10 Pfennigs

Glauchau's district administration — the Bezirksverband — issued this note in 1917 as Kleingeldersatz, emergency small-change scrip produced to compensate for the near-total disappearance of metal coinage from circulation. By mid-war, Germany's copper and nickel had been systematically redirected to munitions, leaving ordinary commercial transactions at the Pfennig level largely paralyzed. Municipal and district authorities were authorized to fill the gap with their own paper.

The watermark is worth noting — many Saxonian district issues at this denomination skipped security features entirely. Its presence here suggests a slightly more considered production run than the crudest Notgeld of the period.