What is a 1923 German banknote?

A piece of Germany's hyperinflation. Germany used the same mark from 1871 to 1923, but after it left the gold standard the paper mark, or Papiermark, lost value year after year, and in October 1923 prices rose about 29,500 percent in a single month. Between 1914 and the end of 1923 the mark went from 4.2 to the US dollar to 4.2 trillion.

The banks and presses could barely keep up. Wikipedia's table of Reichsbank notes lists issue after issue through 1923, from 100,000 marks in February to 500 billion marks in late October. On 15 November 1923 the Rentenmark replaced the paper mark at one trillion marks to one Rentenmark, with exchange allowed through July 1925. Every 1923 note you find today is a survivor of those months.

Who issued my 1923 German note?

Start with the issuer, because it changes everything else. Three kinds of 1923 paper are worth telling apart:

• Reichsbanknote: issued by the Reichsbank, Germany's central bank. These are the national notes in the table below.
• Reichsbahn notes: the national railway also issued its own high-denomination notes, which Wikipedia singles out among the other institutions that printed money. Our post on Deutsche Reichsbahn railway money shows how to tell them apart.
• Notgeld: emergency money printed by towns, districts and companies. Our explainer on German notgeld covers the thousands of local issues.

The issuing body is named on the note, so read the small print before the big numbers.

How do I read the date and denomination?

The printed date is the issue date, and it is the key that unlocks the catalog. The denomination is spelled out in German, and the big words follow the long scale: a Milliarde is a thousand million (10^9), and a German Billion is a million million (10^12), what Americans call a trillion. Our guide to billion or milliard walks through the vocabulary.

Then measure. The same denomination was often issued more than once, in different sizes. These Reichsbank issues come from Wikipedia's table:

Look at the one million mark rows. A note that simply says Eine Million Mark could be any of four types from three dates, and only the date and a ruler will tell you which.

What is an overprinted 1923 German note?

An older note pressed back into service with a new, larger value printed over it. Wikipedia records two clear cases of reused Reichsbank notes: the 1 billion mark note of 5 September 1923 was overprinted on the 1,000 mark note of 15 December 1922, and the 500 billion mark note of 20 October 1923 was overprinted on the 5,000 mark note of 15 March 1923.

An overprinted note is the inflation caught in a single object: one value printed, a bigger one stamped on top, months apart.

If your note carries a second, bolder denomination across an older design, check the underlying date and value. The pair together identifies it.

What should I do once I know what my note is?

1. Write down the issuer, date, denomination and size. With those four facts, a catalog entry is easy to find, and you can compare like with like.
2. Note the serial number and any letters. They help separate printings and make a record of the exact note.
3. Handle it gently. These notes are a century old. Keep them flat, out of light, and in a holder made for paper money rather than a plastic sleeve of unknown material.
4. Expect history rather than a cash-in. The paper mark was replaced in 1923 and the exchange window closed in 1925. A 1923 note's interest is as a record of an extraordinary year.

Planet Banknote carries examples you can compare against your own: a one million mark Reichsbanknote dated 25 July 1923, and the 15 December 1922 1,000 mark note graded PCGS 64 PPQ, the very design the Reichsbank later overprinted as a billion marks.

Frequently Asked Questions

What is a 1923 German banknote worth today in marks?

Nothing as money: the paper mark was replaced by the Rentenmark on 15 November 1923 at one trillion marks to one Rentenmark, and exchange was allowed only through July 1925. Today a 1923 note is a historical collectible.

How do I tell a Reichsbank note from a Reichsbahn note?

Read the issuer printed on the note. Reichsbanknote notes came from the central bank. Reichsbahn notes were issued by the national railway and its regional directorates, one of the other institutions that printed money during the hyperinflation.

Why are there so many different 1 million mark notes from 1923?

Because the Reichsbank issued the denomination several times as inflation accelerated. Wikipedia lists 1,000,000 mark notes dated 20 February, 25 July (in two sizes) and 9 August 1923, each a different type.

What does Milliarde mean on a German banknote?

A thousand million, or 10^9, what Americans call a billion. On German notes, Billion means a million million, 10^12, which is a trillion in American usage.

What is an overprinted German inflation note?

An existing note given a new, higher value printed over its original design. For example, the 1 billion mark note of 5 September 1923 was overprinted on the 1,000 mark note of 15 December 1922.

How bad was German inflation in 1923?

In October 1923 prices rose about 29,500 percent in one month. Over the whole period from 1914 to late 1923, the mark went from 4.2 to the US dollar to 4.2 trillion to the dollar.