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| 正面描述 | Dark blue-grey typeset note on a pale guilloche underprint, framed by a zigzag border. The numeral '500 000' appears in large Gothic digits at the upper left, followed by the legend 'Bayerische Banknote' and 'zahlbar mit'; the denomination 'Fünfhunderttausend Mark' is set in bold black Gothic script across the centre. Below, a clause in small text states the note may be called in from 1 January 1924, followed by the place and date 'München, den 18. August 1923' and the issuer name 'Bayerische Notenbank' in bold. The lower portion carries printed signature labels for 'Der Staatskommissär', 'Direktion', and 'Für den Aufsichtsrat', with manuscript signatures and a vertical serial number at the right margin. |
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| 正面铭文 | 500 000 Bayerische Banknote zahlbar mit Fünfhunderttausend Mark Vom 1. Januar 1924 ab kann diese Banknote aufgerufen und unter Umtausch gegen andere bayrische Banknoten oder gegen Reichsbanknoten eingezogen werden. München, den 18. August 1923. Bayerische Notenbank Der Staatskommissär: Direktion: Für den Aufsichtsrat: |
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The Bayerische Notenbank was one of four German state banks that retained note-issuing rights under the 1875 Banking Act, and by mid-1923 it was printing at denominations that would have been unthinkable eighteen months earlier. This 500,000 Mark issue appeared as hyperinflation was accelerating toward its terminal phase — within weeks of notes at this face value entering circulation, they were already worth less than the paper cost to print them.
Bavaria's political situation in 1923 added a specific layer of tension: the state government was in open conflict with Berlin over financial policy, and the Notenbank's continued independent issuance was partly an assertion of that autonomy.