20 Mark

The Deutsche Notenbank was the central bank of the GDR from 1948 until 1968, when it was reorganized as the Staatsbank der DDR. This 1964 issue belongs to a series that was gradually phased out as the DDR tightened monetary controls through the late 1960s — the 20 Mark denomination in particular circulated heavily in the informal economy, where it functioned as a de facto unit of account for goods that were technically not for sale.

Printed domestically by the Staatsdruckerei der DDR rather than contracted abroad, the series reflects the GDR's policy of self-sufficiency in state printing after the early 1950s dependency on Soviet facilities.