1 Pfennig - Heldrungen Gewerkschaft Heldrungen II

Gewerkschaft Heldrungen II was a coal mining cooperative operating in the Heldrungen district of Thuringia, and like many German industrial operations of the early twentieth century, it issued iron notgeld pfennig tokens to pay workers when small-denomination coinage was scarce or impractical to source. These mine-issue tokens circulated exclusively within the company's own economic sphere — the company store, the canteen, the housing settlement — and were rarely seen outside the pit gates.

Iron was the practical choice during wartime metal shortages, not an aesthetic one.