500 Mark Sächsische Bank

The Sächsische Bank zu Dresden was one of four German private note-issuing banks permitted to continue operating under the Reich after 1875, when the Reichsbank was established and most competitors were pushed out. Its right to issue notes was retained under political compromise rather than economic necessity, and the bank remained subordinate to Reichsbank coverage requirements throughout this series' long print run.

Giesecke & Devrient, then still based in Leipzig, printed this denomination for what was essentially a regional prestige issue — the 500 Mark face value saw limited day-to-day use and most examples were held by commercial houses or returned to the bank quickly. The Sächsische Bank's note-issuing privilege was finally extinguished in 1924 during the post-hyperinflation banking reorganization.