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| 正面描述 | Brown letterpress Notgeld gutschein on plain paper with a fine guilloche border running along all four edges. The denomination '500 Milliarden 500' is printed in large bold numerals across the centre, with the issuing authority 'Reichsbahn-Direktion Dresden' stated above and below in clear serif type. The lower portion carries two manuscript signatures flanking a circular Reichsbahn-Direktion Dresden official stamp bearing the imperial eagle, with marginal text along the right edge stating the conditions of validity, and the serial number 'No 020785' positioned to the right of the date 'DRESDEN, den 26. Oktober 1923'. |
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| 正面铭文 | Gutschein der Reichsbahn-Direktion Dresden 500 Milliarden 500 zahlen die Kassen des Reichsbahn im Bereiche der unterzeichneten Reichsbahn-Direktion gegen Rückgabe dieses Gutscheines. DRESDEN, den 26. Oktober 1923. Reichsbahn-Direktion Der Präsident: Hauptkasse: |
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By late 1923, the German railway administration had become a de facto currency issuer. The Reichsbahndirektion Dresden — like dozens of other regional railway directorates — was authorized to issue emergency Notgeld denominated in astronomical figures simply to meet its own payroll. Half a trillion marks was not an extravagant sum; at the peak of the hyperinflation it barely covered a meal.
These railway notgeld issues were not legal tender in the strict sense, but were accepted in practice within the local economy out of sheer necessity. The Dresden directorate's series was printed locally, which accounts for the variation in paper quality seen across surviving examples.