The Reichsbank, the German central bank, issued this banknote on August 22, 1923. Hyperinflation was advancing so quickly at that time that new notes had to be put into circulation immediately. To save time and resources, the Reichsbank abandoned two-sided printing. Blank reverses meant faster presses, less ink, and less paper. At the time of issuance, 100 million marks could purchase approximately two loaves of bread or a tram ticket. With the exchange rate at 4.6 million marks per U.S. dollar, the note was worth just over 20 dollars. The text on the note reads: “Reichsbanknote – One hundred million marks. The Reichsbank main cash office in Berlin will pay the bearer of this banknote the stated sum. Beginning October 1, 1923, this banknote may be recalled and exchanged for other legal tender. Berlin, August 22, 1923." The "recall" clause is savage: this note was never intended to circulate for long. Inflation was accelerating so ridiculously that the value of the currency was changing every few weeks. By October, 100 million marks was practically worthless. By then Germany was printing notes in the billions and trillions. View quoted note →