10 Pfennigs

Stadt Halle an der Saale was among hundreds of German municipalities that issued their own Kleingeldersatz — small change substitutes — during the postwar coin shortage that followed WWI. The 1921 date places this squarely in the middle of the Notgeld phenomenon's most prolific phase, before hyperinflation made pfennig-denominated paper functionally worthless within months.

The square format was a deliberate choice by some issuers to visually distinguish emergency municipal scrip from Reichsbank currency — a practical signal to the public that this piece had local, not national, authority behind it.