500 000 000 Mark

One of thousands of Notgeld denominations issued by German municipal and regional authorities during the hyperinflation of 1923, this 500-Million-Mark piece from Kreis Düsseldorf reflects the administrative scramble that occurred when the Reichsbank could no longer supply circulating currency fast enough to keep pace with collapsing purchasing power. By the time notes at this denomination were being printed, the figures had become almost meaningless within weeks of issue — the Rentenmark reform arrived in November 1923 and rendered the entire emergency series void.

The watermarked paper is worth noting: many Notgeld issues at this period cut costs severely, so its presence here suggests the district was still drawing on better-grade stock.