This listing is for one of the photographed 1923 German Reichsbanknote 20,000 Marks banknote. These notes were issued on February 20th, 1923. This variation of these banknotes is printed with a watermark of the small circles pattern, differentiating them from other similar issues. Choice Very Fine (VF+) Grade/Condition, some minor folds and signs of circulation. Perfect addition to any collection! P#85a (Pick Number 85a).

The Papiermark was the German currency from 4 August 1914 when the link between the Goldmark and gold was abandoned, due to the outbreak of World War I. In particular, the Papiermarks was the currency issued during the hyperinflation in Germany of 1922 and 1923.

This note is an example of the hyperinflation causing the banknotes to list higher values, such as this one, at 5000 Marks.

Banknotes were issued by the Imperial Treasury (known as "Reichskassenschein") and the Reichsbank, as well as by the banks of some of the states. Imperial Treasury notes were issued in denominations of 5, 10, 20 and 50 Mark, whilst Reichsbank notes were produced in denominations of 20, 50, 100 and 1000 Mark.

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1923 Germany 20,000 Mark Note - Reichsbanknote - Small Circles Watermark - German Inflation note - 1923 Twenty Thousand Mark Note - P#85a