10 Pfennig

Wohlau — today Wołów in Lower Silesia, then a Kreisstadt in the Prussian province of Schlesien — issued this note through its municipal savings bank during the acute small-change shortage that plagued Germany in the early 1920s. The Reichsbank had suspended low-denomination coin production, and local authorities across the country filled the gap with Kleingeldersatzscheine of exactly this type. Appelhans in Braunschweig was a prolific printer of such emergency municipal issues, supplying dozens of small Silesian and Saxon towns during this period.

The watermarked paper is an unusual security specification for a 10-Pfennig note of this class — most comparable issues dispensed with it entirely.