1923 Germany 20 Milliarden Mark Reichsbanknote P-111 Weimar Hyperinflation Era High Denomination

1923 Germany 20 Milliarden Mark Reichsbanknote P-111 Weimar Hyperinflation Era High Denomination

This 1923 German 20 Milliarden Mark banknote (Twenty Billion Marks) is a dramatic artifact from the peak of the Weimar Republic’s infamous hyperinflation crisis. Issued on 1 October 1923, this note captures a moment in history when the German mark was rapidly disintegrating in value, and billion-mark denominations were printed en masse to keep pace with skyrocketing prices.

Authenticity:
This is an original and genuine Reichsbanknote, not a reproduction. It was officially issued by the Reichsbankdirektorium during the height of hyperinflation in the Weimar Republic and carries the unique serial number 019541, as well as standard printed facsimile signatures and state seals.

Historical Significance:
In late 1923, Germany’s currency collapsed under the weight of war reparations, internal political strife, and reckless monetary expansion. What cost 100 Marks in early 1922 could cost trillions by the end of 1923. This note’s denomination of Zwanzig Milliarden Mark—20 billion Marks—is a striking testament to the economic absurdity of the time, where workers were paid multiple times per day, and money lost value in hours.

Issued just weeks before the introduction of the Rentenmark (a new currency meant to stabilize the economy), this note was among the final paper casualties of one of the most notorious inflation episodes in world history.

Design and Features:

• Obverse:

  • Bold Gothic script at the top reads “Reichsbanknote” with the denomination “ZWANZIG MILLIARDEN MARK” (20 billion Marks) at center.

  • Date of issue: 1 October 1923, printed in Berlin.

  • Official Reichsbank eagle seals in both lower corners.

  • Red-printed serial number 019541, left-justified on the note.

  • Faint red Reichsadler (Imperial eagle) watermark-style background element behind the text.

  • Printed text assures payment upon presentation at the Reichsbank main office.

• Reverse:

  • Unprinted except for visible ink bleed-through from the front—typical of Reichsbank emergency notes, where speed of production took precedence over ornate design.

  • Vertical denomination “20 Milliarden Mark” repeated at the left and right borders for quick recognition.

Catalog Number:
Pick #111 in the Standard Catalog of World Paper Money, listed under Weimar Republic issues (Germany).

Collector's Value:
This high-denomination note is a prized example of currency issued in economic freefall. It is a must-have for hyperinflation collectors, as well as those interested in Weimar-era history, economic crises, or 20th-century German finance. With its clean layout and imposing face value, the 20 Milliarden Mark note stands as a stark symbol of how quickly monetary systems can collapse—and how paper currency can become virtually worthless overnight.