My guess is that it is a sister to the note shown below. The note shown below is a German Notgeld (emergency currency shortage) issued August 1, 1923 from the Baterschen State Bank for 50 Million German Marks. I do not collect notgeld extensively nor have a lot of reference material to verify my guess but it is very similar to the 1 million mark below, same date, city, and bank. Next I expect you are wondering about value. The majority of these notes are not of great value and the damage to the edge would severely cripple the value it has. I would treasure where it came from (grandfather) more than cash value.

My Guess: German Notgeld 50 Million Mark from the city of Bayerschen.... and for 1 million dollars that's my final answer!