10 Pfennig - Kulmbach Spinnerei

Kulmbacher Spinnerei AG was a textile spinning operation in Kulmbach, Bavaria, and like many German industrial firms during the First World War, it issued its own emergency coinage — Kriegsgeld — when the Imperial government's requisitioning of copper and nickel stripped everyday commerce of small change. Iron was the default substitute, abundant and strategically unimportant enough to be spared. These factory-issued tokens circulated internally among workers and local merchants, redeemable against wages or company-store credit, and were never legal tender beyond the issuer's own sphere.