10 Pfennig

Waldenburg — now Wałbrzych in southwestern Poland — was a coal-mining center whose municipal government issued notgeld like dozens of other German towns struggling with the chronic small-change shortage that persisted well into the early 1920s. The 1921 date places this emission in the tail end of the main notgeld wave, by which point the Reichsbank was actively pushing municipalities to wind down local issues as central coinage production recovered.

Paper notgeld from smaller Silesian towns survives in uneven quantities. Waldenburg issues were not printed in large numbers relative to industrial centers, and circulated hard in a working-class community with little incentive to preserve low-denomination paper.