20 Pfennig

Kempen am Rhein — now simply Kempen, in the Lower Rhine region of North Rhine-Westphalia — issued this note as part of the vast wave of German municipal Kleingeldscheine that filled the void left by the chronic small-change shortage following World War I. The Reichsbank's inability to supply adequate coinage through 1919–1921 pushed hundreds of municipalities into issuing their own low-denomination paper, most of it short-lived and redeemed locally.

The watermark security feature is notable at this size and denomination — many comparable Kleingeldscheine dispensed with it entirely, relying on local familiarity as the primary counterfeiting deterrent.