10 Pfennigs Satzung

Satzung is a small municipality in Saxony, and like hundreds of comparable German parishes during the First World War, it issued its own emergency small-change tokens when silver and copper coinage disappeared from circulation almost overnight after 1914. These cardboard Kleingeldersatz pieces — substitute small change, not strictly banknotes — filled a genuine practical gap at the village level, and their issuing authorities had no formal banking infrastructure behind them.

Cardboard examples from tiny issuers like Satzung are disproportionately rare in collector hands precisely because they were used hard and discarded without ceremony once the emergency passed.