1 Pfennig - Spiegelau Ernst Petzold Jr. Holzindustrie

Spiegelau sits deep in the Bavarian Forest, and by the late nineteenth and early twentieth centuries the timber industry there had grown substantial enough that some firms issued their own scrip to manage wages and on-site purchases — a practical response to chronic small-coin shortages that plagued rural German industry well into the Weimar period. Iron rather than zinc or aluminum suggests a wartime or immediate postwar issue, when base metals were rationed and firms took what they could get.