German banknotes: August 1923

In August 1923 the printing works were fully occupied producing banknotes.

At the beginning of August Germans had to pay 1,400,000 marks for one US dollar; by the end of August they had to pay 90,000,000 marks for a single dollar.

From July onward, 1-million and 2-million-mark banknotes were issued as small denominations.

On 20 August 1923 a new design was introduced as a “small denomination”.

The 5,000,000-mark note was printed by the central bank and also by some private printing works.

The 10,000,000-mark note was printed only by private printing works. There are at least 135 different types.

Only two days later, on 22 August 1923, a new high-denomination banknote was issued.

At issue it had a value equivalent to US$1.42. Ten days later its value was only US$1.11.