500 000 Mark

Waldshut's 500,000 Mark notgeld was issued in the summer of 1923, when German municipal authorities were legally authorized — in fact, compelled — to print emergency money because the Reichsbank simply could not supply denominations fast enough to keep pace with hyperinflation. The city printed locally, which accounts for the comparatively crude production relative to notgeld from larger urban centers with better press facilities.

The official stamp served as the primary anti-counterfeiting measure — not an unusual choice for small municipalities with no access to intaglio presses or watermarked stock. By the time notes of this denomination felt routine, million and billion Mark issues were already being prepared.