10 Mark

Tondern — Tønder in Danish — was the subject of a plebiscite in February 1920 under the terms of the Versailles Treaty, which split the Duchy of Schleswig along national lines. The city voted to remain German but found itself administratively adrift during the transition period, prompting local authorities to issue emergency notes to keep commerce moving. This Notgeld is a direct product of that interregnum.

The single Paulsen signature is almost certainly that of a municipal official rather than a bank signatory — Tondern had no issuing bank of its own at this point.