It translates as 1000000 mark voucher of the bavarian state bank of a million marks. munich the 1st august 1923, bavaran
Then it gets a little boring so I won't translate that bit.
But I have recently bough quite a few Notgeld, as they are called, or emergency money. Some were made so nice, in order for people not to cash them in. Others were made, like yours, because they lacked a lot of coins after WW1. They are very, very interesting, I bough each one for the eqivalent of $1!! There are estimated to be around 7,000 out there, if I remember correctly.
Some of the nicer ones I managed to get!