20 Pfennig Kalksandstein-Werke Milbertshofen

Kalksandstein-Werke Milbertshofen was a sand-lime brick manufacturer operating on the northern edge of Munich — Milbertshofen being the industrial suburb later absorbed into the city proper. Like hundreds of German and Austrian factories during the World War I period, the firm issued its own small-denomination Notgeld to compensate for the acute shortage of low-value coinage that resulted from metal requisitioning. Cardboard was the practical substitute: cheap, fast to produce locally, and theoretically redeemable at the issuing works.

These factory-issued pieces rarely traveled far from the payroll window where they originated.