10 Pfennig

Koberg is a tiny settlement in what was then the Kreis Herzogtum Lauenburg, and its decision to issue notgeld in 1921 places it among the smaller administrative units that took that step — not out of genuine economic necessity by that point, but largely because the collector market for local emergency currency had become a revenue stream in its own right. The so-called "Seriennotgeld" boom of 1921 turned hundreds of minor German municipalities into de facto publishers.

The watermarked paper is worth noting — many issues at this level of local authority used plain stock, making the security feature here mildly unusual for the denomination and issuer.