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| 正面描述 | Plain unadorned note printed in letterpress on thin paper, with the issuer's rubber stamp impression of 'Karl Friedrich Ehrenspeck G.m.b.H.' applied over the text body. The central text block states the voucher number, denomination in words, and the designated paying institution, with the date line left partially blank for manuscript completion. Two handwritten signatures appear at the lower portion of the note. |
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| 正面铭文 | Karl Friedrich Ehrenspeck G.m.b.H. Tuchfabrik Kusel (Pfalz) Gutschein Nr. 312 über Mark Fünfhunderttausend zahlbar bei den Distriktsparkasse Kusel gegen bar oder im Verrechnungswege. Kusel, den August 1923. |
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Kusel's textile sector was among the dozens of German industrial firms that printed emergency currency — Notgeld — during the hyperinflation peak of 1923, when the Reichsbank's own supply chain could not keep pace with denomination demands. A fabric manufacturer issuing half-million Mark notes is less strange than it sounds: local businesses were legally permitted to circulate their own scrip, redeemable at the issuing firm, as a practical workaround for the chronic cash shortage.
The Ehrenspeck mill was a mid-sized regional producer in the Palatinate wool trade. No major print house was involved — local production, which typically means thinner paper stock and cruder registration than contemporary municipal issues.