10 Pfennig

Lötzen — now Giżycko in northeastern Poland — was a small East Prussian garrison town that, like hundreds of German municipalities, resorted to printing its own emergency scrip after the postwar collapse of the Reichsbank's ability to supply small-denomination coinage. This Notgeld wave of 1920 was an entirely local phenomenon, driven by coin hoarding rather than hyperinflation, which came later. Carl Flemming & Wiskott in Glogau handled enormous volumes of this municipal work, which is why their imprint turns up across dozens of different issuing towns.