10 Pfennig

Katzhütte is a small glassmaking village in the Thuringian Schwarza valley, and this 1920 Kleingeldersatz note was issued precisely because the national coinage had effectively vanished from everyday commerce — hoarded, melted, or simply absent at the local level. Thousands of German municipalities issued their own emergency fractions during this period, but the Thuringian pieces tend to be among the more carefully printed, reflecting regional pride even in a pinch.

The issuing authority here is the Gemeinde itself, not a bank or private firm — meaning redemption was the municipality's direct obligation, one that became increasingly theoretical as inflation accelerated through 1922 and 1923.