10 Pfennig

Höxter's 1921 Kleingeldersatz notes came out of the chronic small-change shortage that plagued German municipalities well before hyperinflation took hold — the coin metal problem predated the paper crisis by years. Cities across Westphalia issued their own emergency pfennig notes under Reichsbank tolerance rather than authorization, a jurisdictional gray area that was never cleanly resolved.

Friedrich Koch's name appearing in the engraver credit is worth noting: his work appears across multiple Westphalian Notgeld issues of this period, suggesting a regional print relationship rather than a one-off commission. The watermarked paper was an unusual security investment for a denomination this small.