50 000 000 Mark Haag in Oberbayern

Haag in Oberbayern is a small market town southeast of Munich, and its municipal administration was among the thousands of German local authorities forced to print their own emergency currency during the hyperinflationary collapse of 1923. By the time notes in this denomination were necessary, the Reichsmark was losing value faster than presses could print — a 50-million Mark note was, in practical terms, a short-term grocery token.

Municipal Notgeld at this scale was typically valid for days, sometimes hours, before the face value became economically meaningless. The issuing authority bears watching: Marktgemeinde rather than a savings bank or chamber of commerce, which places fiscal responsibility squarely on the town council itself.