10 Pfennig - Holenbrunn J. von Schwarz

Holenbrunn notgeld tokens of this type were issued by J. von Schwarz during the acute small-change shortage that gripped Germany in the early 1920s, when official coinage virtually disappeared from everyday commerce as inflation eroded the purchasing power of metal faster than the mints could respond. Private firms, estates, and municipalities across Bavaria filled the gap with zinc and iron pieces like this one — locally valid, locally trusted, and officially tolerated out of necessity.