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| 正面描述 | 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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| 背面描述 | The reverse is printed entirely in green on plain paper and centres on a large engraved panoramic vignette of the town of Tölz as it appeared circa 1700, rendered in fine topographic style with the River Isar in the foreground and the church towers and townscape rising above the riverbank. The caption 'Tölltz um 1700.' appears in a decorative cartouche below the vignette, while the title 'Tölltz.' is inscribed above it. The denomination '500.000' is repeated in large outlined numerals vertically along both lateral margins, and the printer's imprint runs along the bottom edge. |
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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.