10 Pfennig

Halberstadt's 1920 Notgeld issue was printed locally by Louis Koch — an unusual arrangement, since most German municipal emergency money of this period was farmed out to larger commercial printers in Leipzig or Berlin. Koch was a Halberstadt-based printing house, which gives this series a genuinely provincial character, both in its production economics and in the slight inconsistencies collectors sometimes notice across surviving examples.

The 1920 German Notgeld wave was driven by a chronic shortage of Reichsbank small-change coins, themselves hoarded or melted as inflation eroded their metal value. Municipalities issued their own notes legally, under tolerating rather than enthusiastic federal oversight.