1 Pfennig - Aalen

Aalen's 1920 iron Pfennig is a notgeld issue, struck during the acute small-change shortage that gripped German municipalities in the immediate postwar years. The Reichsbank's inability to supply sufficient low-denomination coinage forced hundreds of cities to authorize their own emergency pieces, with iron chosen almost universally as the cheapest available substitute for the copper and nickel that wartime requisitioning had stripped from civilian production.

The Funck catalog places this piece early in Aalen's notgeld sequence, suggesting it was among the first municipal issues rather than a later supplemental striking.