50 000 000 Mark Phoenix Aktien-Gesellschaft für Bergbau und Hüttenbetrieb

Phoenix AG was one of the largest integrated steel and mining concerns in the Ruhr, operating blast furnaces and collieries across the Rhineland and Westphalia. Like dozens of major German industrial firms in the summer and autumn of 1923, it issued its own emergency currency — Notgeld — to pay workers when the Reichsbank could no longer supply denominations fast enough to keep pace with hyperinflation. A note denominated at 50 million Mark was, within weeks of issue, worth almost nothing.

L. Schwann in Düsseldorf was a prolific printer of industrial and corporate Notgeld during this period, and the production was functional rather than elaborate.