10 Pfennig

Goch is a small town on the Lower Rhine, close to the Dutch border, and like hundreds of similar municipalities it resorted to issuing its own emergency paper in the early 1920s as Germany's postwar coin shortage made small-denomination transactions nearly impossible. Carl Schleicher & Schüll in Düren was one of the more technically capable regional printers of the period — their watermarked paper stock gave these notes a level of production quality that most Notgeld from comparable towns never achieved.

The watermark is the sole security feature, which was enough: nobody was counterfeiting 10-Pfennig municipal scrip.