50 Reichsmark

The Sächsische Bank zu Dresden was one of four German private note-issuing banks permitted to continue operating after the Reichsbank Law of 1875, a concession that survived well into the Weimar period. This 1924 note was issued during the brief window of stabilization following the catastrophic hyperinflation of 1923 — the Rentenmark had only been introduced in November of that year, and public confidence in paper currency was essentially nil.

The bank's right of issue was finally extinguished in 1935 under Nazi financial centralization policy, making the entire post-1924 lifespan of these notes remarkably short.