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| 正面描述 | Cream-toned note with a dark brown ornamental border of interlocking guilloche patterns enclosing all text. The large numeral '500,000' is set at the top centre in bold outlined figures, with the series letter 'Reihe F' in red at upper left and the serial number in red at upper right. The denomination in Gothic blackletter script 'Fünfhunderttausend Mark' dominates the centre, beneath which a payment clause in italic script and the issue date 'Dresden, d. 11. August 1923' are printed. At the lower centre an official circular seal of the Reichsbahn-Direktion Dresden bearing a spread eagle is flanked by manuscript signatures of the President and the Hauptkassierer, with the printer's imprint at the lower right margin. |
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| 正面铭文 | Reihe F 500,000 Gutschein der Reichsbahn-Direktion Dresden. Fünfhunderttausend Mark zahlen die Kassen der Reichsbahn im Bereiche der unterzeichneten Reichsbahn-Direktion gegen Rückgabe dieses Gutscheines. Dresden, d. 11. August 1923 Reichsbahn Der Präsident: Direktion Hauptkassierer: REICHSBAHNDIREKTION DRESDEN Druck: Kunstanstalt Stengel & Co. G.m.b.H. Dresden |
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During the hyperinflation of 1923, the German national railway administration was among hundreds of regional and municipal entities authorized to issue notgeld — emergency currency — simply because the Reichsbank could not print fast enough to meet demand. The Reichsbahn-Direktion Dresden was the regional railway directorate responsible for Saxony, and its notes circulated as functional wage and transaction currency among rail workers and suppliers in the district.
Stengel & Co. were primarily known as a postcard and fine art reproduction printer, not a banknote house. Their involvement here is a direct consequence of the crisis — conventional security printers were overwhelmed, and local commercial printers with any decent press capacity were pressed into service.