50 000 000 Mark Leutkirch

Leutkirch im Allgäu was a small Württemberg market town with no particular financial infrastructure, yet like hundreds of German municipalities in late 1923 it was forced into the notgeld business simply to keep local wages paid. By the time denominations reached fifty million mark, the Reichsbank's supply of emergency currency was so far behind the inflation curve that town councils, district offices, and factory owners were printing their own — legally, under the emergency provisions that effectively dissolved any meaningful distinction between official and municipal money.

The watermark security feature is worth noting on a piece at this denomination level; many comparable municipal issues of autumn 1923 dispensed with such measures entirely as the economics of anti-counterfeiting became absurd.