10 Pfennig

Annaberg's 1920 Notgeld issue belongs to the first wave of municipal emergency currency that flooded Saxony and Thuringia when small-denomination coinage effectively vanished from circulation following the war. The Rat der Stadt Annaberg — a mid-sized Saxon mining town in the Erzgebirge — was among hundreds of local authorities legally empowered under German emergency legislation to produce their own fractional notes to keep trade moving at the retail level.

Redemption was theoretically guaranteed by the issuing municipality, though in practice many series were never fully redeemed before the inflationary collapse of 1922–23 rendered the question moot.