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SKU: 1923REICHSBANKNOTE200000-DN25 Category:


Near the end of the hyperinflation period came this 200,000 Mark banknote issued by the Reichsbankdirektorium in Berlin in late 1923.  

It is only printed on one side to save ink and in one colour. The paper quality is also notably thin.

Overall the note makes a grade of extra fine+ with no discernable rips or pinholes.

A nice example to put away. 

See the full range of our German notgeld and hyperinflation notes here for similar offers.

Additional information



Country:        Germany
Series:          1923 5th Issue – Reichsbanknote, Republic Treasury Notes
Catalogue:    World Paper Money P-100/1 –  Rosenberg R-99a
Issued on:     9th august 1923
Size:              115 mm x 70 mm
Composition: Paper
Face value:   200,000 ℳ – German papiermark
Description:   With company logo: K 13


The Reichsbank had to call upon private printing works for the production of banknotes, in 1923 were 30 paper factories and 133 printing works busy with their production. The number of printing presses (1723 running day and night in autumn 1923) could be still increased, but the capacities for the special paper for banknotes could not keep up with the demand. The Reichsbank therefore welcomed and in many cases supported the issue of Notgeld (emergency money) by municipalities, districts, provinces and private enterprises. It was estimated, that at the end of 1922 there were about 20 billion in circulation – as opposed to 1280 billion of official money. By the end of 1923 there were 400 to 500 billion of Notgeld in value of about 500 million goldmark, so about the same amount as the official banknotes. There was also “value-stable” money in the same amount. The Notgeld was not only used to assist the Reichsbank, but many produced it to great profit.

In November, 1923, the Reichsbank stopped accepting the Notgeld, and wanted to exchange its sizable reserves in their places of issue, causing a great outcry. It took until the end of October, 1924, to exchange most of the Notgeld and the economy could finally stabilize.

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