500 000 Mark

Esslingen issued its own emergency currency — Notgeld — because the Reichsbank simply could not print fast enough to keep pace with hyperinflation in 1923. By the time a 500,000 Mark denomination became necessary, the note's face value was already eroding within hours of issue. Municipal authorities across Württemberg were effectively forced into the role of central bankers, a situation no city administration was equipped for and none had asked for.

Local printing by necessity, not choice. The production quality reflects that — Esslingen's higher-denomination Notgeld from this period is noticeably cruder than the decorative small-denomination issues from 1921 and 1922 that collectors now prize.