50 000 000 Mark

Wald was a small industrial town in the Bergisches Land, administratively absorbed into Solingen in 1929. Like hundreds of German municipalities in the late summer and autumn of 1923, it issued its own emergency currency — Notgeld — as the Reichsbank's printing capacity failed to keep pace with hyperinflation. By the time denominations this large were being struck at the local level, the mark was losing value faster than notes could be distributed.

The watermarked paper is notable — most municipal issues of this period used whatever stock was available, often plain. A watermarked substrate suggests either advance procurement or paper sourced from a commercial printer with existing stock.