10 000 000 mark 1923
About This Note
This is an exceptional AU-grade example of a 10,000,000 Mark emergency voucher issued by the Bavarian State Bank on August 1, 1923, during Germany's hyperinflation crisis. The note features stunning ornate Gothic-style ornamentation with an elaborate scalloped border, prominent decorative 'Z' monogram on the front, and intricate geometric lattice work on the reverse, all rendered in crisp dark blue and brown tones on cream paper. This unpriced Pick catalog note represents a fascinating regional currency emergency measure and shows virtually no wear, with pristine paper quality and sharp, clear printing throughout.
Common. While this specific Pick-unlisted Bavarian State Bank denomination is technically uncatalogued in the standard Pick reference, Bavarian emergency vouchers from the 1923 hyperinflation period were issued in substantial quantities to facilitate commerce in the region. The serial number (559438) suggests a moderate print run. These emergency vouchers are regularly encountered in the collector market, particularly in European auctions and dealers' stocks. The AU condition grade and appealing design may command a modest premium over circulated examples, but the note itself is not scarce.
This voucher was issued by the Bavarian State Bank (Bayerische Staatsbank) during the catastrophic German hyperinflation of 1923, when astronomical denominations became necessary for everyday transactions. As a regional Bavarian state bank issue rather than Reichsbank currency, this represents the decentralized emergency measures taken by regional authorities to cope with currency collapse. The August 1, 1923 date places it in the final months before currency stabilization through the introduction of the Rentenmark in November 1923.
This emergency voucher features no portraits or landmarks, focusing instead on ornamental security design typical of financial instruments of the period. The front displays a prominent ornamental Gothic-style letter 'Z' on the left side, likely representing 'Zehn' (ten), accompanied by elaborate floral scrollwork and decorative borders with a scalloped edge pattern that creates a jewel-like frame. The center presents the denomination information and issuing authority details. The reverse showcases a complex geometric security pattern with lattice work forming the background, a symmetrical ornate central frame containing the '10 MILLIONEN MARK' denomination in bold relief, and decorative bow-tie or hourglass-shaped ornamental elements in the corners. The overall aesthetic reflects early 20th-century German security printing tradition with emphasis on elaborate line work, geometric complexity, and fine engraving to prevent counterfeiting.
FRONT SIDE: 'Gutschein der Bayerischen Staatsbank' (Voucher of the Bavarian State Bank) | 'über Zehn Millionen' (for Ten Million) | 'Imf. 10000000' (10,000,000 marks) | 'München, den 1. August 1923' (Munich, August 1, 1923) | 'Bayerische Staatsbank' (Bavarian State Bank) | 'Direktorium:' (Board of Directors:) | 'No 559438' (Serial number 559438) | 'Dieser Gutschein wird zu einem durch das Bayerische Staatsministerium der Finanzen im Reichs-anzeiger und Bayerischen Staatsanzeiger bekanntmachenden Zeitpunkte zur Einlösung aufgerufen.' (This voucher will be called in for redemption at a time to be announced by the Bavarian State Ministry of Finance in the Reich Gazette and Bavarian State Gazette.) | BACK SIDE: 'Gutschein der Bayerischen Staatsbank' (Voucher of the Bavarian State Bank) | '10 MILLIONEN MARK' (10 Million Marks) | 'Ein Jahre nach Ablauf der Einlösungsfrist erlischt jeder Anspruch aus diesjem Gutschein.' (One year after the expiration of the redemption period, any claim from this voucher expires.) | 'Über Gutscheine nachmacht oder verfaltscht oder nachgemachte oder verfälschte sich verfasse und in Verkehr bringt, wird mit Geldstrafe nicht unter zwei Jahren bestraft.' (Those who counterfeit or falsify or bring counterfeit or falsified vouchers into circulation will be punished with a fine of not less than two years.)
Intaglio (engraved) printing, the standard security printing method for German banknotes and vouchers of this era. The fine line work, intricate scrollwork, ornamental details, and geometric lattice patterns visible in both images are characteristic of intaglio engraving. The crisp impression of decorative borders, the clear definition of the ornamental letter 'Z', and the precise rendering of small text all indicate traditional copperplate or steel plate engraving. The printer for this specific Bavarian State Bank issue is not definitively identified in available references, but such regional emergency vouchers were typically produced by established German security printers contracted by the respective state banks.
This note is catalogued as Pick-unlisted, indicating it does not appear in the standard Pick universal currency catalog. The specific variety is identified by: Issue date of August 1, 1923; Issuer: Bayerische Staatsbank (Bavarian State Bank); Denomination: 10,000,000 Mark; Serial number: 559438. No signature varieties or overprints are noted. Regional Bavarian emergency issues from 1923 show considerable variation in design and denomination, with this design being characteristic of the State Bank's higher-denomination emergency vouchers of the late hyperinflation period.
