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| 正面描述 | The central vignette illustrates a dramatic battle scene from the Peasants' War (1523–1525), rendered in a bold woodcut-style illustration with red, olive, and black tones; an armoured knight on horseback dominates the composition amid fallen combatants and scattered weapons. Two framed text panels flank the central scene: the left bearing the denomination '500 Mark', date 'Mühlhausen, 15. Oktb. 1922', and the facsimile signatures of Der Magistrat, while the right panel carries the inscription 'Mühlhausen in Thüringen und der Bauernkrieg 1523–1525'. The denomination 'Fünfhundert Mark' appears in letterpress at both the top and bottom borders, with '500 Mark' in vertical orientation along the left margin and the serial number printed in red at the right margin. |
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| 正面铭文 | Fünfhundert Mark Notgeld der Stadt Mühlhausen Zahlbar bei der Stadthauptkasse. Die Gültigkeit erlischt zwei Monate nach ortsüblichem Aufruf. 500 Mark Mühlhausen, 15. Oktb. 1922 Der Magistrat Mühlhausen in Thüringen und der Bauernkrieg 1523-1525 500 Mark Fünfhundert Mark |
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Mühlhausen's 500 Mark notgeld from 1922 falls squarely into the middle phase of German municipal emergency currency, issued as hyperinflation was accelerating but before denominations became truly astronomical later that year. The city — historically significant as the base of Thomas Müntzer's ill-fated 1525 peasant revolt — issued through its own civic administration rather than through a regional bank, a common arrangement for Thuringian municipalities of this size during the period.
Paul Fischer was a local press, and the watermarked paper suggests this issue was produced with more deliberate security consideration than many provincial notgeld of comparable denominations.