10 Pfennig Braunschweigische Staatsbank

Braunschweigische Staatsbank was one of the older regional state banks still operating under its own authority when the hyperinflationary spiral of the early Weimar period forced virtually every German municipal and provincial institution into emergency note production. This 10 Pfennig piece dates to 1921, before the worst of the inflation hit — small-denomination Kleingeldscheine of this type were issued specifically to address the chronic shortage of metal coinage that had persisted since the war years.

Appelhans Verlag was a Braunschweig-based printing and publishing house, not a specialist security printer. The watermarked paper was the primary concession to anti-counterfeiting on notes at this value level.