500 000 000 Mark

Heilbronn's municipal administration printed this note locally at Carl Rembold & Co. during the acute phase of German hyperinflation in late 1923, when the Reichsbank's centralized printing capacity had long been overwhelmed and hundreds of municipalities, businesses, and district authorities were issuing their own emergency currency — Notgeld — simply to keep wages payable. By September 1923, a half-billion marks was roughly enough to buy a loaf of bread, and even that window closed within days.

The Rentenmark stabilization of November 1923 rendered the entire series worthless almost immediately after issue.