1923 Germany 50 Millionen Mark PCGS VF30 – Pick 98a Hyperinflation Reichsbanknote

1923 Germany 50 Millionen Mark PCGS VF30 – Pick 98a Hyperinflation Reichsbanknote

Presented here is a dramatic relic from one of history’s most extreme monetary crises: a 1923 German 50 Millionen Mark Reichsbanknote, cataloged as Pick #98a, graded PCGS Very Fine 30 (Details – Stains). Issued during the peak of Germany’s hyperinflation, this note captures the sheer scale of currency devaluation that plagued the Weimar Republic in the early 1920s.

Printed with a seven-digit serial number (X-4176138) and carrying the oak leaves watermark, this Fourth Issue note was legally valid only through September 1st, 1923, after which it could be exchanged — if at all — for other legal tender. Its 50 million Mark denomination would have been virtually worthless mere weeks later, as daily prices soared into the billions and then trillions of marks.

Key Details:

• Country: Germany – Weimar Republic

• Year: 1923

• Denomination: 50 Millionen Mark

• Pick Number: 98a

• Issue: Fourth Issue

• Serial Number: X-4176138

• Grade: PCGS Very Fine 30 (with noted stains)

• Watermark: Oak Leaves

• Material: Paper

Design & Features:

Obverse:

• Boldly printed “Fünfzig Millionen Mark” (Fifty Million Marks) across the top in black Fraktur script.

• Massive "50" printed in red at the center and corners for denomination emphasis.

• Detailed redemption text indicates the note’s acceptance at the Reichsbank through September 1923, reflecting rapid expiration dates typical of hyperinflated notes.

• Serial number in red ink, lower right.

• Two official Reichsbank seals printed in black.

• Dated 25 July 1923, Berlin.

Reverse:

• A largely blank design area on the reverse, typical of emergency notes rushed into circulation.

• The watermark “Eichenlaub” (oak leaves) is visible when held to light, serving as an anti-counterfeiting feature.

• Faint remnants of the obverse print are visible through the thin, inflation-era paper stock.

Historical Significance:

This 50 Millionen Mark note symbolizes the economic collapse of the Weimar Republic, where the paper currency rapidly lost all value, and wages were paid daily in sacks of notes. At the height of the crisis in late 1923, the German mark became so worthless that banknotes were cheaper than firewood. This note was printed and circulated during the exact weeks when monetary trust and social order teetered on collapse, making it a chilling yet essential piece of financial history.

Collector’s Value:

While graded VF30 with stains, this example still offers solid paper integrity and strong ink contrast — rare for notes that saw such rushed circulation and minimal preservation. The bold "50 Millionen" denomination stands out visually and symbolically as a must-have for collectors focused on:

• Hyperinflationary currency

• German economic history

• Extreme denomination notes

Every collection of global finance or historical paper money should include examples from Weimar Germany, and this note serves as a striking representative of that volatile era.