10 Pfennig

Neuhaus an der Elbe — a small town on the lower Elbe in Lower Saxony — issued this note during the Kleingeldnot, the acute small-change shortage that gripped Germany after the First World War. Coin metal had been requisitioned, and municipalities across the country were authorized to print their own emergency Notgeld to keep local commerce moving. Carl Flemming & T. C. Wiskott in Glogau handled enormous volumes of such municipal commissions throughout 1920 and 1921.

By mid-1921, collector speculation had already distorted the Notgeld market — many towns were printing notes specifically for philatelic sale rather than genuine circulation need. Whether Neuhaus falls into that category is difficult to say with certainty from the issue record alone.