1923 Germany 20 Millionen Mark Reichsbanknote P-86 Weimar Republic Hyperinflation Note

1923 Germany 20 Millionen Mark Reichsbanknote P-86 Weimar Republic Hyperinflation Note

This 1923 German 20 Millionen Mark banknote (Twenty Million Marks) is an original issue from the height of the Weimar Republic’s hyperinflation crisis, a period during which prices skyrocketed at unimaginable rates and paper money lost its value almost overnight. Issued in Berlin on July 25, 1923, this note was part of a desperate series of high-denomination banknotes released to keep pace with the collapsing currency.

Authenticity:
This is an authentic and original Reichsbanknote, not a reproduction or novelty item. It carries the red serial number 4 D 302102, official seals, and printed facsimile signatures from the Reichsbankdirektorium (Board of the Reichsbank). It was valid legal tender for a brief period in mid-to-late 1923 before being replaced during currency reforms.

Historical Significance:
Germany’s post-WWI economy spiraled into chaos due to war reparations, occupation of industrial regions, and excessive money printing. By mid-1923, prices doubled every few days, and citizens were forced to carry wheelbarrows of money for everyday purchases. The 20 Million Mark note, once unthinkable, became necessary simply to buy food, clothing, or transport.

Issued just before larger denominations like the Milliarden (billions) and Billionen (trillions) notes, this 20 Millionen Mark piece sits at a crucial midpoint in the escalation of inflation and remains a vivid reminder of unchecked monetary collapse.

Design and Features:

• Obverse:

  • Dominated by an ornate and highly stylized "Z" in Gothic script, beginning the word Zwanzig (Twenty).

  • Denomination boldly stated as Zwanzig Millionen Mark in black Gothic type.

  • Pale green “20 Millionen” printed in large outline text behind the main typography as a security feature.

  • Date of issue: 25 July 1923, printed in Berlin.

  • Red serial number 4 D 302102 at top right.

  • Two Reichsbank seals at bottom flanking the signatures of the Reichsbank board members.

• Reverse:

  • Unprinted aside from visible bleed-through of the ornate front design—standard for emergency Reichsbank issues of this period.

  • Watermark may be faintly visible under strong light, depending on preservation condition.

Catalog Number:
Pick #86 in the Standard Catalog of World Paper Money, under Germany – Weimar Republic.

Collector's Value:
This 20 Millionen Mark note is a classic entry-level piece for collectors of hyperinflation currency. Its striking Gothic design and staggering face value—unimaginable just a year earlier—make it both a historical lesson and a numismatic conversation starter. As a direct product of economic turmoil, it’s a key addition to any collection focused on German history, economic crises, or the dramatic failures of fiat currency systems.