1923 Germany 500 Milliarden Mark Reichsbanknote P-120 Weimar Hyperinflation Historic Giant Note

1923 Germany 500 Milliarden Mark Reichsbanknote P-120 Weimar Hyperinflation Historic Giant Note

This 1923 German 500 Milliarden Mark (Five Hundred Billion Marks) banknote stands as one of the most staggering denominations ever officially issued by a central bank. Released on 1 September 1923 during the peak of the Weimar Republic’s economic collapse, it is a grim artifact of the hyperinflation crisis that rendered German currency nearly worthless by the end of the year.

Authenticity:
This is a genuine Reichsbanknote, not a replica or fantasy item. It was issued by the Reichsbankdirektorium in Berlin, printed with serial number 319990, and carries the printed facsimile signatures of high-ranking Reichsbank officials. It was legally valid tender—if only for a short window—before becoming obsolete in the monetary chaos of late 1923.

Historical Significance:
Germany’s hyperinflation peaked in late 1923, with prices doubling every few days and workers demanding wages multiple times per day just to afford daily goods. At this time, previously issued million-mark notes were practically worthless. To keep up, the government printed ever-higher denominations, culminating in notes like this 500 Milliarden Mark—the equivalent of 500 billion in today’s numbering system.

This note, dated 1 September 1923, was among the largest denominations of its time, and just weeks later, even larger values would appear, including trillion-mark notes. The note was eventually withdrawn after the currency reform introduced the Rentenmark in November 1923.

Design and Features:

• Obverse:

  • Denomination in elaborate Gothic script: Fünfhundert Milliarden Mark.

  • Large, stylized capital "F" at left, part of the word "Fünfhundert" (Five Hundred).

  • Lower left includes “NF-41”—a control or plate identifier.

  • Legal tender clause below the denomination, with printed issue date: Berlin, den 1. September 1923.

  • Reichsbank eagle seals on both lower corners and serial number 319990 in green ink at bottom right.

• Reverse:

  • Lightly printed reverse with mirrored bleed-through of obverse text and patterns.

  • A watermark is faintly visible under strong light, consistent with legitimate Reichsbank printing techniques.

Catalog Number:
Pick #120 in the Standard Catalog of World Paper Money, classified under Germany – Weimar Republic issues.

Collector's Value:
With one of the highest face values ever printed during a real-world hyperinflation, this note is a cornerstone collectible for those fascinated by economic collapse, monetary history, or early 20th-century German finance. Its Gothic design and historical context make it a compelling conversation piece and a sobering symbol of what can happen when trust in a nation's currency disappears. An essential addition for collectors of Weimar hyperinflation paper money.