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Very often a note has been issued in multiple versions. These versions can differ substantially in value, although, having only minor differentiating characteristics.
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A Bill Explained
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Identification of Versions

Visually similar notes can be differentiated in a number of ways. These methods are, however, dependent on the individual notes.

For a discussion of specific details we'll be looking at two versions of the 1000 Mark note dated 15. September 1922:

version of old german banknote version of old german banknote

Serial Numbers

serial number of old german banknote
serial number of old german banknote
Nearly all banknotes have a serial number and normally this number is unique for each banknote. The serial number has two main purposes. It allows the issuer to exactly control the amount of bills issued and it is also a security feature.

The numbers usually follow rules and patterns, which make it harder to forge the bills or at the very least identify forged ones. Often also very specific font types were used for the numbers to make forgery harder.

In the very early days there was no automatic way to create the numbers. So they were handwritten. As each bill had to be treated manually, this was an enormous and expensive effort. In the early 19th century printing techniques evolved that allowed the automatic creation of the serial numbers during the printing process. The numbers could then be used to not only identify the bills itself, but also the sheets on which they were printed. Misprints could so be replaced and replacements were often marked and can be identified by their serial number. Because such bills are exceptions and as such rare, they are often sought after and expensive.

The serial number can differ in colour, number of digits, leading letter, size, font type and more. All these features allow the collector to identify different versions of a banknote. It can be interesting for collectors to concentrate on the variation of the serial numbers of specific bills. Especially banknotes and Notgeld bills from the German inflation offer a wide field for this, as most of these bills are very affordable. Some collectors also specialise in banknotes that have an “interesting” serial number.

Water Mark

watermark of old german banknote watermark of old german banknote
Watermarks are visible in most notes when holding against the light. Watermarks are being used as a method to make counterfeits more difficult to produce.
The watermark of the note on the right shows Polygons. The note on the left has a Thorns watermark.






Printer ID

Printer identification numbers It is very common that banknotes are printed not only by a printer that belongs to the state. The printing is frequently also contracted out to private printing houses. The German state printer for banknotes used to be the Reichsdruckerei (1879 – 1945), which was destroyed during World War 2. Its successor in West Germany is the Bundesdruckerei (from 1956). The state owned printers concentrated on the regular banknote issues. The Notgeld issues were printed by private firms, though.

Especially during the inflation years (from 1918) private printing companies were tasked by the Reichsbank to print banknotes (often in parallel to the Reichsdruckerei). It is estimated that until 1923 - the year of the Hyperinflation - more than 130 companies were involved in printing banknotes for the Reichsbank. This excludes Notgeld printing, which was mainly carried out by smaller regional firms.

To control the amount of issued banknotes, the bills were marked. The private printing houses received IDs, which they included in their prints. The IDs were given out by a department of the Reichsbank, which had been created specifically to organise and oversee the printing of the paper money.

printer id of old german banknote printer id of old german banknote
The two displayed sample banknotes were printed by:
KH - J.C. König & Ebhardt, Hannover
MK - C. F. Müller, Karlsruhe


These IDs are just samples. There are several dozens of these IDs. Collectors that want to get all varieties of a specific bill, have a wide area of interest here. But luckily most of these bills are very affordable.

Outside the inflation period we also find identifier of printers. But these are much less common. On the other hand it does not mean that a bill has been printed by a state printer, if the ID is missing. The Bundesdruckerei for instance printed regularly only certain denominations of the Deutsche Mark. Its effort was complemented by the printer Giesecke & Devrient in Munich.

Colour of Paper or Print

The paper of a banknote or its printing colour may also differ for the different issues and might therefore be used as a criterion to identify versions.



Other differentiating properties, which are not present in the sample notes above, include:

Date of Issue

Nearly all German notes have a date of issue printed on them. Often it is located close to the name of the place at which a bill was issued.

The issue date does not necessarily give the exact time of the issue. Many notes were issued later than the actual date would suggest. Others were issued in various series, without a change of the date. Sometimes the date is even set arbitrarily. Often we see this with German banknotes that show "2 January" as the issue date. Only in very few circumstances is the issue date on the bill the actual date of print, like it is the case for the World War 1 occupation banknotes for Belgium, which had a tradition of using the printing date as issue date on their banknotes. In any case the issue date is one of the most important information to identify a banknote.

50 Reichsmark 1933 In addition to the issue date some banknotes also show a date that references the law on which the issue of that banknote is based. Looking at the 50 Reichsmark banknote from 1933, there is a reference to the banking law of 30 August 1924.

Also shown sometimes is a date, which indicates the day at which a banknote becomes invalid. Very often this can be found at Notgeld bills or inflation banknotes, which had been issued for a pre-defined period only. Especially the later issues of Notgeld (1918-22) had often been issued for collectors only. They frequently carry a “valid to” date that pre-dates the day on which they were handed out – preventing their use as money.

It can be hard to differentiate between the various dates printed on German banknotes. In general the issue date will be that one that is associated with the place of issue, e.g. Berlin, den 30. März 1933. The other dates are more likely to be found embedded somewhere in the text of the bill.

Seals and stamps

Some notes have already been printed with a seal on it that marks different versions (e.g. 1 Mark 1914). But also rubberstamping or an additional mark fixed to a banknote changed its use and value.


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