Note is in lightly to moderately circulated condition and has been folded into 4 (and also possibly along its long axis). Reverse is a tad grubby along the folds. Edges and corners all sound.

These notes are known as 'Kopfgeld (Head Money) as on 20th June 1948, Every citizen was allowed to exchange up to 60 old Nazi Reichsmarks for the new Deutsche Marks at a rate of 1:1. Savings above the RM 60 threshold were exchanged at 1 DM for every 10 RM, hitting those with savings very hard.

The notes were printed in the United States in late 1947 and flown to Frankfurt under the utmost secrecy during operation 'Bird Dog' so as not to create public panic.

Not counterstamped with 'B' as many of these are, this is an important part of post-war German history as it marks the very beginning of the Deutsche Mark on its journey towards becoming a strong and respected international currency.