20 reichsmark 1939
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78 salesAbout This Note
This PMG 67 EPQ 20 Reichsmark note from 1939 is an exceptional example of German Third Reich currency in near-superb condition. The note displays sharp, clear printing throughout with minimal wear, cream-colored paper consistent with its age, and no visible folds, creases, or tears. The design's artistic merit—featuring an Austrian woman with edelweiss on the obverse and Alpine landscape with traditional German figures on the reverse—combined with its superior grade makes this an attractive specimen for collectors of pre-WWII German banknotes.
Common. Extensive eBay transaction history from 2010 to 2025 shows consistent availability across all grade levels, with dozens of sales annually. Ungraded examples regularly sell for $5–$20, and even PMG-graded specimens (PMG 63–66) trade regularly in the $40–$260 range, indicating a note with moderate circulation among collectors. The 1939 20 Reichsmark is a standard-issue denomination with large print runs; scarcity is limited to exceptional high grades (PMG 67 and above) and special serial varieties, not the type itself.
Issued on 15 June 1939 by the Reichsbank under the Banking Law of that date, this note reflects the Nazi regime's final pre-war monetary policy. The design is notably derived from an unissued 1936 Austrian 100 Schilling proposal, incorporating Alpine imagery (Lake Gosau and the Dachstein massif) that symbolized German-speaking cultural unity. The eagle emblem with Nazi insignia and the stern counterfeiting warning text exemplify the authoritarian aesthetic and control mechanisms of the Third Reich during the months leading to World War II.
The obverse features a portrait of an Austrian woman in right profile, styled in 1930s fashion and holding an edelweiss flower—a symbolic Alpine bloom. She is positioned within an ornate rectangular frame on the right side of the note, with the large gothic numeral '20' dominating the left. The composition includes the Reichsbanknote text, issue date information, and the signature line for the Reichsbank President. The reverse depicts a romantic Alpine landscape scene—identified as Lake Gosau within the Dachstein massif region of Austria—with two male figures in traditional Tyrolean/Alpine costume flanking the central scenic engraving. The landscape includes forested slopes, mountain peaks, and architectural elements typical of the region. Both sides employ fine-line ornamental borders, geometric security patterns, and are rendered in brown, black, gray, and cream tones. The design reflects the Nazi regime's appropriation of Germanic and Alpine cultural imagery, despite its origins in rejected Austrian monetary design.
FRONT: 'Reichsbanknote' (Reich Bank Note); '20' and 'zwanzig' / 'Reichsmark' (twenty / Reich Mark); 'Ausgegeben auf Grund des Bankgesetzes vom 15.Juni 1939' (Issued pursuant to the Banking Law of 15 June 1939); 'Berlin, den 15.Juni 1939' (Berlin, 15 June 1939); 'Der Präsident der Deutschen Reichsbank' (The President of the German Reich Bank); Serial number 'L·01558816'. BACK: '20' and 'Reichsmark' (twenty / Reich Mark); 'Reichsbanknote' (Reich Bank Note); 'WER BANKNOTEN NACHMACHT ODER VERFÄLSCHT ODER NACHGEMACHTE ODER VERFÄLSCHTE SICH VERSCHAFFT UND IN VERKEHR BRINGT WIRD MIT ZUCHTHAUS NICHT UNTER ZWEI JAHREN BESTRAFT' (Whoever counterfeits banknotes or forges them, or procures counterfeit or forged banknotes and puts them into circulation will be punished with imprisonment for not less than two years).
Intaglio engraving (recess printing), the standard security printing method for Reichsbank notes. The fine-line geometric patterns, detailed landscape engraving, and sharp portrait rendering are characteristic of high-quality intaglio work. The note incorporates watermarks and color-shifted decorative printing elements for security purposes. The printer for Pick-185 is documented as Reichsdruckerei (Reich Printing Office), the official German state security printer.
Serial number prefix 'L' indicates a standard Reichsbank issue (different prefixes denote distinct serial ranges). The date 15 June 1939 is the official issue date; no known major varieties exist for this Pick number. The note is a regular issue without overprints or emergency modifications. The specific serial number L·01558816 places this specimen within the normal production range for 1939 issues.
