2 Pfennig

Mühldorf am Inn, a small Bavarian town on the Inn River, issued cardboard Kleingeld during the acute coin shortage that gripped Germany in the years surrounding World War One. Municipal and local authority emergency money — Notgeld — flooded the country from roughly 1916 onward as the Reichsbank's metal coinage disappeared into hoarding and the war economy. A city council issuing two-pfennig denominations in cardboard is a direct indicator of just how granular the shortage became; this was change for bread, not a commemorative piece.

The watermark on cardboard is worth noting — an unusual security measure for such a low-value local scrip, suggesting the town used a purpose-made stock rather than improvising with plain card.