5000000 Papiermark #188

Front

Reichsbanknote of 5 million marks (Fünf Millionen Mark), issued during the German hyperinflation of 1923. The note is dated Berlin, 20 August 1923, and bears the text that from 1 October 1923 it can be called in and exchanged for other legal payment instruments. Signed by the Reichsbankdirektorium with the German imperial eagle (Reichsadler) flanking the signatures. This denomination reflects the catastrophic inflation of the Weimar Republic, when the Papiermark collapsed and prices doubled every few days.

Back

Plain reverse with minimal printing, showing only control stamps reading 'E3CERII' and 'ca H' in red ink. The lack of elaborate design on the reverse is typical of emergency hyperinflation-era issues, when speed of production took priority over artistic considerations.

History

This 5 million mark note was issued during the peak of German hyperinflation in August 1923, when the Papiermark was collapsing at an exponential rate. By this time, the Reichsbank was printing notes in denominations reaching into the millions and soon billions and trillions of marks. The Third Hyperinflation Issue of 1923 saw rapid production of ever-higher denominations to keep pace with inflation caused by war reparations, the Ruhr occupation, and monetary policy failures. The Papiermark was replaced by the Rentenmark in November 1923 at a rate of 1 Rentenmark = 1 trillion Papiermark. These hyperinflation notes are now common collectibles due to the massive quantities printed.