10 Pfennigs - Berlin Deutsche Bank

Deutsche Bank issued iron notgeld pfennig pieces during the acute small-change shortage that gripped Germany in the early 1920s, when hoarding and metal speculation pulled virtually all low-denomination coinage from circulation. Private banks, municipalities, and industrial firms were effectively forced to produce their own subsidiary currency to keep daily transactions functioning. Iron was the material of necessity — aluminum and zinc had already been largely exhausted by wartime demands.