the cutover.