1 Pfennig - Halle an der Saale Hallesche Pfännerschaft A.G.

The Hallesche Pfännerschaft was a salt-works cooperative in Halle an der Saale with roots stretching back to medieval guild structures — one of the oldest continuously operating industrial associations in German history. By the Weimar era, when zinc notgeld tokens like this one circulated, the Pfännerschaft had reorganized as a joint-stock company but retained its ancient name. These tokens filled the vacuum left by chronic small-denomination coin shortages after World War I, issued by employers partly as a practical measure and partly to bind workers' spending to company-affiliated vendors.