LUDWIGSHAFEN 1923 $1 USA = 4.20 Mark Gold Wertbeständiges Notgeld

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Wertbeständiges Notgeld, or Notgeld of stable-value, was pegged to the US Dollar but denominated in the Gold Mark. This Gold Mark, different from the pre-1914 Gold Mark when Germany was on the gold standard, is from the time when US currency was still on the gold standard. So in that sense, this note was redeemable for gold, as in gold-backed currency. The conversion here is spectacularly visible, $1 USA is equal to 4.20 Gold Mark.

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