German banknotes 1918–1921

In 1918 the German central bank issued a 50-mark banknote that soon acquired the nickname “frame”.

The banknote was counterfeited and ceased to be regarded as legal tender from January 1921.

German inflation began to increase, and some banknotes were printed by private companies as well as by the central bank.

The 50-mark banknote issued in June 1919 was designed by the Austrian central bank and printed in four locations: Reichsdruckerei, Wiener Staatsdruckerei, Büxenstein in Berlin and Otto Elsner in Berlin.

In 1920 inflation in Germany appeared to stop and the central bank was again able to print the banknotes required.