5000 Mark Sächsische Bank

The Sächsische Bank zu Dresden was one of four German private note-issuing banks still operating under concession in the early 1920s, alongside the Bayerische, Badische, and Württembergische Notenbanken. Unlike the Reichsbank, these regional institutions had to seek Reichsbank approval before expanding their note circulation — a constraint that created genuine administrative friction during the hyperinflationary spiral of 1923, when the pace of monetary collapse made any approval lag potentially ruinous for local commerce.

A print run of over twelve million for a single denomination tells you something about the velocity of that collapse. Notes issued in early 1923 could be functionally worthless before the ink was properly dry.