Collection › Germany › #198
50000000 Mark
P-109d
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Where & when
What's on the note
Front: German hyperinflation note of 50 million Mark issued during the catastrophic inflation of 1923. The text states this Reichsbanknote is redeemable by the Reichsbank at its counters from 1 January 1924, and can be exchanged freely against other legal tender payment methods. The note bears the Weimar Republic eagle emblem on both lower corners and was issued by the Reichsbankdirektorium in Berlin on 1 September 1923, marked with reference RW-16. This denomination reflects the exponential currency devaluation of the Weimar Republic, when a loaf of bread cost billions of marks.
Back: Plain reverse with only serial number visible in upper left corner. The minimalist back design was typical of emergency hyperinflation notes issued during this period, as resources were devoted to rapidly printing currency to meet demand rather than elaborate security features or designs.
How it was made
Signatures: Reichsbankdirektorium officials
Security features: microprint,intaglio
Germany in Europe
Germany in Europe. Other countries on the same continent shown in muted grey.
Background & history
This note belongs to the Third Inflation Issue of 1923, part of Germany's hyperinflation period during the Weimar Republic. By September 1923, the German mark had lost virtually all value due to the government's policy of printing money to pay war reparations and cover budget deficits. The inflation peaked in November 1923, when the exchange rate reached 4.2 trillion marks to one US dollar. The crisis ended with the introduction of the Rentenmark in November 1923 and the Reichsmark in 1924, which replaced the old mark at a rate of 1 trillion to 1. This 50-million-mark note, though enormous in face value, had minimal purchasing power when issued.
Collector references
How it came to me
Note shows moderate circulation with visible wear, soiling, and some discoloration consistent with age. Back appears significantly faded or poorly printed.
What it's worth now
Valuation history (1)
| date | low | high | currency | source | note |
|---|---|---|---|---|---|
| 2026-05-08 17:16:03 | 2.0 | 8.0 | USD | ai | from claude-sonnet-4-5 |
History & extractions
AI extractions (3)
Edits & decisions (1)
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