5 000 000 mark 1923

Common. While this specific Pick catalog number is listed as unlisted and the red serial number variety is noted as a collector variant, Bavarian State Bank emergency vouchers from 1923 were issued in substantial quantities to meet the acute currency demand during hyperinflation. The denomination of 5,000,000 marks was one of many denominations issued in rapid succession during August-September 1923. The AU condition and red serial number may command modest premiums within the specialized hyperinflation collector market, but the note itself remains relatively obtainable. Most hyperinflation-era emergency currency, while historically significant, was printed in large quantities and survives in reasonable numbers today.

This voucher was issued by the Bavarian State Bank during the peak of the 1923 hyperinflation, when regional German institutions were forced to issue emergency currency as the reichsmark became nearly worthless. The formal 'Gutschein' (voucher) designation and redemption language printed on both sides reflect the temporary, emergency nature of this currency—the issuer explicitly noted that claims would expire one year after the announced redemption date. The Munich date of August 1, 1923, places this note at the very climax of the inflation crisis, just weeks before the currency stabilization that would follow in November 1923.

This emergency banknote features a sophisticated Art Nouveau-influenced design with no portraits or specific landmarks, instead relying on elaborate decorative borders composed of repeating geometric and floral patterns for security and aesthetic appeal. The front displays the denomination 'Fünf Millionen Mark' in prominent Gothic script within an ornate frame, with the issuer name 'Bayerische Staatsbank' prominently positioned. The reverse emphasizes the numerical denomination '5.000.000' in large decorative numerals within a similar ornate border framework. Both sides employ fine line work and intricate scrollwork throughout, with the front rendered in green and tan tones and the reverse in black and beige, creating high visual contrast and aiding in authentication. The legal text regarding counterfeiting penalties and redemption deadlines on the back serves both informational and security purposes, typical of emergency currency issued during the hyperinflation period.

FRONT SIDE: 'Bayerische Staatsbank' (Bavarian State Bank); 'Gutschein der Bayerischen Staatsbank über Fünf Millionen Mark' (Voucher of the Bavarian State Bank for Five Million Mark); 'münchen, den 1. August 1923' (Munich, August 1, 1923); 'Direktorium' (Board of Directors); Reference number '70484'; 'Dieser Gutschein wird zu einem durchs Bayer.-Staatsministerium der Finanzen im Reichsanzeiger und Bayer. Staatsanzeiger bekanntgegebenden 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 Reichsanzeiger and Bavarian State Gazette); '5 Millionen Mark' (5 Million Mark). BACK SIDE: 'Gutschein der Bayerischen Staatsbank über Fünf Millionen Mark' (Voucher of the Bavarian State Bank for Five Million Mark); 'BAYERISCHE STAATSBANK' (Bavarian State Bank); '5.000.000' (5,000,000); 'Wer Gutscheine nachmacht oder verfälscht oder nachgemachte oder verfälschte stck verschafft und in Verkehr bringt, wird mit Zuchthaus nicht unter zwei Jahren bestraft.' (Whoever counterfeits or forges vouchers or obtains and puts into circulation counterfeit or forged pieces will be punished with imprisonment for not less than two years); 'Ein Jahr nach Ablauf der Einlösungsfrist erlischt jeder Anspruch aus diesm Gutschein.' (One year after the expiration of the redemption period, all claims arising from this voucher expire).

This note was produced using intaglio (engraved) printing, evidenced by the fine line work, intricate detail in the decorative borders, and the crisp, sharp impression visible in the ornamental typography and geometric patterns. The two-color printing on the front (green and tan/black) and monochromatic black printing on the reverse are consistent with traditional security printing techniques employed by German state banks during this period. The Bavarian State Bank would have utilized their own security printing facilities or contracted with established German security printers experienced in emergency currency production.

This example is identified as a red serial number variety, which distinguishes it from standard printings that likely featured black or blue serials. The reference number '70484' visible on the front may indicate a specific printing batch or plate number. As a Bayerische Staatsbank issue of August 1, 1923, this represents one of the dated emergency vouchers issued during the peak inflation month, with the specific date and issuing authority distinguishing it from later undated issues or those from other German regional banks. The unlisted Pick status suggests this may be a regional or specialized printing variant that has not been formally catalogued in standard references, which could represent a cataloging gap rather than true rarity.