20 Pfennig - Spiegelau Ernst Petzold Jr. Holzindustrie

Spiegelau, a glassmaking village in the Bavarian Forest, hosted a number of small industrial operations during the First World War, among them Petzold's timber concern. By 1918 the German small-change shortage had become acute enough that private firms were issuing their own iron or zinc tokens — Notgeld in metal form — simply to make payroll and facilitate canteen transactions. The Reichsbank had stripped coinage metals for the war effort, and iron pfennig issues from private employers were the practical result.

Petzold's issue is documented in the Menzel reference under two catalogue numbers, suggesting minor varieties exist between 1905 and 1918 editions of that work.