Collector's Guide · Germany · 1914–1923

What Is German Notgeld? The Emergency Money Towns Printed for Themselves

Between 1914 and 1923, thousands of German towns, companies and railways printed their own money. Some of it was plain and practical. Much of it was art. A century later, it is one of the most affordable ways to hold a piece of the Weimar years in your hand.

Why did Germany need notgeld?

The first shortage was small change. When war broke out in 1914, people hoarded coins and metal went to the war effort, so shops and towns began issuing paper substitutes between fifty pfennig and five marks. It was not legal tender. It worked because the people of a town agreed to accept it.

The second need came later and was far larger. As the mark lost value through 1922 and 1923, the Reichsbank could not print official notes fast enough to keep up with prices. Local issuers filled the gap again, this time with notes in the millions, billions and eventually trillions of marks.

What are the three types of notgeld?

The variety sets most collectors start with mix the first two waves: small denominations, bright designs, dozens of towns in one lot.

What was notgeld made of?

Mostly paper, but not always. Issuers experimented with silk, cloth, porcelain, foil, celluloid and more. The city of Bielefeld is the best-known example: it issued notes printed on silk and linen, and they remain some of the most sought-after pieces of the period. We currently have a 1921 Bielefeld 25 Mark on silk, graded PCGS 58 PPQ.

A town with its own printing press, its own artists and its own money. For a few years, that was ordinary in Germany.

How many notgeld issuers were there?

By the height of the 1922–1923 inflation, the University of Chicago Library's notgeld collection notes that up to 4,000 issuing bodies were producing notgeld, with denominations reaching trillions of marks by November 1923. That is why no two variety sets are ever quite the same: the pool of towns and designs is enormous.

Did notgeld expire?

Often, yes, and many notes say so on their face. The Deutsche Reichsbahn million-mark note on our shelf is dated Berlin, 12 August 1923, and states that it would be accepted at all railway counters until 31 October 1923: a lifespan of about eleven weeks. Printing an end date was common, because issuers did not want to be holding their own paper once the crisis passed.

How fast did prices rise in 1923?

Germany's hyperinflation peaked in October 1923 at roughly 29,500 percent a month, according to the Hanke-Krus World Hyperinflation Table. In Berlin, bread that cost about 700 marks in January 1923 cost 670 million marks by October. By late November the rate was about 4.2 trillion marks to the U.S. dollar. We cover the full timeline in our history of the Weimar hyperinflation.

When did notgeld end?

The Rentenmark, introduced in November 1923 at one trillion paper marks to one Rentenmark, restored order. With a stable currency back in circulation, the need for local emergency money disappeared within months.

How should a new collector start with notgeld?

1. Start with a variety set. Twenty-five to thirty-five notes from different towns gives you the range of designs at a few dollars a note.
2. Pick a theme once you know what you like. A single city, a region, railway issues, or the high-denomination 1923 notes.
3. Add graded Reichsbank notes alongside. A PCGS- or PMG-graded 1922–1923 Reichsbanknote puts the local story next to the national one.
4. Store them flat and dry. Most notgeld is thin paper; archival sleeves keep the colours and edges intact.

Frequently asked questions

What does "notgeld" mean?

It is German for "emergency money": currency issued locally when official money was scarce.

Was notgeld legal tender?

No. It was accepted voluntarily within the local area of the issuer, which is why it worked in one town and not the next.

What are serienscheine?

Series notes from about 1918 to 1922, issued in sets of four to six related designs that told a local story. They became popular with collectors while they were still being issued.

Is notgeld rare?

Common serienscheine survive in large numbers because people saved them at the time. Textile issues, high-grade inflation notes and some small-town issues are much scarcer.

What is the difference between notgeld and Reichsbanknotes?

Reichsbanknotes were the national currency issued by the Reichsbank. Notgeld was issued locally by towns, companies and the railway to fill gaps the national currency could not.

When did notgeld stop?

After the Rentenmark was introduced in November 1923, the need for emergency money faded by 1924.

Sources

• University of Chicago Library, Guide to the Notgeld Collection 1914–1923
• American Numismatic Association Money Museum, German Notgeld
• Planet Banknote, Every Hyperinflation Ranked (Hanke-Krus data)

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