1.50 Mark Verlag Neustädter Kreisbote

Neustadt an der Orla was a small Thuringian town of perhaps four thousand people in 1921, and the Neustädter Kreisbote was its local newspaper. That a regional press publisher would issue emergency currency — Notgeld — was not unusual in the inflationary chaos following Germany's defeat, but the 1.50 Mark denomination is an odd one, reflecting the highly localized arithmetic of shortages rather than any standardized scheme.

The Graumann reference 964.3 places this within a documented series, suggesting at minimum two other denominations from the same issuer exist in the catalog literature.