10 Pfennig

Hanau's municipal notgeld program of 1920 belongs to the second wave of German emergency money — issued not from genuine small-coin scarcity (the original crisis of 1914–1918) but largely to satisfy collector demand, which by 1920 had become a revenue stream in its own right for cash-strapped German towns. The city was fully aware that many of these notes would never circulate, printed in quantities calibrated to philatelic buyers rather than marketplace need.

The H11.4 series shows minor paper and ink variants across the "a" through "c" subtype range — differences consistent with small print-run reprints rather than a single unified issue.