10 Pfennig

Eschershausen is a small town in Lower Saxony, and this 1921 Pfennig note is a product of the acute small-change shortage that gripped Germany's municipal economies during the postwar inflation spiral. The Reichsbank's inability to keep low-denomination coinage in circulation forced hundreds of towns — including minor ones like Eschershausen — to print their own emergency paper. The "Elsner" signature almost certainly identifies a municipal treasurer or burgomaster rather than a bank official, as Eschershausen had no independent banking institution of note.

The DeNG reference places this within a numbered series of six known variants for this issuer, suggesting the town produced multiple denominations or design runs across the same period.