1 Pfennig Henschel and Sohn

Henschel & Sohn was a major iron and steel producer based in Hattingen on the Ruhr, and like hundreds of German industrial firms during the First World War emergency coinage shortage, it issued its own small-denomination Notgeld to pay workers when official coinage had effectively vanished from circulation. Cardboard Pfennig pieces of this type were produced quickly and cheaply — they were never meant to outlast the shortage that created them.

The Tieste catalogue reference places this firmly within the documented Westphalian private industrial issues, a densely catalogued field where genuine pieces and later reprints can be difficult to separate without examining paper stock and printing impression closely.