10 Pfennig

Landkreis Cochem lies along the Moselle in what was, by 1921, the French-occupied Rhineland — a zone where severe coin shortages made Kleingeldersatz notes like this one a genuine administrative necessity rather than a collector novelty. Local authorities across the occupied territories issued their own Notgeld partly because the Reichsbank's reach into the zone was complicated by occupation controls and the general postwar disruption of metal coinage.

Carl Schleicher & Schüll, the Düren paper mill, supplied both the printing and the watermarked stock — an unusual vertical integration that kept security production entirely in-house.