20 Pfennig Kalksandstein-Werke Milbertshofen

Kalksandstein-Werke Milbertshofen was a sand-lime brick manufacturer operating in what was then a northern suburb of Munich — later absorbed into the city proper. Like thousands of German industrial firms during the 1914–1923 notgeld period, it issued its own small-denomination emergency scrip to pay workers when official coinage had effectively vanished from circulation, hoarded or melted as metal values outpaced face values. The 20 Pfennig denomination places this almost certainly in the early Kleingeldersatz phase, before hyperinflation rendered such figures meaningless.

Factory-issued notgeld of this type rarely traveled far — redeemable only at the company's own paymaster window, and worthless the moment the issuer folded or the crisis passed.