10 Pfennig

Torgau's 1921 Notgeld issue came at the height of Germany's municipal emergency currency crisis, when the Reichsbank's inability to supply adequate small-denomination coinage forced thousands of towns to print their own. Torgau, a small Elbe river town in Saxony-Anhalt, had no particular banking infrastructure to lean on — the city administration handled the issue directly, as most comparable Kleinstädte did.

Paper Notgeld of this period was typically printed in short runs by local or regional printers and redeemed within weeks or months, making surviving uncirculated examples genuinely uncommon despite the large quantities originally produced.