50 000 000 000 Mark

Amberg, a mid-sized town in Bavaria, was among hundreds of German municipalities forced to issue their own emergency denominations during the hyperinflationary collapse of 1923. By the time this fifty-billion-mark note was printed, the Reichsmark's purchasing power had deteriorated so catastrophically that local authorities could not wait for centrally issued currency to reach them — printing locally and spending it within days was the only practical option.

The watermark is notable for a municipal issue of this period; most Notgeld at these absurd denominations dispensed with security features entirely. That Amberg retained one suggests this was printed on stock already held, not paper sourced specifically for emergency use.