1 mark 5 pfennig gold= 1/4 dollar 1923

Common. While this specific Pick-unlisted variety from the Bayerische Hypotheken-und Wechsel-Bank is not listed in major catalogs, Notgeldscheine from this 1923 period were produced in substantial quantities by numerous regional and private banks throughout Germany to address the acute currency shortage. The Bavarian bank's prominence and the absence of evidence of a restricted print run or recall suggest this was a circulated emergency issue with significant mintage. The UNC condition grade may be slightly above-average for survival, but the type itself remains commonly encountered in the collector market.

This emergency currency was issued during the hyperinflationary crisis of late 1923 in Weimar Germany, authorized by ordinance of October 26, 1923. The note's backing in German gold loan securities (Goldanleihe) and its fixed dollar conversion rate ($0.25) reflect desperate attempts to stabilize currency during the most severe economic crisis of the period. The Bavarian regional issuer and Munich address emphasize how German states and private financial institutions were forced to issue their own currencies when central authority over money supply collapsed.

The note displays a sophisticated Art Nouveau-influenced design typical of high-denomination Notgeldscheine of the 1923 hyperinflation period. The dominant design elements include an ornate geometric border in burgundy/maroon with intricate interlocking patterns framing the entire note on both sides, and a central cream-colored text area on the front with a distinctive light blue-green denomination panel. The Bavarian coat of arms—a diamond-patterned shield—appears prominently on both sides, with a crowned version featured atop the ornamental frame on the reverse. The back features an elaborate rectangular frame with floral and foliate decorative motifs in the Art Nouveau style, containing the redemption terms and counterfeit warning. Corner ornaments and flourishes enhance the overall aesthetic. The color palette of burgundy, cream, black, and blue-green creates visual hierarchy and prevents visual monotony while maintaining professional authority appropriate to a state-backed financial instrument.

FRONT SIDE: 'Bayerische Hypotheken-und Wechsel-Bank' (Bavarian Mortgage and Exchange Bank) | 'Notgeldschein Lit. C' (Emergency currency note Class C) | 'No 0806627' (Serial number) | '(issued on the basis of the ordinance of 26 Oct. 1923 RGBl. I p.1065)' | 'Eine Mark 5 Pfg. Gold = 1/4 Dollar' (One Mark 5 Pfennig Gold = 1/4 Dollar) | 'This emergency currency note is backed by the deposit of a value-stable security of the German Empire (gold loan). Redemption takes place according to the conditions specified on the reverse side. Issued with the approval of the Reich Minister of Finance. Munich, 26 November 1923.' | 'Mark 1.05 Gold = 1/4 Dollar' BACK SIDE: 'Within one month of call, this note will be exchanged at the choice of the Bavarian Mortgage and Exchange Bank for German Empire gold loan securities, or will be paid with a cash amount corresponding to the rate of this gold loan on the day of payment against delivery of ownership. The exchange or payment takes place exclusively at the Bavarian Mortgage and Exchange Bank Munich, Theatinerstr. 11' | 'Whoever counterfeits or falsifies emergency currency notes, or obtains and circulates counterfeited or falsified notes, will be punished with imprisonment for not less than two years.'

Intaglio/engraving process, evidenced by the fine line work, complex geometric patterns, and detailed ornamental borders visible throughout both sides. The intricate security printing patterns, particularly the geometric background design on the front and the elaborate foliate borders on the reverse, are characteristic of high-security banknote production of the period. The crisp black text and fine detail reproduction indicate professional security printing rather than lithography. Specific printer attribution is not known for this Pick-unlisted variety, though Bavarian Notgeldscheine of this period were typically produced by established German security printers.

Serial number 0806627 is observed on this example. The note is classified as 'Lit. C' (Class C), indicating a specific variety within the Bayerische Hypotheken-und Wechsel-Bank's Notgeldschein series. The date of issue is 26 November 1923, with redemption terms fixed to the Munich headquarters at Theatinerstr. 11. Varieties of this issue may exist based on different serial number ranges or signature variants on the financial officers, though the visual analysis does not reveal specific signature variations in the provided images.