1 000 000 000 mark 1923

Common. This note has a relatively high surviving population owing to the enormous print runs necessitated by hyperinflation—billions of these notes were produced and distributed. The catalog values from 2016 (VG: $5, VF: $10, UNC: $20) and the eBay transaction record showing an F-graded note selling for $2.38 confirm its status as a common hyperinflation note. AU-graded examples are readily available in the collector market. Hyperinflation notes, while historically significant, were produced in such vast quantities that they remain affordable and accessible to collectors.

This note represents one of the final issues of the catastrophic German hyperinflation of 1922–1923, when denominations spiraled from thousands to billions of marks within months. The December 15, 1922 date printed on the obverse marks the original authorization, but the red overprint denomination reflects the emergency reissue in September 1923 as the currency collapsed. The portrait of Jörg Herz, a Renaissance-era Mintmaster, ironically commemorated German numismatic heritage even as the currency became nearly worthless—by November 1923, this billion-mark note was worth approximately one U.S. cent.

The obverse features an engraved portrait of Jörg Herz (1480–1550), a celebrated Nuremberg Mintmaster during the Renaissance, depicted as a bearded man in formal 16th-century dress with a medallion or chain of office on his chest. The engraving was executed by artist G. Penz and demonstrates the high-quality intaglio work characteristic of Reichsbank notes. The portrait is positioned on the left side with ornamental border designs, geometric patterns, and decorative wreaths in the corners. A circular German eagle seal (Reichsadler) appears in the lower section. The reverse features an elaborate Gothic-style ornamental emblem with elaborate foliate and geometric designs, symmetrical wreath patterns, and a decorative border frame. The note's original denomination ('Eintausend Mark' on obverse, 'Eine Million Mark' on reverse) is superseded by the bold red overprint reading 'Eine Milliarde Mark,' a visual testament to the rapidity of inflation.

FRONT SIDE: 'Reichsbanknote' (Reichsbank Note); 'Eintausend Mark' (One Thousand Mark—original denomination); 'Berlin, den 15. Dezember 1922' (Berlin, December 15, 1922); 'Reichsbankdirektorium' (Reichsbank Directorate); 'nach die Reichsbankhaupt kasse in Berlin Gegen diese Banknote dem Einlieferer' (According to the Reichsbank headquarters in Berlin. Against this banknote to the depositor); Serial number '45p·100665'. BACK SIDE: 'Reichsbanknote' (Reichsbank Note); 'Eine Million Mark' (One Million Mark—intermediate denomination); 'Eine Milliarde Mark' (One Billion Mark—red overprint, final denomination); Legal text in banner/scroll (terms and conditions of the Reichsbank).

Intaglio engraving (recess printing) for the primary design, portraits, and security features. The red denomination overprint was applied separately, likely via lithography or additional letterpress. The fine line work, cross-hatching in background patterns, and intricate portrait detail are characteristic of master engraving on hardened steel plates—the standard method for German currency of this period. The Reichsbank's primary security printer for this series was likely the Giesecke+Devrient firm or Reichsbank's own facilities, though specific attribution for P-113c variants may vary.

This specimen is identified as Pick P-113c, indicating it is a specific variety within the 1 Billion Mark issue. The red overprint 'Eine Milliarde Mark' is the defining feature distinguishing this from earlier printings (P-113a and P-113b). The serial number prefix '45p·100665' and the specific date of issue (September 1923, though December 15, 1922 is printed) are consistent with standard varieties of this note. Collectors may encounter minor variations in overprint intensity and positioning due to the emergency nature of these printings.