A Complete Guide to Collecting German Notgeld (1914-1923): My Personal Experience with "Millions of Marks and Millions of Marks"

If you're here because you want to collect German notgeld (banknotes) , buy authentic German notgeld banknotes , cheap German hyperinflation notgeld , or good-value serial notgeld certificates , this guide is for you. As a collector who started from scratch, my story with this hobby changed thanks to José Ramón Vicente Echagüe's book. And the best part: I got a copy signed by the author for an incredibly low price, which proves that even in 2026, you can find spectacular bargains if you're in the right place at the right time.

It all started when I saw a special announcement in "La taberna de la numismática y de la notafilia" (The Numismatic and Notaphilic Tavern), the most active and dedicated Facebook group for collecting best practices, celebrating its anniversary. A seller was offering copies of the book "Millions of Marks and Marks of Millions: A Brief Guide to Collecting Notgeld (1914-1923)" for just 20 euros (including registered shipping!). That's how I got the book , personally signed by Echagüe , a themed bookmark with Notgeld motifs, and two original Notgeld banknotes as a gift! It was one of the best purchases I've ever made: for the price of a coffee and croissant with friends, I fully immersed myself in the world of Notgeld with real material in hand and a dedication that I now value immensely.

That experience taught me that collecting 1914-1923 notgeld coins is not only fascinating because of their history and beauty, but also because it's so affordable and full of surprises. You can start with pieces for 5-15 euros and, with patience, acquire rare lots or specimens at ridiculously low prices. Below, I detail my complete journey, updated tips, and everything you need to buy cheap notgeld coins and build a solid collection.

The Complete History of Notgeld: From War to Hyperinflation

The Notgeld (small change) originated in 1914 due to the shortage of coins during World War I. Germany needed copper and nickel to manufacture ammunition, so the population exchanged their small change for paper money issued by municipalities, businesses, and even prisons. These Kleingeld were simple denominations, ranging from 1 pfennig to 1 mark, and were used for everyday transactions.

Following the defeat in 1918 and the harsh reparations imposed by Versailles, the German economy spiraled into chaos. The hyperinflation of 1922–1923 was legendary: a loaf of bread cost trillions of marks. To survive, thousands of local issues were printed with astronomical denominations: 1 million, 500 million, 1 trillion marks. By November 1923, the dollar was worth 4.2 trillion marks. The banknotes became so worthless that people used them as wallpaper or kindling.

In total, more than 3,600 different series were issued in hundreds of locations. Arnold Keller, the great cataloger, documented thousands of varieties. The Notgeld ceased to circulate in 1924 with the introduction of the Rentenmark (backed by land and property). Today, these banknotes stand as living witnesses to one of the worst economic crises in history.

The Most Sought After Types of Notgeld by Collectors

1. Kleingeldscheine / Verkehrsausgaben (1914-1920) Functional and inexpensive banknotes (5-30 euros). Ideal for beginners: austere but historic.
2. Serienscheine (1919-1922) A favorite of many: thematic series featuring expressionist art, folklore, satire, or propaganda. Colorful designs by artists such as Max Eschle and Paul Weber. Prices: 15-150 euros per piece, complete series (6-10 notes) for 10-400 euros.
3. Hyperinflationary Notgeld (1922-1923) The most iconic and cheapest to start with: millions and billions of marks. Many for 5-25 euros. Some have satirical messages about the devaluation.
4. Special Notgeld (payment certificates) from prisoner camps, companies (Krupp), or "wertbeständige" (gold- or rye-backed). These increase in value rapidly.

Why collect Notgeld banknotes? Practical reasons

• Low prices: common parts from 1-2 euros, frequent bargains in second-hand markets.
• Accessibility: you don't need thousands of euros like in old coins or rare banknotes.
• Unique stories: each banknote tells a story (dark humor, propaganda, folk art).
• Potential for appreciation: rare series in excellent condition rise 10% annually.
  

How to Get Started and Tips for Buying Cheap and Authentic Notgeld

1. Define your niche: Hyperinflation (cheap and spectacular), Bavarian serialscheine (artistic), or a single city (e.g., Munich, Berlin).
2. Basic preservation: PVC-free Mylar sleeves, albums in a dry place (40-50% RH), away from light and heat.
3. Key tools
   • Echagüe's book: essential for Spanish speakers, with photos, glossary and historical context.
   • Keller catalogs (cheap digital editions).
   • Numista or Colnect to catalog your collection.
4. Mistakes I avoided thanks to my experience
   • Do not buy without looking at the back.
   • Don't ignore the condition: a crumpled banknote loses a lot of value.
   • Always look for registered shipping.

My Personal Experience:

I started buying online without knowing anything and accumulated duplicates. I haven't seriously started cataloging them yet, but I'm considering adding a section to this page for selling them.

Since then I've amassed over 200 pieces: satirical serial notes, hyperinflation notes, and some value-based ones. Each acquisition tells a story: from the dark humor of the designs to the despair reflected in the values. Echagüe's book gave me the foundation; the real banknotes gave me the passion.

Finally, it might be worth clarifying that many hyperinflation banknotes are not notgeld (banknotes issued in the US). To be considered notgeld, they must be local or issued by businesses, shops, or banks. Many hyperinflation banknotes are not notgeld because they were issued by the Reichsbank (and are still very popular today, even as tourist attractions). In other words, if the term "Reichsbank" or "darlehnskassenschein" appears, they are state-issued and therefore not notgeld.

Start your collection today!

Collecting notgeld (banknotes) from 1914-1923 is affordable, exciting, and full of surprises. With Echagüe's guide and a little patience, you can acquire incredible pieces for reasonable prices.

Want to buy cheap German banknotes , genuine serial notes , or hyperinflationary German banknotes ? Search secondhand markets, collector groups, and special events. Share your first purchase or any questions you have in the comments. Let us know if you'd like Iberoamericana Banknotes to sell these types of banknotes in the future. This hobby is addictive and accessible!

Dedicated with admiration and gratitude to José Ramón Vicente Echagüe, author of "Millions of marks and marks of millions. A brief guide to collecting notgeld (1914-1923)" (Editorial Círculo Rojo, 2025), the first and best introduction in Spanish to this fascinating world of German emergency money.