1 Mark Federal Treasury Note

The West German 1 Mark Bundeskassenschein occupied an unusual institutional position: issued not by the Bundesbank but directly by the Federal Ministry of Finance, a holdover arrangement rooted in Allied occupation-era restrictions that had originally prevented the new German central bank from issuing notes below 5 Mark. By 1967 those restrictions were long gone, but the Finance Ministry retained the franchise — partly bureaucratic inertia, partly a quiet revenue stream through seigniorage.

The P#28b designation distinguishes a signature variety within the broader 1963-series run. Bundesdruckerei production throughout this period was tightly controlled for security printing quality, though the low face value meant these circulated hard and survived poorly.