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500 000 Mark

Issuer Stadtrat Bad Tölz (City Council of Bad Tölz)
Year 1923
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Value 500 000 Mark (500 000)
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Obverse description The left panel carries a circular medallion vignette in dark brown and purple tones, presenting a profile portrait of a Renaissance-era figure in period dress, flanked by the annotations 'AET S.' and 'LI.' beneath a hatched square underprint; a denomination tablet in diamond form reading 'Mark 500,000 Mark' and a letterpress panel 'Fünfhunderttausend' appear below the medallion. The right panel, set against a light guilloche ground, bears the issuing authority title 'Notgeld der Stadt Bad Tölz' in Gothic script above the large denomination legend 'Fünfhunderttausend Mark', with a green horizontal bar underprint separating them. The date 'Bad Tölz, 14. August 1923' and issuer 'Stadtrat Bad Tölz' appear below, accompanied by three manuscript signatures and a circular official city seal stamp, with a red handstamped serial number at left.
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Reverse lettering Tölltz.
Tölltz um 1700.
500.000
500.000
Buchdruckerei K. Demmel (Inh. Fritz Böck), Bad Tölz
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Comments

Bad Tölz is a small spa town in Upper Bavaria, and its city council had no business printing half-million Mark notes — except that by mid-1923, the Reichsbank simply could not supply adequate emergency currency fast enough to keep local commerce functioning. Hundreds of German municipalities, districts, and private firms did exactly the same thing, flooding the country with Notgeld that rendered itself worthless within weeks of issue.

K. Demmel's print shop was a local commercial operation, not a security printer. That provenance matters — quality control varied enormously among these municipal issues, and Demmel's output for Bad Tölz is among the more modest productions of the hyperinflation series.

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