20 Pfennig

Schmölln, a small leather-goods town in Thuringia, issued this note during the acute small-change shortage that paralyzed retail commerce across Germany in 1921. Bundesbank coin production simply could not keep pace with inflation-driven hoarding, and hundreds of municipalities resorted to printing their own Kleingeldersatz — substitute small change — under emergency provisions that Berlin tolerated out of necessity rather than enthusiasm.

Schneider & Co. in nearby Altenburg handled enormous volumes of such municipal work during this period, printing for dozens of Thuringian communities simultaneously. The proximity of printer to issuer was practical: short delivery runs, faster turnaround, lower cost.