10 Pfennig - Muldenstein Muldensteiner Werke G.M.B.H.

Muldensteiner Werke was a chemical and industrial plant in Muldenstein, Saxony-Anhalt, and like hundreds of German industrial firms during the First World War and its aftermath, it issued its own small-denomination notgeld tokens when the Imperial government failed to keep coinage in circulation. Iron was the material of necessity — copper and nickel had been requisitioned for the war effort, leaving factories to mint whatever the metal shortage would allow.