50 000 000 000 Mark

Schleswig-Holstein's provincial authority began issuing its own emergency currency in 1923 as the Reichsmark collapsed under hyperinflation — by the time this fifty-billion-mark note was authorized, the denomination had become functionally mundane. The Landeshauptkasse Kiel, the provincial treasury rather than a commercial bank, acted as issuing authority, a reminder that the Notgeld emergency of 1923 reached deep into regional administrative structures that had never previously handled monetary issuance.

The watermarked paper was an attempt at credibility in a system hemorrhaging it daily.