1933 (1934) Germany 10 Reichsmark Conversion Fund Note PCGS EF40 Pick 208 Red Overprint

1933 (1934) Germany 10 Reichsmark Conversion Fund Note PCGS EF40 Pick 208 Red Overprint

Offered here is a historically significant 1933 (1934) Germany 10 Reichsmark Conversion Fund Note, cataloged as Pick #208, and graded PCGS Extremely Fine 40. This specialized overprint note was issued by the Konversionskasse für deutsche Auslandsschulden (Conversion Fund for German Foreign Debts), an institution created to facilitate payments of Germany’s external debt obligations during the economic crisis and foreign exchange restrictions under the Nazi regime.

Unlike standard Reichsmark notes, this example is an overprint on Pick 200, modified in both text and color. The obverse is boldly overprinted with "Zehn Reichsmark" in black ink and adorned with a vivid red overprint seal dated 1934, applied over the original 1933-dated background.

Key Details:

• Country: Germany

• Year: 1933 (Issued 1934)

• Denomination: 10 Reichsmark

• Pick Number: 208 (Overprint on Pick 200)

• Serial Number: C-0994221

• Printer: Reichsdruckerei, Berlin

• Watermark: Oak Leaves

• Grade: PCGS Extremely Fine 40

• Special Features: Overprint for foreign debt payment use only

Design & Features:

Obverse:

• Dominated by an intricate guilloché background in deep magenta and violet.

• Bold "Zehn Reichsmark" (Ten Reichsmarks) centered in heavy black Gothic type.

• Clearly dated 28 August 1933 in Berlin.

• Encircled by a decorative patterned border with ornate “10” value numerals and official emblems.

• Red vertical seals at left and right, with “1934” boldly printed in the left panel — denoting revalidation and limitation of this note for external obligations.

Reverse:

• Fully overprinted with explanatory legal text detailing the purpose of the note: to serve as a non-interest-bearing certificate for foreign debt obligations, per §2 of the June 9, 1933 law.

• Large, ornate rosette design centered in light red ink.

• Repeated serial number (0994221) and series mark (Serie C).

• Subdued watermark of oak leaves, visible under backlighting.

Historical Context:

This note is a relic of Germany’s financial and political transition during the early Nazi period. Following the Nazi rise to power in 1933, Germany faced increasing isolation and economic constraints. The Konversionskasse was established to manage Germany’s foreign debt repayments in a controlled way that prevented capital flight and limited foreign influence on domestic finance.

These special notes were not for general circulation, but were instead used as vouchers for creditors abroad. They represent a rare window into the economic strategies employed by the Third Reich to manage reparations and foreign obligations while maintaining capital controls.

Collector’s Value:

Conversion Fund notes like this one are highly collectible due to their limited use, striking overprint designs, and ties to one of the most politically and economically turbulent periods in German history. This PCGS EF40 example presents crisp detail and vibrant coloration, with only minor handling visible. For those interested in fiscal history, WWII-era finance, or rare overprint varieties, this 10 Reichsmark note is an essential and uncommon addition to any collection.