20 Pfennig

Groß Flottbek was an independent municipality on Hamburg's western edge, absorbed into the city of Altona in 1927 and later into Greater Hamburg in 1938 — so this note was issued by an entity that no longer exists in any administrative sense. The Langebartels & Jürgens print house in Altona handled a considerable volume of local Notgeld work in this period, supplying dozens of small northern German municipalities that lacked access to larger printing firms.

The 1921 date places this in the second wave of municipal emergency currency, after the acute postwar coin shortage but well before the hyperinflationary collapse that made such notes functionally worthless within two years.