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| 正面描述 | Letterpress-printed emergency note in black on a pale gold guilloche underprint, with a decorative border of interlocking circles and rosettes framing the central composition. Bold numeral '50' appears in white-on-black cartouches at left and right, flanking a central vignette of a phoenix rising from stylized flames with wings spread wide. The lower text panel carries the issuer's full name, the denomination '50,000,000 Mark', the place and date 'Düsseldorf, 15. Sept. 1923', manuscript signatures, and the printer's imprint 'L. Schwann · Düsseldorf' beneath the frame. |
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| 背面铭文 | FÜNFZIG MILLIONEN MARK PHOENIX AKTIEN-GESELLSCHAFT FÜR BERGBAU U. HÜTTENBETRIEB Reihe 36 |
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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.