500 Mark

Sorau — now Żary in western Poland — was a mid-sized textile town in Lower Lusatia, and like hundreds of German municipalities in 1922, its city treasury issued notgeld to fill the vacuum left by hyperinflation's early acceleration. The Reichsbank simply could not print fast enough. A. Berger of Laupheim was one of several regional printers absorbed into this chaotic demand, producing issues for multiple municipal clients simultaneously — which occasionally created plate-sharing arrangements and misprints across different issuers' series.

The watermark security feature is worth noting: by mid-1922, most emergency municipal issues had abandoned any pretense of anti-counterfeiting measures, making a watermarked example from a small city treasury somewhat atypical for the period.