50 000 000 Mark Sächsische Staatsbank

The Sächsische Staatsbank entered the hyperinflation spiral later than the Reichsbank but caught up fast. This 50-million-mark note dates from the summer-to-autumn 1923 period when German state banks were authorized to issue their own emergency currency — Notgeld in everything but name — to meet payroll demands that the central government's printing presses could not keep pace with. Saxony's political situation complicated matters: the state government under Erich Zeigner was a left-wing SPD-KPD coalition, and in October 1923 the Reich under Stresemann sent in Reichswehr troops to depose it, one of the more naked uses of executive force in Weimar history.

The dual signature lines — one for the Staatskommissar, one for the Direktorium — reflect the state bank's administrative structure under government oversight, not a printing anomaly.