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| 正面描述 | The obverse carries a dense guilloche underprint of repeated '500' numerals in a diamond lattice pattern across the entire field. Two full-length figural vignettes flank the central text — the left figure identified by a banner inscription as 'ROCHUS' and the right as 'SEBASTIAN', both rendered in a bold woodcut-style line technique. The Waldshut municipal coat of arms appears at centre below the denomination inscription, with the date 'Waldshut, 2 Nov. 1922', a serial number, and a manuscript signature of the Bürgermeister printed at lower right. |
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| 背面铭文 | Wir wolln von Deutschlands großen Plagen Geduldig unsern Teil ertragen. 500 |
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Waldshut's 500 Mark Notgeld from 1922 belongs to the inflationary surge that made municipal emergency money a practical necessity across Germany. By mid-1922, Reichsbank note production was already failing to keep pace with depreciation, and cities along the Rhine — Waldshut among them — issued their own stop-gap denominations to cover payroll and local commerce.
At 500 Mark, this sits at the upper end of typical municipal Notgeld face values for its date, reflecting how quickly the inflationary floor had risen since the 1920 and 1921 small-denomination issues that still circulated widely just months earlier.