1 000 000 mark 1923
Market Prices
About This Note
This is a 1,000,000 Mark emergency currency voucher issued by the Reichsbahn-Direktion Dresden on August 11, 1923, during Germany's hyperinflation crisis. The note displays the characteristic red-on-cream design with ornate decorative borders and dual eagle emblems (Reichsadler) on both obverse and reverse, presented in exceptional condition with no visible wear, folds, or creases. As a railroad authority emergency issue rather than official Reichsbank currency, this represents a fascinating artifact of the Weimar period's monetary collapse and the creative financing solutions employed by major institutions.
Common. This is an emergency voucher from a major state institution with a substantial presumed print run. The Pick catalog listing (P-S1172) indicates it is recognized but not particularly scarce. eBay market data confirms common status, with prices ranging from $3.33 to $29.95 USD depending on condition grade, with most sales in the $5-$10 range. The VF grade specimen observed here would be expected to sell in the $8-$15 range based on comparable sales. Emergency currency issues from major institutions during the 1923 hyperinflation are generally abundant in the collecting market.
This voucher was issued at the height of the German hyperinflation of 1923, when the Reichsbahn (German State Railway) and other major institutions were forced to issue their own emergency currencies to pay employees and conduct business as the Mark's value collapsed. The August 1923 date places this note in the final months before the introduction of the Rentenmark in November 1923, which stabilized the currency. The Dresden Reichsbahn-Direktion's eagle emblem and formal government styling reflect the attempt to legitimize these emergency instruments during a period when traditional currency had become nearly worthless.
The obverse features a formal layout with ornate pink and red decorative borders framing German Gothic/Fraktur text. The central inscription identifies this as an official voucher (Gutschein) from the Reichsbahn-Direktion Dresden for one million marks, payable at railroad cashiers within the Dresden administrative district. Below the main text are signature lines for 'Der Präsident' (President) and 'Hauptkasse' (Chief Cashier) with a Reichsadler (German Imperial Eagle) emblem between them, rendered in black. Security elements include a green-colored serial number (No. 79241) and a vertical column of circular security markers along the right edge. The reverse displays a highly ornate design dominated by a large central circular medallion containing a Reichsadler facing right with fully spread wings, surrounded by decorative baroque-style patterns in pink and mauve tones. The text 'REICHSBAHNDIREKTON DRESDEN' forms a circular border around this eagle. The denomination '1000000' appears in all four corners. The printer's name, Johannes Pässler of Dresden, is credited at the bottom.
FRONT: 'REIHE D' (Series D); 'Gutschein der Reichsbahn-Direktion Dresden' (Voucher of the Reichsbahn-Direction Dresden); 'Eine Million Mark' (One Million Mark); 'zählen die Kassen der Reichsbahn im Bereiche der unterzeichneten Reichsbahn-Direktion gegen Rückgabe dieses Gutscheines' (the cashiers of the Reichsbahn in the area of the undersigned Reichsbahn-Direction pay against return of this voucher); 'Dresden, den 11. August 1923' (Dresden, August 11, 1923); 'Der Präsident' (The President) and 'Hauptkasse' (Main Cashier) signature designations; 'Die Gültigkeit dieses Scheines erlischt mit Ablauf der Frist, die bei Einziehung der Gutscheine für deren Einlösung öffentlich bekanntgemacht wird' (The validity of this note expires with the expiration of the period which is publicly announced when the vouchers are withdrawn for their redemption). BACK: '1000000' (1,000,000 - repeated in all four corners); 'REICHSBAHNDIREKTON DRESDEN' (Reichsbahn Direction Dresden, in circular formation around central eagle); 'Wer Gutscheine nagemacht oder verfälschte, oder nachgemachte oder verfälschte Gutscheine in Verkehr bringt, wird mit Geldstrafe nicht unter zwei Jahren bestraft' (Whoever counterfeits or forges vouchers, or brings counterfeit or forged vouchers into circulation, will be punished with a fine or imprisonment for not less than two years); 'Johannes Pässler, Dresden-D' (printer credit).
This note was produced using letterpress printing with color separation, employing multiple passes to achieve the red/pink, cream/beige, and green color scheme observed. The ornate decorative borders and intricate circular medallion on the reverse indicate skilled engraving work typical of security printers of the Weimar period. The printer Johannes Pässler, Dresden-D is credited on the reverse; Pässler was a notable Leipzig/Dresden-based printer and security printer active during the hyperinflation period. The fine line work, ornamental patterns, and multi-color registration visible in the images are consistent with high-quality commercial printing standards of 1923.
Series D is noted on the obverse. The serial number visible is 79241. The specific date of August 11, 1923 and the 'Series D' designation may indicate multiple series were released by this institution. Collectors should note that different series (A, B, C, D, etc.) and serial number ranges may represent distinct printings or distribution batches. No major overprints or secondary varieties are evident on this specimen. Pick catalog number P-S1172 appears to encompass the standard issue type; more specific variety classifications would require knowledge of known series designations and their distribution patterns.
