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| 正面铭文 | Stadt Hörter 10 Die Kämmereikasse löst diesen Gutschein ein. Er wird ungültig drei Monate nach öffentlicher Aufkündigung. HÖXTER, D. 1. MAI 1921. Der Magistrat: |
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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.