500 000 marks

In the summer of 1923, as a result of inflation and the depreciation of money, Germany saw a marked decline in the value of the mark, with high inflation turning into hyperinflation in the autumn. The money market again saw a shortage of physical cash. In the late autumn of 1923, issuing high-denomination cash became a necessity. The state printers in Germany were unable to handle this, despite simple and one-sided printing being commonly accepted at the time. Thus, the production of notes was entrusted to private printers. Local governments issuing their substitute cash also faced similar problems. Some came up with the idea to improve the supply of cash by using previously withdrawn notes and reprint them in appropriate denominations. This happened in Darłowo, where the city overprinted the 500 mark notes issued in the summer of 1922, raising the value of the note to 500,000 marks. The local replacement cash departs from the common practice of distinguishing substitute notes from officially issued ones. It resembles a state banknote. It was printed on both sides on stiff paper with watermarks in the form of triangles and circles and in the standard Reichsbank banknote format. The design of the obverse also makes the note similar to official money; what makes it stand out is the printing method, simple design and a poor colour scheme, as these could not be handled by small private printers. The issue of reprinted December 1922 notes in late autumn of 1923 was made possible thanks to the decision of the Prussian Minister of Trade and Industry. In a letter of 27 January 1922, he advised local mayors and authorities not to destroy the substitute cash, which had been withdrawn since 5 February 1923, but to keep it for possible future cash shortages.

Mieszko Pawłowski