10 Pfennig

Neustadt an der Orla is a small Thuringian town, and this note belongs to the vast wave of German municipal Notgeld issued in 1920 — not out of any local crisis, but because the Reichsbank had effectively stopped supplying small-denomination coins to municipalities. Thousands of German towns printed their own stop-gap fractional notes that year, most in very large quantities, many deliberately collectible in design to generate revenue from the hobby market that had already grown up around earlier wartime Notgeld.

The print date of 30 April 1945 recorded in this catalog is almost certainly an acquisition or processing date — the note itself dates to 1920.