50 000 000 000 Mark

发行方	Stadt Gaggenau (City of Gaggenau)
年份	1923
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面值	50 000 000 000 Mark (50 000 000 000)
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正面描述	Dark-bordered Gutschein on yellow underprint with central text block; ornamental guilloche panels flank the denomination. City arms vignette appears below the authorising text, with repeating GAGGENAU lettering in header and footer.
正面铭文	GAGGENAU GUTSCHEIN 50 Milliarden Fünfzig Milliarden Mark FÜR DEN RAT DER STADT GAGGENAU GAGGENAU 50 Milliarden Mark
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备注	Gaggenau's fifty-billion mark note dates from October or November 1923, the absolute apex of Weimar hyperinflation, when municipal and regional authorities across Germany were legally empowered — and practically forced — to print their own emergency currency, known as Notgeld, simply to meet payroll. By that point the Reichsbank could not produce sufficient denominations fast enough to keep pace with daily price collapses. Gaggenau was a small industrial town in Baden, best known for its metalworks. That a municipality of its size was issuing fifty-billion mark denominations tells you more about the monetary situation of autumn 1923 than any macroeconomic statistic could.

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