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500 000 Mark Gutehoffnungshütte
| Issuer | Gutehoffnungshütte, Aktienverein für Bergbau und Hüttenbetrieb |
|---|---|
| Year | 1923 |
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| Value | Log in to see details |
| Currency | Mark (1914-1924) |
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| Obverse description | Green and red-brown letterpress note with an elaborate guilloche border and a vertical left stub bearing repeated oval medallions with the denomination '500 000'. The central field is dominated by a large red-brown guilloche underprint over which the denomination 'Fünfhunderttausend' is set in bold Gothic blackletter script, with the numeral '500 000' below. Issuing text in Gothic script reads 'Wir zahlen an unserer Hauptkasse in Oberhausen (Rhld.) gegen diesen Gutschein Fünfhunderttausend Mark', with the place and date 'Oberhausen (Rhld.), den 1. August 1923' at lower left and the issuer's name and two manuscript signatures at lower right. |
|---|---|
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| Protection type | Watermark |
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| Comments |
Gutehoffnungshütte — the "Good Hope Ironworks" — was one of the largest heavy industrial combines in the Ruhr, encompassing coal mines, iron foundries, and machine works at Oberhausen. During the hyperinflation crisis of 1923, the Reichsbank simply could not supply enough physical currency to meet payroll demands at major industrial employers, so companies like GHH were legally authorized to issue their own emergency notes — Notgeld — to pay workers directly on wage day.
These industrial Notgeld issues were often redeemable only at company-affiliated banks or company stores, which suited management as much as it solved the liquidity problem.